I am delighted to be President of an organisation which provides such invaluable services to investor relations practitioners and which helps to enhance corporate value through effective communication. This year is also the London Stock Exchange's Bicentennial Year. Please don't ask about governance in the seventeenth and eighteenth centuries. Mind you, formally recognised by law in 1801, the Stock Exchange did not get off to a flying start. Apparently, on the first day of trading at the newly incorporated exchange, a large brawl developed which resulted in a Constable being called in to calm things down.
Investor relations is an increasingly important part of the whole process.
But there are other complementary areas which I would also like to focus on as well. The first requirement, I would suggest is that they are part of a deep liquid equity market. Specifically, I believe that the primary role of the London Stock Exchange is to assist in the efficient allocation of capital to ideas, providing the essential framework by which companies who wish to raise capital can come together with those who wish to invest. By managing effectively the central price formation process we help to generate confidence and trust for investors. And when that role is carried out efficiently within a mature market, the potential benefits are great.