Guiding principleStock price sensitive information is released as soon as possible. Such information is not externally disclosed before it is made public. IR organization Investor Relations (IR) is the responsibility of the CEO and CFO within the Board of Management Head of IR reports to the CEO. IR department has clear functional ties with the Corporate Communications (CC) department. CSM guidelines for the communication with financial analysts and investors Designated spokespersons for investor relations are CEO, CFO and IR officer(s). In specific circumstances other spokespersons (e.g. board members), who have been given explicit authority to communicate with analysts and investors, may do so in the presence of designated spokespersons. Silent periods Silent periods are the periods prior to the publication of financial results during which in principle no meetings will be held with and no presentations will be given to financial analysts and investors. In addition, during silent periods no other communication with analysts and investors will take place, unless such communication would relate to factual clarifications of previously disclosed information. The length of the silent period is two months prior to full year results, 6 weeks prior to first-half results and 3 weeks before Q1 and Q3 statements. Silent periods differ from the formal closed periods during which trading in the company's shares is prohibited (interim figures 3 weeks, annual figures 2 months).
Distribution of information Presentation material for analysts and investors is publicly made available the moment this material is presented (e.g. on company website). Group meetings and one-on-one's with analysts and investors are based on publicly shared information and presentation material. Conference calls and webcasting are made publicly accessible. These events are publicly announced e.g. via the website. During company visits for groups of investors or analysts no new or stock price sensitive information is given. Sole aim of company visits is to provide 'colour' to the business.
Response to third party publications Response to (draft) analyst reports is only provided by reference to public information and published guidance. Corrections to these reports are given only for omissions in factual information.
Price sensitive informationWe abide by the rules of the Netherlands Authority for the Financial Markets (AFM) on the disclosure of price sensitive information.
Read here the AFM paper on the publication of price sensitive information.