PRESS RELEASE
SEPTEMBER 13, 2005
THE LEADING LATIN AMERICAN COMPANIES FOR INVESTOR RELATIONS
PUBLISHED TODAY
NEW YORK – Institutional Investor Research Group (IIRG) today announced the leading companies for investor relations in
Latin America, based on the views of sell-side analysts and investment professionals.
The investor relations rankings are an excerpt of an annual review of Latin American equities that analyses key market trends
with detailed rankings of "best practice" across several key criteria used to measure the effectiveness of a company's IR
communications. With a consistent methodology, IIRG provides a reliable benchmark by which companies can assess the
change in perception over time. For further information about our research and services, please visit our website:
www.iiresearchgroup.com/ir
The Leading Companies for Investor Relations in Latin America
To determine the leading companies for investor relations in Latin America we surveyed two distinct audiences: 1) buyside analysts and portfolio managers; and 2) sell-side analysts. This year’s rankings were based on the opinions of 53 buy-side
individuals and 59 sell-side analysts representing both Latin American and international firms. Individuals were asked to
nominate up to four companies for each attribute used to evaluate the effectiveness of investor relations communications –
three for the buy side and 14 for the sell side. They were also asked to nominate companies that had most improved their IR
communication over the past year. All voting was conducted on an unprompted basis. The leading companies are shown on a
sector by sector basis below, distinguishing between the views of the buy and sell side. The lists of frontrunners reveal the
frequently divergent opinions of these respective audiences.
Best CEO’s and CFO’s and Leading Companies for Corporate Governance
We also surveyed the two audiences (buy-side analysts and portfolio managers; and sell-side analysts), to determine
the leading CEO’s and CFO’s in Latin America. Individuals were asked to nominate up to four CEO’s and CFO’s at companies
within their industry based on who demonstrated the best overall excellence in meeting the information needs of the
investment community. In addition, voters were also asked to name up to four Latin American companies within their industry
for corporate governance.
The leading firms: Investor relations rankings
Sector
Rank
Rankings by buy side
Rankings by sell side
Aerospace & Transportation
1
2
Empresa Brasileira de Aeronáutica S.A. (Embraer)
Gol Linhas Aéreas Inteligentes S.A.
Gol Linhas Aéreas Inteligentes S.A.
NP
Cement & Construction
1
2
CEMEX, S.A. de C.V.
Urbi Desarrollos Urbanos, S.A. de C.V.
Corporación GEO, S.A. de C.V.
NP
Conglomerates
1
2
ALFA, S.A. de C.V.
Grupo Carso, S.A. de C.V.
NP
NP
Electric Utilities
1
2
Companhia Energetica de Minas Gerais (Cemig)
Companhia Paulista de Força e Luz SA (CPFL)
Enersis S.A.
Companhia Paulista de Força e Luz SA (CPFL)
Financial Institutions
1
2
Banco Itaú Holding Financiera S.A.
Banco Bradesco S.A.
Banco Itaú Holding Financiera S.A.
Banco Bradesco SA
Food & Beverages
1
2
Perdigão S.A.
Fomento Económico Mexicano, S.A. de C.V. (FEMSA)
InBev
Compañía Cervecerías Unidas S.A. (CCU)
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Media
1
2
NP
NP
NET Serviços de Comunicação S.A.
Grupo Televisa SA de CV
Metals & Mining
1
2
Companhia Vale do Rio Doce (CVRD)
Usinas Siderúrgicas de Minas Gerais S.A. (Usiminas)
Companhia Vale do Rio Doce (CVRD)
Gerdau S.A.
Oil, Gas & Petrochemicals
1
2
Petróleo Brasileiro S.A. (Petrobras)
NP
Braskem S.A.
Petróleo Brasileiro S.A. (Petrobras)
Pulp & Paper
1
2
Votorantim Celulose e Papel S.A.
Aracruz Celulose S.A. (ARACRUZ)
Aracruz Celulose S.A. (ARACRUZ)
NP
Retailing
1
2
Natura Cosmeticos S.A.
Companhia Brasileira de Distribuição (Pão de Açúcar)
Natura Cosmeticos S.A.
Companhia Brasileira de Distribuição (Pão de Açúcar)
Telecommunications
1
2
Tele Norte Leste Participações S.A. (Telemar)
América Móvil, S.A. de C.V.
Tele Norte Leste Participações S.A. (Telemar)
Brasil Telecom Participacoes S.A.
NP=Not published
The leading executives: sell-side view of the best CEO's and CFO's
Sector
Best CEO
Best CFO
Cement & Construction
Lorenzo H. Zambrano,
CEMEX, S.A. de C.V.
NP
Financial Institutions
Roberto Egydio Setubal,
Banco Itaú Holding Financiera S.A.
Henri Penchas,
Banco Itaú Holding Financiera S.A.
Food & Beverages
Carlos Alves de Brito,
InBev
Wang Chang,
Perdigão S.A.
Metals & Mining
Roger Agnelli,
Companhia Vale do Rio Doce (CVRD)
Osvaldo Burgos Schirmer,
Gerdau S.A.
Oil, Gas & Petrochemicals
José Carlos Grubisich,
Braskem S.A.
Fábio Schvartsman,
Ultrapar Participacoes S.A.
Pulp & Paper
NP
Valdir Roque,
Votorantim Celulose e Papel S.A.
Retailing
Pedro Luiz Barreiros Passos,
Natura Cosmeticos S.A.
José David Vilela Uba,
Natura Cosmeticos S.A.
Telecommunications
Jaime Chico Pardo,
Teléfonos de México S.A. de CV (TELMEX)
Marcos Grodetzky,
Tele Norte Leste Participações S.A. (Telemar)
Aerospace & Transportation
Mauricio Novis Botelho,
NP
Empresa Brasileira de Aeronáutica S.A. (Embraer)
NP=Not published
The leading firms: Corporate governance rankings
Sector
First-place firms
Aerospace & Transportation
Gol Linhas Aéreas Inteligentes S.A.
Cement & Construction
Urbi Desarrollos Urbanos S.A. de C.V.
Electric Utilities
Companhia Paulista de Força e Luz S.A. (CPFL)
Financial Institutions
Banco Itaú Holding Financiera S.A.
Food & Beverages
Perdigão S.A.
Media
NET Serviços de Comunicação S.A.
Metals & Mining
Companhia Vale do Rio Doce (CVRD)
Oil, Gas & Petrochemicals
Ultrapar Participacoes S.A.
Retailing
Natura Cosmeticos S.A.
Telecommunications
Compañía de Telecomunicaciones de Chile S.A. (CTC)
ENDS
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For further information please contact:
Denise Foreman
Director of Research Development
Tel: 44 20 7779 8570
[email protected]
Esther Weisz
Senior Research Associate
Tel: (212) 224 3307
[email protected]
NOTES TO EDITORS
Institutional Investor Research Group
The Institutional Investor Research Group (IIRG) is an independent business group of Institutional Investor, Inc. and is owned by Euromoney
Institutional Investor PLC, the leading research and publishing organization covering the global investment and capital markets. Institutional
Investor’s role as the pre-eminent source of survey-based rankings has identified the top analysts covering the equity markets in Asia, Europe,
Japan, Latin America and the US for over 30 years. The annual surveys reflect the views of the leading investment professionals across the
world, and capture the participation of over 90% of the world’s largest equity investors. IIRG has developed detailed reports for the sell side
of Institutional Investor magazine’s published rankings for 10 years. Since 2001, IIRG has broadened its expertise to be a key provider of
investor relations research, providing unrivalled independent analysis based on the expert opinions of the international investment community.
Research Approach
Institutional Investor Research Group (IIRG) is fast becoming the leader of investor relations research, providing unrivalled independent
analysis for companies globally. Our research is based on the expert opinions of the international investment community. We provide detailed
feedback to companies about the perception of their investor relations efforts and how they can further improve in key aspects of their
communication with the investment community. Through our annual studies of the global equities markets, we have an exceptional access to
the world's leading investment professionals. Four discrete regional studies are conducted annually covering the equities markets of Asia,
Europe, Latin America and the U.S. For each regional study we adopt a triangular approach by asking each of the leading companies, sell-side
and buy-side individuals to evaluate several aspects of investor relations communication. The results are based on well-established
methodological principles that include unaided recall as the basis for accepting votes and the absolute confidentiality of the voter’s identity. A
detailed description of our methodology is available upon request. Our commentary is intended to highlight trends and patterns in the survey
results. However, in no event should the text be construed to constitute any type of managerial or organizational recommendation.
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