{"title": "Investor Relations | Olli-Pekka Kallasvuo and Ulla Paajanen | Negotiator 137", "titleOriginal": "Sijoittajasuhteet | Olli-Pekka Kallasvuo Ulla Paajanen | Neuvottelija 137", "episodeNumber": "137", "guest": "Olli-Pekka Kallasvuo, Ulla Paajanen", "publishedAt": "2022-05-15", "duration": "50:07", "durationIso": "PT50M7S", "youtube": "https://www.youtube.com/watch?v=teA4HvpNj2w", "fiCanonical": "https://www.neuvottelija.fi/fi/episodes/186-sijoittajasuhteet-olli-pekka-kallasvuo-ulla-paajanen-neuvott", "originalLanguage": "fi", "format": "full", "topics": ["ownership_capital_tax", "leadership_governance", "investing_markets"], "description": "How much of senior management's time is worth spending on investor relations, and what changed in the work when Covid ended flying overnight? Nokia's former chief executive Olli-Pekka Kallasvuo and Stora Enso's long-serving investor relations director Ulla Paajanen open up the annual cycle of investor communication, the role of Capital Markets Days, and the use of guidance as an instrument of management. Kallasvuo argues that a Finnish chief executive spends several times as much time in investor meetings as an American one. Paajanen recalls the day a competitor's cartel disclosure caught her at an airport in an analyst's company.", "chapters": [{"t": "00:00", "title": "Introductions, and the old mania for business flying. Strange airports around the world: Schiphol, Charles de Gaulle, Malpensa. How the world changed with the Covid crisis", "seconds": 0}, {"t": "08:30", "title": "The difference between Finnish and American investor relations; Nokia's investment banking relationship with Credit Suisse First Boston; the banker Beau Mathieu", "seconds": 510}, {"t": "09:58", "title": "The annual cycle of communication and the special situations; how senior management and communications specialists spend their time on it; planning communication properly", "seconds": 598}, {"t": "12:20", "title": "Capital Markets Day, Bankers Day and one-on-one meetings with investors. CMD themes such as biodiversity and ESG", "seconds": 740}, {"t": "16:24", "title": "Whether investor relations suits people without a commercial degree: lawyers against investment bankers", "seconds": 984}, {"t": "19:09", "title": "Investor relations seen from the board. Large ESG problems: Telia leaving its Eurasian business on ethical grounds; Nokian Tyres' share offering and its Russia problems in 2022; what financial targets do for management; Nokia's profit warnings; Nokia's present leadership", "seconds": 1149}, {"t": "24:34", "title": "Combining leisure with business life, and what the childhood home does for one's interests. London football culture. Horses, harness racing and riding. Hunting", "seconds": 1474}, {"t": "29:40", "title": "What informal occasions and evening events do for investor communication. Code names and secrecy in acquisition projects: Iceberg, Snowman", "seconds": 1780}, {"t": "36:30", "title": "ESG, Sarbanes-Oxley and the effect of the worldwide shift to compliance. The distorted sense of time in growth companies", "seconds": 2190}, {"t": "46:27", "title": "Equity analysts becoming more professional: star analysts against young analysts in training", "seconds": 2787}], "sourceTranscriptType": "none", "subtitleMethod": "none", "provenance": "Owner page assembled from YouTube metadata, the neuvottelija.fi episode record and the publisher's own chapter marks, translated one for one. The marks are genuine: ten of them, with gaps from 88 to nearly 600 seconds, tracking the recording rather than a grid; the last one's Finnish text carries a stray 50:08 prefix that does not match its own position, and it has been dropped in translation because the mark's own timestamp is what is published. No transcript is published here — the channel has no English caption track for this episode and the Finnish one is YouTube's automatic track. One guest is Nokia's former chief executive and discusses Nokia, including its present leadership; the other was Stora Enso's investor relations director at the time. The host works in corporate finance, and investment bank relationships are discussed directly. The Nokian Tyres and Russia passages are from spring 2022 and have been overtaken.", "coreTheses": ["A Finnish chief executive spends several times more time in investor meetings than an American one, which is a claim about market structure rather than about diligence.", "Guidance is an instrument of internal management as much as of external communication, and that dual use is what makes it hard to withdraw.", "The annual cycle can be planned; the special situations cannot, and how an IR function is staffed should follow from the second fact rather than the first.", "Telia's exit from Eurasia on ethical grounds is the episode's clearest case of an ESG question that could only be answered by giving something up."], "slug": "ep137-sijoittajasuhteet-kallasvuo-paajanen", "guestsCanonical": ["Olli-Pekka Kallasvuo", "Ulla Paajanen"], "guestPages": ["https://www.neuvottelija.com/podcast/guests/olli-pekka-kallasvuo/", "https://www.neuvottelija.com/podcast/guests/ulla-paajanen/"], "page": "https://www.neuvottelija.com/podcast/episodes/ep137-sijoittajasuhteet-kallasvuo-paajanen/", "markdown": "https://www.neuvottelija.com/podcast/episodes/ep137-sijoittajasuhteet-kallasvuo-paajanen/index.md", "captions": null, "transcript": null, "videoId": "teA4HvpNj2w", "dbId": null, "qaCoveragePct": 0.0, "qaSemanticVerdict": "metadata_only", "aiArticleEn": "https://www.neuvottelija.com/ai/ep137-sijoittajasuhteet-kallasvuo-paajanen/", "aiArticleFi": "https://www.neuvottelija.fi/economy/ep137-sijoittajasuhteet-kallasvuo-paajanen/"}