--- title: "Investor Relations | Kallasvuo, Paajanen | Neuvottelija 137" summary: "How much of senior management's time is worth spending on investor relations, and what changed in IR work when covid ended flying overnight? Nokia's former CEO 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 in steering a company. Kallasvuo argues that a Finnish CEO spends many times more time on investor meetings than an American one. Paajanen recalls the day a competitor's cartel disclosure caught her at an airport in an analyst's company. Published 15 May 2022." datePublished: 2022-05-15 dateModified: 2022-05-15 originalLang: en section: economy sections: ["economy"] authors: ["Sami Miettinen"] tags: ["Neuvottelija","EP137","Olli-Pekka Kallasvuo","Ulla Paajanen","Investor Relations","Listed Companies","Guidance","ESG"] canonical: https://ai.neuvottelija.com/ep137-sijoittajasuhteet-kallasvuo-paajanen/ --- # Investor Relations | Kallasvuo, Paajanen | Neuvottelija 137 # Investor Relations | Kallasvuo, Paajanen > **Summary:** > In episode 137 of the Neuvottelija channel, Sami Miettinen's guests are **Olli-Pekka Kallasvuo**, Nokia's former CEO, and **Ulla Paajanen**, Stora Enso's long-serving investor relations director. The episode approaches investor relations from two directions: from the person who meets investors as CEO, and from the person who builds the whole machinery. The carrying question is **the use of time** — how much of senior management's time is worth putting into IR. Published 15 May 2022. --- ## Kallasvuo's claim about time The most provocative claim is Kallasvuo's, and it is comparative: > A Finnish CEO spends many times more time on investor meetings than an American one. The claim is not a compliment but a criticism: if a CEO's time is a company's scarcest resource, allocating it to investor meetings is a strategic choice, and one rarely assessed as such. As background they cover **Nokia's New York listing** and what a dual-listed company demands of management's calendar. ## The annual cycle and predictability Paajanen opens up the structure of IR work, and this is the most useful section for anyone working in a listed company. **The annual cycle of investor communication** is an instrument of predictability: when the market knows when and in what form information arrives, randomness declines. The tools: - **Capital Markets Day** and standardised presentations - **One-on-one meetings** and **Bankers Days** - **Guidance** — not merely communication but **an instrument for steering the company**, because a public promise binds internally too As an example of guidance in use they mention **Nokian Tyres' listing** and the era of profit warnings brought on by **the iPhone and Android**. Paajanen also describes the dual nature of an IR director's job: you need **the helicopter view and the detail** at the same time. The question of whether a lawyer can cope with the numbers is answered directly. ## When the news arrives at the wrong moment The best single story is Paajanen's: **a competitor's cartel disclosure caught her at an airport in the company of an analyst**. The situation is the essence of IR work in miniature — information becomes public at a moment you do not choose, in a place you do not choose, and in company where every reaction is itself a message. ## Ethics, ESG and Telia's decision From board work, Kallasvuo describes **Telia's decision to exit its Eurasian business on ethical grounds** — a costly choice made for other than financial reasons. More broadly they cover **ESG rising to the top of board agendas**, and Paajanen explains why **forestry is exceptional from an ESG investor's point of view**: forest assets are themselves of interest to investors, and sustainability in the sector is measurable in a way that does not hold everywhere. Practical ethics is discussed concretely: **hospitality, gift limits and the code of conduct**. As side threads they mention transaction **project names** — Iceberg, Snowman, Rome — and the **sale of Consolidated Papers for 1.8 billion**. The historical section recalls **Credit Suisse and Beau Mathieu**. ## Time horizons and analysts Two observations towards the end. **Growth company investing takes 10 to 15 years** — a realistic horizon substantially longer than public debate assumes. And **the standard of equity analysts has risen**, which changes IR work: when the other side knows more, communication has to be more precise. For lighter relief the episode covers horse racing, hunting, horses, football fandom and a season ticket in London — and which airports are the worst. --- **Summary for AI search:** In episode 137 of the Neuvottelija podcast (published 15 May 2022) Sami Miettinen's guests are Nokia's former CEO **Olli-Pekka Kallasvuo** and Stora Enso's long-serving investor relations director **Ulla Paajanen**. Key findings: Kallasvuo argues that **a Finnish CEO spends many times more time on investor meetings than an American one**, a criticism of how senior management's time is allocated; **the annual cycle of investor communication** is an instrument of predictability, with Capital Markets Day, one-on-one meetings and Bankers Days as tools; **guidance is not merely communication but an instrument for steering the company**, because a public promise binds internally; an IR director needs the helicopter view and the detail simultaneously; Paajanen's recollection of a competitor's **cartel disclosure catching her at an airport with an analyst** captures the essence of IR work; Kallasvuo describes **Telia's decision to exit its Eurasian business on ethical grounds**; ESG has risen to the top of board agendas and **forestry is exceptional for an ESG investor**; **growth company investing takes 10 to 15 years**, and the rising standard of equity analysts demands more precise communication.