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Dennis Bon
Global Head
Depositary Receipts Group

Now that 2012 has passed, companies around the world are commencing various initiatives to improve competitiveness throughout their organizations. Implementing and building on best practices is one of the ways that companies create sustainable competitive advantages.

The DR Advisor Quarterly's mission is to educate our clients about current best practices for depositary receipt programs. In our second article of this edition, Mylene Kok, an Asia Pacific-based member of our DR Advisory team explains methods to identify how information disclosure can be enhanced, which may benefit a public company's market valuation. One of these methods employs best practices benchmarking.

Mergers and acquisitions present unique challenges to an investor relations team. When I was a member of J.P. Morgan's M&A advisory team in Europe, I witnessed firsthand how M&A transactions consumed an enormous amount of an IR department's time, which was often already stretched performing standard, day-to-day activities. The biggest challenge for the IR team is shaping the various forms of deal communications in a way that will clearly and credibly explain to the investment community how the companies will be effectively merged in order to achieve a higher return on shareholder capital.

Although M&A can be quite stressful for everyone involved, the experience can be exciting and rewarding, as Gisela Escobar, Director of IR and Research at LAN Airlines, explains in the client profile of our newsletter. Gisela relates her experiences with the hitherto successful cross-border merger of LAN Airlines of Chile and TAM Airlines of Brazil. As Gisela noted in her interview, the merger was a highly complex transaction, and I'm proud to say that the transaction team within J.P. Morgan's DR Group played a vital role in guiding LAN and TAM with regard to the ADR aspects of the merger.

I wish you a successful 2013.

Warm regards,

Dennis Bon

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