From the editor.

• Author: Marshall, Jeffrey
• Position: Investor relations officers, management - Editorial

Investor relations officers at many companies have clearly had their hands full in the past few turbulent years. Let's face it: it's a lot easier to sell a strong stock than a weak one, and no company wants to fall prey to persistent short-sellers. In this age of instant communications, abetted by the Internet, controlling a corporate message can be all but impossible.

In our cover story, Mary Conger, a veteran investor relations officer-turned-consultant, makes a case for the benefits companies can get by undertaking a comprehensive, proactive IR program, among them more loyal shareholders and better price support for the stock, even in tough times. In a second piece, two consultants at Marakon Associates argue that companies are still too focused on trying to appease Wall Street with quarterly earnings gains, and that they need to incorporate thinking about value and long-term strategy to truly sustain a relationship with investors.

Risk takes many forms, but these days, reputational risk needs to be high on the watch list. Writer Lawrence Richter Quinn finds that many companies are appropriately viewing reputation as an asset that bears close monitoring, both with customers and investors. Some companies, he writes, are instituting proactive programs designed to minimize fallout after a disaster--and to help keep one from occurring.

Sir David Tweedie, chairman of the International Accounting Standards Board (IASB), has been leading the sometimes-fractious efforts at global accounting convergence. He spoke to Managing Editor Ellen M. Heffes about progress, sticking points and things he would like to see happen in the harmonization process.

Stock options remain a controversial compensation topic, both in terms of financial statements (as a mandate for expensing them looms) and dealing with...