The Rivel approach to survey research among top corporate executives and the investment community is unique for these exclusive, hard-to-reach populations. Our guiding principle is to remove study results from the realm of anecdotal observations and supposition. Accordingly, a rigid focus is cast on producing in-depth, statistically relevant data which can stand the weight of scrutiny and be called on to support high level strategic decisions. For broad-based research initiatives such as Perspectives from the CEO, this is achieved through large-scale, quantitative studies completed among nationally representative samples of elite constituencies whose views drive the equity markets (e.g., CEOs, CFOs, securities analysts, portfolio managers, senior investor relations officers) and that yield data and insight that is closely reflective of the attitudes and practices of these audiences at large. Small qualitative surveys of select groups of high level executives cannot produce similar, reliable analytic content or insight.

The Rivel methodology is based on fundamental, dependable marketing research principles that are routinely employed by companies to yield intelligence and actionable guidance to their marketing, corporate communications and public policy planning. Rivel transfers and applies these time-tested procedures to enhancing the practice of corporate and investor communications and, ultimately, helping refine corporate strategy and messaging.

Accordingly, Perspectives from the CEO, as well as the other studies in this research series, is the end product of a thorough, painstaking methodology and is predicated on a commitment to in-depth and broad-based interviewing among difficult-to-reach, high-ranking and time-pressured corporate and investment executives. Fundamental elements of this approach include:

• Initiating a comprehensive process of vetting key investor relations and corporate officers to ensure that only the most important issues are covered.
  
  
• Developing a salient line of inquiry that includes a balance of open-ended questions (to illuminate respondents’ underlying motivations) with structured, closed-ended questions designed to provide the statistically reliable insight necessary to accurately measure CEO attitudes and perceptions.
  
  
• Delineating the CEO universe to be surveyed so that an accurate random sample can be drawn and interviewed. CEOs in S&P 1500 companies were broken down and sampled according to the three indices which compose this universe – the S&P 500, S&P 400 and S&P 600. For a Canadian perspective, a small group of Canadian CEOs from the TSX 60 were interviewed as well.
  
  
• Partnering with the National Investor Relations Institute (NIRI) and the Canadian Investor Relations Institute (CIRI) to enlist cooperation among S&P 1500 and TSX 60 CEOs. Personal letters were sent by the presidents of each of these organizations to IROs at these companies requesting their support in having their CEO participate in this study.
  
  
• A team of seasoned interviewers trained by Rivel for the exclusive purpose of cultivating interest in and gaining cooperation with the research agenda among CEOs and, ultimately, guiding them through an in-depth, interactive and confidential telephone interview.
  
  
• Telephone interviewing as opposed to self administered surveys over the Internet. This provides the essential control over respondent selection required and fosters a much higher degree of insight through one-on-one dialogue and the added assurance that questions are understood in the manner in which they are intended. The structured questionnaire also ensures that questions are covered in a uniform manner and in the same order to eliminate bias and that all issues are covered with each respondent.
  
  
• A rigorous analytic process led by veteran research professionals and guided by senior consultants who regularly meet with and advise the top echelon of US corporate executives.

Utilizing the foregoing methodology and operational resources, a total of 162 in-depth telephone interviews with CEOs have been completed for Perspectives from the CEO among a representative, random sample of these executives in S&P 1500 companies (152) and TSX 60 firms (10). This imbues the study results with a margin of error of plus or minus 7.5% at a 95% confidence level on all data reported among the total group of US respondents. These 152 interviews also afford the opportunity to examine and understand key sub-group differences (e.g., CEOs in the three core S&P 1500 indices) with unusual clarity and confidence.

Interviewing for Perspectives from the CEO was conducted by Rivel Research Group’s executive interviewers over a four-month period between January 3, 2006 and April 21, 2006. During this time frame, the DJIA ranged from a low of 10,667.39 to a high of 11,347.45 (the final day of interviewing) while the NASDAQ ranged between 2,239.81 and 2,370.88.

• Background and Study Purpose
• Line of Inquiry
• Survey Methodology
• Profile of Completed Interviews
• Perspectives from the CEO 2006

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