Every gnomic utterance from politicians and central bank officials is scrutinised for hints of a deepening crisis. Every piece of data is searched for signs of deteriorating conditions. And all too often the result is yet another toxic day on the markets. Shares tumble and the sense of panic rises.

For many boards, the downward pressure on shares that we've seen in recent months must seem unjust. In an atmosphere of all pervading gloom, it's hard to buck the market trends and the danger is that even those companies that have turned in more than decent performances over the past couple of years will see their share prices fall.

In this environment, a proactive approach to investor relations has probably never been more important and that will inevitably add to CFOs' workload, as it typically falls to the finance chief to deal with investors.

Joan Harper, investor relations expert and managing director of consultancy Arthur Schmidt, says: "When circumstances are difficult the investor relations message should always come from the CFO or the CEO. You should never delegate the job to a head of IR."

Professor Steve Young, who has carried out research into investor relations for Lancaster University's Business School, agrees. "In volatile times, what investors want is direct access to senior management," he says.