extel data reveals uk iros’ concerns can be eased by management support
The IR function has always existed in the space between what a company believes about itself and what the market actually hears. In 2026, with AI tools increasing access to data, that space has become wider, noisier and far more consequential.
Misalignment now shows up quickly in valuation gaps, in confused models, in investors quietly disengaging rather than asking clarifying questions. And while IR teams are often expected to ‘fix the narrative’, their ability to do so still depends overwhelmingly on one factor: how genuinely the C-suite includes and empowers them.
The latest Extel IR Trends Presentation – A Regional Benchmark (of which the full report will be published on the IR Society website’s member section) makes that dependence difficult to ignore. When IR professionals across the UK were asked to identify their biggest challenges, the answers cluster around the same themes: budget and lack of resources, targeting, investor feedback, sell-side coverage and the mechanics of engagement itself. These are not tactical inconveniences. They are structural constraints and they point to a function that is being asked to operate strategically without always being treated as such.
The irony is that many of these challenges are not within an IRO’s direct control. Targeting, for example, is repeatedly cited as one of the most pressing issues. Yet effective targeting depends on tools, data, access to decision makers and alignment with broader corporate strategy. Investor feedback is another top concern, but feedback only becomes valuable when it is captured systematically, interpreted in context and fed back into decision making at senior levels. Without time, resources and budget, even the most capable IR teams are left firefighting rather than shaping outcomes.
What sits behind those challenges is something the data alone cannot fully capture, but which is echoed consistently in conversations with small- and mid-cap IR peers. Many describe a similar frustration: they are close enough to the strategy to understand it, but not close enough to help shape it. Strategic decisions are made, then communicated to IR for execution. Feedback flows in from the market, but does not always flow back into the room where decisions are taken. Over time, that disconnect becomes insurmountable and, in many cases, it is the reason experienced IROs ultimately leave the profession.
This matters, particularly for smaller and mid-cap companies, where IR is often leanly resourced and institutional knowledge is hard-won. When IR feels excluded from strategic conversations, the function becomes reactive rather than additive. When that exclusion persists, companies do not just lose an employee, but also a critical bridge between strategy and valuation.
This is where the role of the C-suite becomes decisive. Too often, IR is still treated as a function that executes rather than one that informs. It is briefed after strategies are set, asked to ‘socialize’ decisions that are already locked in and measured on market reaction to choices it had no role in shaping. In calmer markets, that approach might limp along. In 2026, with capital increasingly selective and investors unforgiving of ambiguity, it becomes a material risk.
Extel’s data also provides insight on priorities for 2025, which reinforces this point. Engagement, investor events, shareholder mix, feedback and financial disclosure dominate the agenda, with emerging emphasis on AI capabilities, social media and ESG communication. These are indicators that IR is being asked to operate at the intersection of strategy, perception and technology, precisely where senior leadership’s input matters most.
What consistently differentiates companies that manage this well is the proximity of IR to power. When IR is included early in strategic discussions, it becomes a sounding board rather than a translator. It can stress-test how a decision will be received by the buy side, how the sell side is likely to model it and whether the timing aligns with broader market conditions. These insights rarely change the strategic intent, but they frequently improve execution and reduce the risk of misinterpretation.
Access to the board is another underused lever. Boards increasingly care about shareholder alignment, credibility and valuation, yet IR input is often filtered or summarized rather than heard directly. Giving IR time in front of the board should be about sharing unvarnished investor sentiment, highlighting where narratives are landing (or not) and flagging early warning signs that may not yet show up in the numbers. In an environment where perception can move faster than fundamentals, that perspective is invaluable.
The same logic applies to banking and sell-side interactions. One of the most practical ways the C-suite can empower IR is by ensuring they are consistently in the room with the CFO during banker meetings, conferences and analyst discussions. This is where informal feedback emerges, where investor targeting conversations happen in real time and where subtle shifts in tone can signal broader changes in market thinking. When IR is absent, this intelligence is often lost or diluted. When IR is present, it reinforces the importance of IR being in the conversation and shapes future engagement.
Perhaps the most telling insight from the report is that so many of the stated challenges ultimately come back to resourcing. Budget constraints are not just about headcount; they affect data quality, technology adoption, event strategy and the ability to respond proactively rather than reactively. Expecting IR to manage complex shareholder bases, evolving disclosure expectations and increasingly sophisticated engagement channels without corresponding investment is less a strategy than an act of faith.
Support, in this context, is not abstract. It is measurable. It shows up in whether IR has the time with senior leadership to influence decisions, the resources to analyze and act on feedback or if its budget reflects the strategic importance placed on investor engagement. The market is quick to spot when IR is underpowered, even if the company itself is slower to acknowledge it.
As 2026 unfolds, the companies that stand out will be those with the most coherent equity stories, shaped with an understanding of how they will be perceived, modelled and debated externally. That coherence is rarely accidental. It is the product of a C-suite that treats IR as a strategic partner rather than a communications afterthought.
For the C-suite, Extel’s report should not be seen as a wish list, but instead a reality check. The challenges are clear, the priorities are known and the gap between expectation and empowerment remains visible. For leadership teams serious about valuation, credibility and long-term shareholder support, the conclusion is unavoidable: IR success is not something you can delegate and hope for. It has to be enabled from the top.
Shrinal Inamdar is senior director, investor relations at Zymeworks
Extel’s IR Trends Presentation- A Regional Benchmark will be published in full on the IR Society website in the member’s access area.
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