News and analysis
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Anatomy of the modern earnings call: How management behavior during Q&A is quietly moving markets
Picture a Fortune 500 CFO 45 minutes before a quarterly earnings call. The prepared remarks are tightly rehearsed. Legal has blessed every sentence. The IR team has spent four weeks stress-testing disclosures. Then Q&A begins and all that discipline evaporates. The analyst on the first question asks whether the company is seeing ‘meaningful deterioration in enterprise demand’. The CFO pauses, then answers: ‘Yes, we are seeing some deterioration in enterprise demand, particularly as customers become more cautious in this environment.’
Published 9 hours ago -
How pass-through voting is rewriting the rules of corporate influence
As investor choice continues to grow so are concerns over transparency and control Pass-through voting has moved from a niche governance concept to one of the most closely watched developments in the US proxy ecosystem. As asset managers, issuers, regulators and technology providers grapple with questions around voting power, accountability and investor participation, the conversation has moved beyond the mechanics of proxy voting itself. At its core, pass-through voting seeks to give underlying investors a greater say in how shares held through pooled investment vehicles are voted. Supporters view it as a natural extension of shareholder democracy, while . .…
Published 14 hours ago -
Infineon Technologies, Technip Energies and eDreams ODIGEO take top prizes at the IR Impact Awards – Europe 2026
A trio of companies – Infineon Technologies, Technip Energies and eDreams ODIGEO – won awards for best overall IR and best individual IROs in their respective cap sizes at this year’s IR Impact Awards – Europe.
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From AI avatars to new-style Q&A: New playbook looks at the future of the earnings call
What does the future of the earnings call look like to you? For some, it’s adding video. For some it’s adding live video. For others, it might be getting AI in on the prep side or even putting avatars of the management team to work. Click to read The future of earnings calls >> Then there are all the other elements around how you structure the earnings call, ultimately creating a new, modular approach to these essential markers in the IR calendar. It is hard to downplay how much the earnings call has evolved in recent years: from the pandemic-driven shifts online to the…
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People moves: Victoria Hyde-Dunn to bridge Wall Street and Adelaide Street as she joins Kinaxis
TSX-listed supply chain software company Kinaxis has brought in Victoria Hyde-Dunn as its new vice president of investor relations.
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What makes a successful European investor relations strategy?
For many global listed companies, Europe remains one of the most misunderstood capital markets. Companies often assume that simply cross-listing in Frankfurt, translating exchange announcements or issuing occasional updates will naturally generate investor engagement.
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How IR can drive value by merging AI and ESG reporting
Investor relations is uniquely positioned to become the bridge between two of the most important value drivers for investors of the past and coming decades: AI and ESG performance.
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The CFO: ‘IR must have a strong reputation in the market. If there is trust, information flows’ says Iberdrola finance chief
Iberdrola is arguably one of Europe’s most successful companies when it comes to IR Impact trophy hauls. Ignacio Cuenca, the energy firm’s long-running head of IR, was one of IR Impact’s 30 IR stars in 30 days series – back in 2018 when we celebrated 30 years of diving into IR and recognizing the highest achievers in the profession. Fast-forward to 2026 and the Spanish energy giant is once again leading the shortlists for the IR Impact Awards 2026, nominated in five categories, as is Swiss-based office operator International Workplace Group. As we approach finding out which of Europe’s companies…
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People moves: Margo Pilic takes over as head of strategy, M&A and IR at Citi to replace Jenn Landis
Citi has named its former chief of staff to CEO Jane Fraser as its new head of strategy, M&A and investor relations.
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Investor targeting as a continuous discipline
Historically – and still too often today – we find that investor targeting is approached as a project. It’s a task that IR teams, often with valuable support from brokers, do once a year or ahead of roadshows and conferences. But daily – and even more so weekly and monthly – investors’ holdings change. Company circumstances evolve. Market conditions shift.
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From ESG reporting to value creation: the new IR challenge
Too many companies still treat sustainability as something to be reported, not something to be priced. The result is familiar: longer annual reports, more ESG tables, better-looking slides. Yet investors are still asking the same basic question: What does this actually mean for value? That is the real challenge for investor relations. Sustainability disclosure has improved, regulation has expanded and ESG data is now everywhere. But more information does not automatically create a better investment case. In fact, poorly structured sustainability communication can do the opposite. It can bury the real story under a pile of targets, policies and generic…
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SpaceX IPO shines light on the market structures that shape valuation – and IR
This week’s IPO by SpaceX will not be just a record-setting transaction; it will also become a stress test for equity market structure. Its early trading performance will be shaped, at least initially, by index-inclusion rules and it will pose a challenge for both passive capital and active management. In this deal, the market is not buying only ‘a good story’ but also a supply-and-demand structure. The most important point is that, against an estimated valuation of $1.75 tn dollars, the company is looking to raise ‘only’ $75 bn dollars. In other words, what actually comes to market is only…
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‘We’ve made a point of finding unique and creative IR experiences to meet user-investors,’ says Reddit’s Jesse Rose
Jesse Rose moved from FP&A to IR at Reddit ahead of the firm’s $748 mn IPO in 2024 – an event that brought many of the social network’s loyal users in as shareholders. The company went on to win the IR Impact Award for best shareholder innovation a year later, with Rose taking the Rising Star trophy as well. Here, he talks to IR Impact about how the firm engages with its ‘user-investors’ and how its creative, open approach has become a model for other companies looking to build meaningful relationships with retail shareholders. He also talks about what he…
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Rules of engagement: How leading IR Pros are using modern intelligence techniques to identify investors with influence – available now
Investors are becoming more discerning about who they engage with – and more guarded in how they communicate. At the same time, voting behavior is growing less predictable as investors place greater emphasis on company-specific factors, adopt bespoke voting policies and increasingly embrace pass-through voting. Coupled with tighter regulatory constraints on direct dialogue and more sophisticated activist tactics, IR teams are under growing pressure to anticipate issues earlier and act with greater precision. This makes it harder than ever to identify the right investors, understand their priorities and equip management for meaningful, high-impact engagement. This playbook goes beyond traditional ownership…
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People moves: ASTA Group appoints Christoph Rainer while Bob Calver takes up COO role at Alliance Laundry Holdings
Bob Calver, formerly vice president, investor relations at Alliance Laundry Holdings, has taken up the company’s COO post after a wide-ranging reshuffle.
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Increasing passive ownership: what IROs can influence and whether it is worth the effort
When I started my journey in investor relations 15 years ago at a large-cap energy company, the focus was on the quality of materials, transparency and disclosure cadence. We wanted to report results ahead of peers, disclose all the metrics necessary to build high-quality financial models, maintain a regular cadence of disclosure – think monthly operating updates – and build presentations that clearly explained our investment story, our challenges and our strategy to overcome them. Slides had to tell a story and leave an impact.
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IWG and Iberdrola lead the shortlists ahead of the IR Impact Awards – Europe 2026
Spanish energy company Iberdrola and Swiss-based office operator International Workplace Group (IWG) are the frontrunners at this year’s IR Impact Awards – Europe, with both firms appearing across five shortlists.
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Shareholder advocacy group challenges SpaceX governance ahead of blockbuster $1.75 trn IPO
Alliance to Protect Shareholder Value, a coalition formed in response to the SEC’s new forced shareholder arbitration policy, has emerged as one of the earliest and most vocal critics of SpaceX’s governance model ahead of the company’s planned IPO.
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People moves: New IR lead at Lincoln International as firm goes public on the NYSE
Alexandra Deignan has revealed her new role as chief marketing officer and head of investor relations at Lincoln International – a little over a week after the firm rang the bell at the NYSE to signal its market debut. ‘If you know me, you know I like taking on a new challenge,’ she writes on LinkedIn. ‘Last week I began a new chapter as chief marketing officer and head of investor relations at Lincoln International. Just before the NYSE bell ringing for Lincoln’s IPO was an exciting time to join! ‘This transition comes after nearly nine wonderful years at Lazard.…
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When adjusted becomes fictional: The impact of ‘customized EBITDA’ on corporate reputation
Over the past decade, the use of adjusted EBITDA metrics has spread exponentially among listed companies and in the private equity world. What began as a tool for normalizing and comparing results by removing clearly non-recurring effects has become a tool for valuation engineering and leverage. Adjustments have moved from removing one-off expenses and distortions to anticipating future improvements and treating projections as if they were historical data, diluting economic rigor.
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Beyond the slides: building an effective IPO presentation deck
The first thing investors look at when a company comes to market is not just the financials, but the story. An IPO presentation deck is where that story lives, framing how management communicates its long-term strategy to Wall Street.
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Standard Chartered taps IR for new group CFO role
Standard Chartered has named Manus Costello as its new group CFO, having joined the Hong Kong-headquartered, global banking group in 2024. Based in London, Costello had joined the bank as global head of investor relations, bringing with him more than two decades of experience in equity research. He now joins the management team and the board as an executive director, subject to regulatory approval. ‘I am delighted that Manus has agreed to take on the role of group chief financial officer,’ says Bill Winters, group chief executive, announcing Costello’s new role at the firm. ‘Since joining Standard Chartered two years…
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Long live the investor day! How dedicated websites are turning one day into a year-round engagement opportunity
When you have an event that might happen once every few years, that event must shine. For IR, investor days offer a rare opportunity to reset the narrative, deepen investor understanding and showcase long-term strategy beyond quarterly earnings cycles. And with all the effort that goes into an investor day, companies are realizing they can do more to make that day live longer. This was the topic of a recent IR Impact Briefing, sponsored by Equisolve, and titled Making your investor day work beyond the event. You can listen back online now to hear from Brad Burke, head of investor…
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The language of the Street and the lab: What the CFO of Roche looks for from his head of IR
IR alumni from Roche – the 130-year-old Swiss pharmaceutical – include Dr Karl Mahler, Thomas Kudsk Larsen, Nina Goworek and Dr Gerard Tobin. Dr Bruno Eschli, the company’s IR lead for more than four years, delivers an impressive mix of capital markets and science – including an immunology PhD in the lab of Nobel laureate Rolf Zinkernagel and Hans Hengartner. Given this impressive list – and the many more high-IR achievers to come out of the Basel-headquartered firm, what does CFO Dr Alan Hippe look for from his head of IR? As Hippe explains in his profile for The CFO…
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Companies can’t compete without a shareholder strategy: IROs are the ones to lead it
Rising shareholder activism has placed investor relations officers in the middle of a role expansion. IROs are now expected to influence strategy, not merely communicate it. Yet most discussions for this elevation focus on skills such as strategic fluency and stakeholder communication, tools such as targeting platforms and sentiment analytics, or the degree of C-suite access the IRO enjoys. The more consequential enabler remains underutilized: shareholder strategy. Shareholder strategy asks three questions that most boards and management teams answer only reactively, if at all: who owns us, why do they own us and how do we actively shape that composition…
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Disastrous interview with GameStop CEO Ryan Cohen makes a good case for media training your C-suite
What’s the cost of a bad interview? If you ask video game retailer GameStop – whose CEO Ryan Cohen had a torrid time appearing on CNBC last week – it can come out to about 10 percent of your share price.
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People moves: Shelly Hubbard joins Lowe’s as ANI Pharmaceuticals brings in Irina Koffler
US hardware chain Lowe’s has brought in experienced IRO Shelly Hubbard as its new vice president, head of investor relations.
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Berkshire Hathaway AGM vote signals rising support for human capital proposals
Support for human capital proposals in corporate governance is rising, even when those proposals fall short. At Berkshire Hathaway, such a shareholder proposal backed by As You Sow recently won 27.7 percent support at board level.
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‘The markets are like a yo-yo: yesterday a huge rally, today it’s quiet’: State Street Investment Management’s Esther Baroudy on volatility
State Street Investment Management (formerly State Street Global Advisors) has $5.66 trn in AUM (of which $3.59 trn is in equities), making it the fourth largest asset manager globally. It runs active to index strategies across all asset classes and employs over 500 portfolio managers, researchers and strategists, working in 10 investment centers and offices in 30 cities worldwide.
Spotlight Content
Increasing passive ownership: what IROs can influence and whether it is worth the effort
When I started my journey in investor relations 15 years ago at a large-cap energy company, the focus was on the quality of materials, transparency and disclosure cadence. We wanted to report results ahead of peers, disclose all the metrics necessary to build high-quality financial models, maintain a regular cadence of disclosure – think monthly…
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