0 .1 Introduction
The Investor Relations Society’s mission is to:
- promote best practice in investor relations;
- support the professional development of its members;
- represent their views to regulatory bodies, the investment community and government; and
- act as a forum for issuers and the investment community.
The Society acts as a conduit for its members’ views on current investor relations issues and we regularly contribute to policy debate at times of proposed regulatory and compliance changes. The Society, having sought members’ views, will aggregate these and present them to regulators, standard setters and government. When required, we will lobby to promote our members’ interests in the name of investor relations best practice.
This guide brings together the Society’s views on the key topics of relevance to our profession. It shows our position, outlines current best practice and suggests sources for further information and guidance. As the market and technology evolves, investor demographics and expectations change, sustainability becomes more important to demonstrate, regulation becomes more complex, the practice of investor relations will evolve as well.
We would encourage all members to keep up to date on best practice and the issues affecting our profession by engaging with all the Society has to offer:
- reading the weekly Bulletin and monthly Policy RoundUp emails;
- attending Investor Relations Society training sessions and events;
- attending our IR Regulation courses and any subsequent refresher courses;
- networking with your peers; and
- making use of our 'Ask the Board' membership benefit.
The guidelines are regularly reviewed and updated by the Society’s Best Practice Committee. If you have any suggestions for improvements, please contact the executive team at enquiries@irsociety.org.uk.
Julian Smith
Chair of the Best Practice Committee
Matt Hall
Chief Executive Officer
0.2 Table of Contents
Section 1: An introduction to Investor Relations
[Core]
1.1 Developing a strategic plan for IR
1.2 Shaping the investment case
1.3 The IR timetable
1.4 Integrating sustainability and IR
1.5 IR and corporate communications
1.6 Using external advisors
[Specialist]
1.7 IR for small cap companies
1.8 IR for private companies
1.9 Debt IR
1.10 Further reading
Section 2: Governance and Engagement
2.1 Corporate governance
2.2 IR engaging with the board and key internal stakeholders
2.3 Engaging with other internal stakeholders
2.4 General meetings
2.5 Proxy advisors
2.6 Holistic approach to dialogue across the investment chain
2.7 Further reading
Section 3: Buy-side engagement
[Understanding your investors]
3.1 Shareholder identification
3.2 Meeting with existing shareholders
3.3 Investor targeting
3.4 Dealing with activist investors
3.5 Engaging with retail investors
[Engaging with your investors]
3.6 Corporate access
3.7 Investor roadshows
3.8 Investor feedback
3.9 Virtual investor meetings
3.10 Further reading
Section 4: Sell-side Management
4.1 Providing guidance
4.2 Managing consensus estimates
4.3 Pre-close calls
4.4 Wall-crossing house analysts
4.5 Further reading
Section 5: Market Communications
[Market environment]
5.1 Transparency and disclosure
5.2 Market abuse
[Key reporting elements]
5.3 Quarterly reporting, trading updates and ad hoc updates
5.4 Results presentations
[Ad hoc events]
5.5 Capital markets days
5.6 Smaller events and site visits
5.7 Further reading
Section 6: Corporate reporting
6.1 Annual report
6.2 Reporting on risks and uncertainties
6.3 Sustainability (ESG) disclosures and ESG Glossary
Section 7: Transactions and Crises
7.1 M&A and Offer periods
7.2 IPO Considerations
7.3 Crisis Communications
7.4 Further reading
8 Digital and online communications
8.1 IR website
8.2 Video content
8.3 Social media
8.4 Webcasting
8.5 Accessibility
8.6 Further reading
Section 9: Artificial Intelligence in IR
9.1 Integrating Artificial Intelligence in IR
9.2 Considerations when preparing an AI policy for IR
9.3 Considerations when engaging with AI suppliers
9.4 Considerations when using AI in corporate reporting
9.5 Generative Engine Optimisation: guidelines for optimising web content for LLMs
9.6 Further reading