The impact of MiFID II on IROs and consensus management

With much discussion around MiFID II implementation, the IR Society recently conducted a short survey of its members on the impact of MiFID II on IROs and what this means for consensus management.

View survey results here.

69% of respondents do anticipate a change in how they will collect consensus post MiFID II. Of which: 

  • 43% expect data aggregators and third party providers to become more inaccurate as sell-side research notes are behind a paywall
  • 45% anticipate more small- and mid-cap companies will have insufficient sell-side followers to generate a consensus
  • 50% believe some small-cap companies will need to reconsider guidance detail in order to manage expectations

While it is still too early to assess the impact of MiFID II on research coverage and managing consensus, the IR Society encourages companies and their IR teams to retain control of compiling consensus and maintain ongoing engagement with the sell-side. 

For any further information or to find out about the IR Society's policy work please contact Laura Hayter, Head of Policy and Communications at

Published 30 January, 2018