Enquire, the Investor Relations podcast

In this episode of Enquire, Clara Melia speaks with Matt Hall, Chief Executive of the UK Investor Relations Society (the Society), and Julian Smith, Chair of the Society's Best Practice Committee and Managing Director at BRR Media, about what best practice in investor relations really means in today's evolving capital markets. Ahead of the Society's annual Best Practice Awards, they explore how the profession is adapting to changing market expectations, new technologies and the growing demand for IR teams to deliver strategic value. A central theme of the discussion is the role of the Society in raising professional standards and supporting practitioners. Matt shares his priorities for the Society, from professional development and training to strengthening the IR community through events and peer-to-peer learning. Julian explains how the Best Practice Committee develops and updates its guidance, ensuring it reflects regulatory developments, emerging technologies and the practical challenges faced by IR teams across companies of different sizes and sectors. The conversation explores the growing importance of investor relations against the backdrop of UK listing reforms and increasing competition for international capital. With companies being given greater flexibility, Matt argues that the responsibility to communicate decisions clearly and maintain meaningful shareholder dialogue has become even more important. Julian also highlights why there is no single model for best practice, with clarity, consistency and transparency remaining fundamental principles that must be adapted to each company's circumstances. Matt and Julian discuss the gap between what IR professionals aspire to achieve and what they can realistically deliver day-to-day. While IR increasingly seeks to influence management thinking and bring investor perspectives into the boardroom, results, reporting and roadshows can leave limited time for strategic work. They also examine the challenge of measuring IR effectiveness, questioning whether the profession places too much emphasis on activity rather than the impact of engagement on shareholder relationships and market understanding. AI and digital communication are also key areas of focus. Julian shares how the Society's guidance is evolving to reflect the rapid adoption of AI, including the potential for automation to free up time for more strategic work while preserving the importance of human judgement, trust and confidentiality. The discussion also considers how video, webcasting and creative engagement formats can help companies bring their equity stories to life and reach a broader investor audience. The episode concludes with a look at the future of the profession, including the importance of international collaboration, continuous professional development and learning from the Best Practice Awards. A practical and forward-looking conversation on how IR teams can move beyond execution, embrace innovation and demonstrate their value as strategic advisers to management and boards. KEY TOPICS DISCUSSED The IR Society's Priorities and Professional Development Matt's priorities for the Society, including professional development, events and strengthening the IR community. The importance of raising standards and ensuring guidance remains relevant to modern IR professionals. How qualifications, mentoring and peer-to-peer learning support career progression. The role of the DELIVER programme in developing strategic and leadership capabilities. UK Listing Reforms and the Growing Importance of IR How the UK's move towards a more flexible, disclosure-led market increases the importance of investor communication. Why greater corporate flexibility brings greater responsibility for shareholder engagement. The need for broader measures to improve UK market competitiveness and attract international capital. The growing importance of individual investor participation and market liquidity. Defining Best Practice in Investor Relations How the Society's Best Practice Committee develops and updates its guidelines. Why best practice is not a one-size-fits-all approach. The importance of clarity, consistency and transparency across investor communications. Adapting IR strategies to different company sizes, sectors, budgets and shareholder bases. The growing prominence of debt IR alongside equity investor relations. Bridging the Gap Between Strategy and Execution The challenge of balancing reporting, roadshows and day-to-day responsibilities with strategic IR. Why IR teams increasingly aspire to influence management and board-level decision-making. The importance of creating time for longer-term thinking and investor insight. How best practice can provide a practical framework rather than an unrealistic standard. Measuring IR Success and Demonstrating Impact Why measuring investor meetings and roadshow activity is not enough. Assessing whether engagement improves market understanding and shareholder relationships. The challenge of connecting IR activity to strategic outcomes. Using feedback and performance data to continuously improve investor engagement programmes. AI and the Future of Investor Relations How AI adoption is moving from experimentation to practical implementation. The potential for agentic AI to automate research, summarisation and data analysis. Why human judgement, trust and relationship-building remain central to the IR role. The importance of AI governance, confidentiality and appropriate controls. How AI best practice is increasingly becoming embedded across all areas of IR. Digital Communication and Bringing Equity Stories to Life The importance of timely and accessible investor communications. Using video and webcasting to reach broader investor audiences. The growing role of short-form content in reinforcing investment messages. Lessons from Vodafone's use of video to communicate its refreshed equity story. Why engaging content must still prioritise clarity and consistency. Investor Engagement and International Best Practice Moving beyond traditional results presentations and investor conferences. Using creative formats, site visits and direct engagement to bring businesses to life. Why sustained relationships matter most during challenging periods. Sharing knowledge and best practice across international IR associations. Lessons from the development of investor relations in Middle Eastern markets. The Best Practice Awards and the Future of IR How the Best Practice Awards recognise innovation and excellence across the profession. Learning from award winners and practical case studies. The value of the Society's Best Practice Guidelines as a reference point for practitioners. Developing the next generation of IR leaders through training, leadership development and collaboration. QUOTES On Defining Best Practice "There's no one-size-fits-all. It's very much taking the guidelines and applying them to your own particular situation." On the Evolution of AI Adoption "A couple of years ago, the question was are you using AI; now the question is how you're using it." On Building Investor Relationships "It is a relationship that is built, and that particularly I think comes home to roost during difficult periods." On the Value of Peer Learning "Being able to tap into the collective experience of your colleagues working in different sectors, different companies is immensely powerful." Resources:Connect with Matt HallConnect with Julian Smith

In this episode of Enquire, Clara Melia speaks with Derek Brown, Head of Investor Relations at TP ICAP Group plc, about his career spanning more than 30 years in capital markets, including experience across the buy-side, sell-side equity research and investor relations. Drawing on his unique perspective, Derek shares practical insights into building effective IR functions, managing investor expectations and navigating some of the most challenging aspects of the role. A central focus of the discussion is Derek's transition from equity research into investor relations and how the profession has evolved over the past 15 years. Derek explains how understanding analysts' motivations, workflows and valuation approaches has shaped his approach to IR. He also reflects on the importance of building relationships internally, influencing stakeholders and developing the skills required to become a trusted adviser to senior management. Derek shares his experience of establishing the investor relations function at Trustpilot ahead of its IPO, from educating management on public markets and refining the investment case to navigating investor engagement during the pandemic. He also discusses the importance of managing the shareholder register following a listing, including the transition from early-stage private equity and venture capital ownership towards long-term institutional investors. The conversation offers practical lessons for companies preparing to list and IR professionals looking to build a function from scratch. The discussion then turns to shareholder activism and capital allocation, with Derek sharing the subtle warning signs that investors may be considering a more activist approach. He explains why IR teams should proactively identify potential vulnerabilities within their business and prepare management for difficult conversations. Drawing on his experience at TP ICAP, Derek also explores the challenge of balancing shareholder returns with reinvestment and growth opportunities, particularly when investors have differing expectations around buybacks and dividends. AI and measuring IR effectiveness are also key themes. Derek explains how he uses AI to challenge internal thinking, analyse investor feedback and streamline earnings preparation, while maintaining a hands-on approach to more complex activities such as consensus management. He also shares how he measures success beyond share price performance, from improving analyst coverage and evolving the shareholder register to refreshing the equity story and introducing more regular investor engagement. The episode closes with Derek's advice for the next generation of IR professionals, emphasising the importance of relationships, analytical skills and giving junior team members opportunities to develop strategic experience. A candid and practical conversation on how investor relations can create value, build credibility and become a more influential function within the business. KEY TOPICS DISCUSSED From the Buy-Side and Sell Side to Investor Relations Derek's career journey from the buy-side into sell-side equity research and IR. How understanding analysts' motivations and valuation approaches strengthens investor engagement. The shift from individual research to influencing stakeholders across a corporate organisation. How investor perceptions of IR have evolved over the past 15 years. Building an IR Function Ahead of an IPO Establishing Trustpilot's IR function six months before its IPO. Educating management teams on public market expectations and investor behaviour. Refining the investment case through early investor engagement and feedback. Managing the transition from private equity and venture capital ownership to long-term institutional shareholders. Lessons from executing an IPO entirely virtually during COVID. Developing the Next Generation of IR Leaders Why building relationships across the investment community is essential. The importance of analytical skills and understanding consensus management. Giving junior IR professionals exposure to management and strategic responsibilities. How experience and ownership help develop trusted advisers to CEOs, CFOs and boards. Resources:Connect with Derek Brown

In this episode of Enquire, Clara Melia speaks with Adam Tomlinson, Head of UK Consumer Research at Berenberg, about what analysts and investors really look for in a company. Adam breaks down the components of a high-quality investment case, why today’s IPO market increasingly favours “show me” over “tell me” stories, and how companies can build credibility through consistent delivery and transparent communication. The conversation also explores what great IR looks like from the sell-side perspective, how the IR role has become increasingly strategic, and where AI is changing the equity research process.What you'll learn this episode:What makes a high-quality investment case and why concise equity stories win. How companies should balance consistent messaging with introducing new growth drivers. Why the IPO market increasingly favours proven performance over future promises. Key takeaways from the successful Beauty Tech IPO and how early to engage investors. How UK consumer companies can navigate constant market disruption and sector megatrends. What sell-side analysts value most from IR teams and how the IR role has evolved strategically. How site visits and focused events, like store tours, bring an investment case to life. How AI is changing the equity research process, from data processing to potential retail risks. Why transparency, delivery, and management credibility remain fundamental to investor trust.Quotes:"Having a concise and simple-to-explain strategy” is critical when investors are covering large numbers of companies. “The number one rule of an IPO: don’t miss numbers, especially in the early years.” “As long as you’re a great company, you deliver the message well, you position yourself correctly, then investors are always interested to hear your story.” “Site visits, seeing supply chain facilities... just thinking about different ways of bringing the story to life and helping us understand the business.” Resources:Connect with Adam on LinkedIn 

In this episode of Enquire, Clara Melia speaks with Brian Lantz, VP of IR and Communications at Ferguson and previously Fortune Brands, about navigating major structural transformations including IPOs, spin-offs, and UK-to-US listing moves. Brian highlights why IR must be involved from day one in an IPO process to shape the equity story, details how management teams must learn to wear "two hats," and breaks down the step-by-step playbook for managing corporate transitions across international capital markets. In This EpisodeWhy appointing an IR lead weeks before an IPO or spin-off setup harms market success. How to help C-suite leadership wear "two hats", balancing operational management with equity storytelling. Strategies for establishing guidance and protecting management credibility during an IPO or carve-out. Key differences between UK and US sell-side analysts, investor patience, and attention spans. The regulatory contrasts between UK Market Abuse Regulation and US quarterly reporting rhythms. Practical steps from Ferguson's successful primary listing move from London to the NYSE. Brian’s six-step playbook for executing smooth corporate listing moves and spin-offs. How to practice "brutal prioritisation" to avoid becoming a "busy fool" during high-demand investor cycles. QuotesOn the Role of IR in IPOs and Carve-Outs: "You should have somebody that's used to talking to investors, that's really ingrained in that sort of work, to help you formulate that holistic message internally from the very beginning. And if you haven't done that, then you don't value IR..." On Management Credibility During IPOs: "...investors buy the business model and the management team... And that management team credibility is very hard to win and very easy to lose, right? So you have to step very carefully into that." On UK vs. US Investor Attention Spans: "In the US, what you find is there's so many investment options, things are moving so quick… So you got to hook these people in a couple minutes..." On Prioritisation and Execution: "You can be a very busy fool in IR... brutal prioritisation of your targeting and execution to the point you're uncomfortable." ResourcesConnect with Brian on Linkedin 

In this episode of Enquire, Clara Melia speaks with Chris Kinder, CEO of the Investor Forum, about his 20+ year transition from UK equity fund manager to leading one of the market's most prominent stewardship bodies. Chris explains how the Investor Forum distils shareholder feedback to help boards navigate complex capital allocation, takeover bids, and valuation discounts. He highlights new initiatives like the Investor and Issuer Forum and the Board Dialogue Service, breaks down real-world case studies and shares why companies should start treating investor meetings as a two-way street to drive long-term value creation.In this Episode:The origin story of the Investor Forum following the 2012 Kay Review.How collective engagement works step-by-step from escalation to chair meetings.The difference between the member-led Investor Forum and the Investor & Issuer Forum.How to balance share buybacks with long-term capital allocation (R&D, Capital Expenditure, M&A).Why collective engagement is distinct from public corporate activism.Practical benefits of the Board Dialogue Service for C-suite and Board Chairs.How IR teams can use price-in data and investor expectations to challenge internal consensus.Key stewardship trends including pass-through voting, non-executive pay, and cyber governance.How corporate boards can get actionable, unfiltered feedback from institutional shareholders.Quotes"What we offer to the companies is a distillation of the investor concerns... taking all the feedback that we get and distilling it down into three to five key messages that the company needs to hear.""We are never telling companies what to do... It's not the 'naughty step'. We are a venue to have high-quality engagement between companies and their investors with a view to improving value.""The IR is a critical link between investors and companies... Done well, it is the first call. They should be the disciplinarian that keeps the consensus in check."ResourcesConnect with Chris on LinkedIn

In this episode of Enquire, Clara Melia speaks with Anthony Hamilton, Director of Investor Relations at WPP, about his 20-year career evolution across heavy industry, telecommunications, and tech-driven marketing services. Anthony details how to transition from an execution specialist into a strategic advisor to the C-suite, how to deliver uncomfortable market feedback to leadership, and how serving in non-executive governance roles enriches board interaction. The conversation explores navigating AI narrative risks, utilising AI as a supportive team member, engaging constructively with activist shareholders, and why future leaders must adopt an "IR Plus" cross-functional mindset to drive long-term business value. In this Episode:How to transition from tactical execution to a strategic advisor to the C-suite. Core IR fundamentals that transfer across diverse sectors, from heavy industry to tech. Practical strategies and timing for delivering uncomfortable market feedback to executives. How non-executive governance roles enhance your understanding of board dynamics and AGMs. The shift from AI adoption to deep engagement in daily corporate communications. How to reframe "AI risk" market narratives and demonstrate tech enablement over replacement. Early warning technical signals for spotting activist shareholders on your register. Why cross-functional rotations ("IR Plus") build superior, well-rounded IR leaders. How to proactively address market scepticism through communication and register alignment. How to measure IR success beyond meeting volume, including the value of internal IR. Quotes:"We use it as the extra person in the team... a way of just pulling together vast amounts of information in a very succinct and easy fashion, freeing us up to do the critical part of IR: networking and human relationships." "IR plus means IR as a cross-functional leadership solution, rather than a standalone silo... when linked closely with strategy, FP&A, treasury, and finance, one plus one equals three." "The most valuable activity in investor relations is networking, whether that's internal or external." Resources:Connect with Anthony on LinkedIn

In this episode of Enquire, Sarah Webster shares her perspective on the evolving role of investor relations at the intersection of strategy, sustainability and financial reporting. Drawing on experience across IR leadership and sustainability roles, Sarah explores how companies can better communicate long-term value while meeting short-term market expectations. The conversation covers ESG integration, board engagement, AI-driven disclosure and the importance of linking non-financial data to financial outcomes. A practical and insightful discussion for IR professionals navigating an increasingly complex reporting landscape.In this Episode:How investor relations connects strategy, finance and storytelling Why quarterly reporting can limit long-term communication How sustainability has evolved within investor dialogue Ways to link non-financial metrics to financial valuation How IR can influence board-level decision-making Why credibility depends on clarity and honesty How AI is changing how disclosures are consumed The importance of data quality in reporting How to build a long-term investment case What defines the next generation of IR leaders Quotes:“IR professionals need the courage to hold up a mirror to the business.”“Sustainability conversations need to move beyond values and connect to commercial reality.”“Boards need clarity on both financial and non-financial risks and how they connect.”“IR now sits at the intersection of strategy, communication and market intelligence.”Resources:Connect with Sarah on LinkedIn 

In this episode of Enquire, James Ashton, Chief Executive of the Quoted Companies Alliance (QCA), joins Clara Melia to discuss the health and future of the UK’s growth company ecosystem. Drawing on his background as a leading financial journalist, James provides a candid look at the challenges facing small and mid-cap boards, from the rising costs of audit and compliance to the pressures of valuation and liquidity.The conversation explores the findings of the 2026 QCA City Debate, the evolution of the QCA Corporate Governance Code, and the critical importance of better (not just more) investor engagement. James also shares his vision for London as the "capital of growth capital" and explains why a level playing field between public and private company reporting is essential for long-term market success.In this episode:How to apply journalistic storytelling to corporate communications.What differentiates "better" engagement from "more" engagement.How to balance the cost and complexity of a public listing against its benefits.Ways to effectively engage with a retail investor base.How to apply the QCA Corporate Governance Code flexibly rather than as a tick-box exercise.The role of pension reform and capital flows in supporting UK growth companies.How to manage relationships with proxy advisors during transition years.What defines a successful hybrid or digital AGM strategy.The traits that differentiate high-performing CEOs and board leaders.Quotes:"The best leaders have the purpose, authenticity, and delivery... they lead people where they've never been before, which is the future." "The absolute takeaway... it probably isn't more [engagement], it is better." "We're the second biggest asset management centre in the world, and our assets are not backing our great prospects. We need to... unite those two sides together." Resources: Connect with James Ashton on LinkedIn

In this episode of Enquire, Bojana Flint shares her experience working across different sectors and regions, offering a global perspective on modern investor relations. From navigating a US Special Purpose Acquisition Company (SPAC) listing and engaging retail investors to adapting to different investor cultures, Bojana explains how IR operates across borders and sectors. The conversation explores AI, data infrastructure, capital markets events and the evolving strategic role of IR. A practical and insightful discussion for anyone working in investor relations in a fast-moving global market.In this episode:How IR skills transfer across countries and sectorsLessons from a US SPAC listing and cross-border communicationHow to engage retail investors effectivelyWhat defines Nordic investor cultureWhat makes a successful Capital Markets DayHow AI is transforming IR workflowsHow to measure success beyond KPIsWhy adaptability is key to a successful IR careerQuotes:“IR transcends borders and sectors. The fundamentals are the same, but the context changes.” “AI can process information faster, but it cannot replace judgement and context.” “IR has become far more strategic. It sits at the intersection of strategy, communication and market intelligence.”Resources: Connect with Bojana on LinkedIn 

In this episode of Enquire, Dami Tanimowo, Head of Investor Relations at Robert Walters, shares a candid perspective on building and leading an IR function under pressure. From establishing IR from scratch to navigating activist interest and AI-driven valuation concerns, Dami explains how clarity, consistency and strategic alignment build trust when markets are unsettled. The conversation explores investor psychology, disclosure strategy, board engagement and how IR success is measured when sentiment shifts. A practical and thoughtful guide for IR professionals operating in today’s complex market environment.In This EpisodeHow to transition into investor relations from finance and strategyWhat it takes to build an IR function from scratchWhy human psychology plays a central role in market behaviourHow IR adds the most value during moments of stressHow to adapt IR strategy across very different sectorsWhat AI means for sentiment and disclosure in recruitmentHow to think about analyst coverage in a constrained environmentWays to gather and interpret investor feedback effectivelyHow to engage boards with clear, relevant IR insightsWhy clarity and consistency matter more than ever in IRQuotes“A strong IR function comes into its own in moments of stress.” “Challenge yourself to explain why the company exists in as few words as possible.” “We are still in the foothills of understanding how AI will reshape the labour market.” “IR credibility comes from connecting market signals to strategic decisions.” ResourcesConnect with Dami on LinkedIn