IR Monitor – 01 April 2026

In this week’s newsletter:

• A master class in Investor Relations? Simon English on the case of Next
• Now isn’t the time to slow the market’s data flow warns The Wall Street Journal. It’s awfully strange to start thinking of giving investors less information rather than more
• Fob off shareholders and everyone loses out: The Times on the institution of the AGM
• Hong Kong IPO revival hits snags: the companies with strong fundamentals and reasonable valuations are still able to get deals done, suggests Bloomberg, but more marginal transactions may struggle or be postponed
• ‘Nothing opens a presentation better than something from r/dadjokes’: Reddit’s CFO on the four pillars of IR success and how Reddit prioritizes user questions over analysts
• And finally … in conversation with Craig Coben. Readers are invited to FTI on 21st May to hear from the former ECM banker and current Alphaville contributor

This week’s news

A master class in Investor Relations? 

With six profit upgrades in the past 12 months and shares up 55% over the past five years, Next has received plenty of praise from the market. Simon English of Roxhill posits that beyond robust numbers and sales growth is a best in class IR programme, led by CEO Simon Wolfson. The Next boss is famed for his detailed and candid results presentations, which almost ward off questions, such is their rigour. However, critics have said that Next employs a strategy of under promising in order to overdeliver come results season. Whilst the company would surely say it is simply issuing the guidance it sees as a realistic, there is no doubt that investors prefer a stock that underestimates itself as opposed to one that falls short of expectations. But the case of Next throws up an interesting question for IR officers – can the Next strategy be replicated without a figure of Wolfson’s calibre?

Strange to think of giving investors less information rather than more

Securities and Exchange Commission Chairman Paul Atkins has stated that investors need to be able to “separate the wheat from the chaff” when it comes to corporate disclosures, arguing that companies have set an extremely low bar for the information they include in releases. The WSJ points out that artificial intelligence tools enable investors to plough through information with a new ease and efficiency, meaning Atkins’ concerns may not be as relevant as they once were. Of course, in an ideal world, the “spring clean” Atkins is calling for would produce standardised reports with unified format and language, but this is simply not feasible. Offering avenues to disclose less may simply result in companies disclosing less and the market suffering as a consequence. Whilst the SEC may be trying to act in the interest of the investor, new technology means the “chaff” of disclosures is less an obstacle than a data trove.

The Times on the AGM

Annual General Meetings were historically billed as a chance for shareholders to “wield control over their property” in the words of Edward Lucas at The Times. He argues that, in practice, these highlights of the corporate calendar have become a parade for executives and large equity holders, whilst small shareholders are brushed off. BP’s efforts to block campaigners bringing forward an AGM resolution that would question the company’s strategy for dealing with declining oil and gas demand are presented as a recent example. Despite the group being backed by several institutional investors, the oil major has refused the resolution on the grounds it was “ineffective as a direction by shareholders to the board”. If company bosses are to decide strategy whilst blocking the views of shareholders, the utility of the AGM becomes questionable. In light of increasing concerns that corporate hierarchies are run “by insiders, for insiders”, it is important shareholders use their voices whenever possible.

Hong Kong IPO revival hits snags

Hong Kong’s equity capital markets have begun the year on a strong footing, with nearly $14 billion raised in the first quarter, but emerging pressures are complicating the landscape for issuers & investors. According to Bloomberg, regulators have flagged concerns around staffing constraints and disclosure quality, while Beijing has tightened oversight of certain listing structures, increasing execution complexity and potentially delaying transactions. At the same time, geopolitical tensions have introduced volatility, contributing to more cautious investor behaviour. These dynamics are reinforcing the importance of clear positioning & disciplined messaging. While interest remains in high-growth sectors such as tech, AI and healthcare, weaker or less differentiated offerings may struggle to gain traction or face repricing. With several large IPOs expected to test market depth, sustained investor engagement and clarity of equity story will be critical to maintaining confidence and supporting deal execution.

‘Nothing opens a presentation better than something from r/dadjokes’

According to Drew Vollero, CFO at Reddit, IR success is grounded in credibility, clarity and consistency, principles he has applied across roles at companies including Reddit, PepsiCo, Mattel and Snap. He emphasises a “we say, we do” philosophy, arguing that investors reward companies that clearly articulate strategy and deliver against it without surprises. At Reddit, IR has focused heavily on investor education, reflecting the company’s differentiated model built on user-generated communities. Vollero notes that aligning investor understanding with business fundamentals is critical, particularly for newly public companies establishing disclosure practices and expectations. Reddit’s approach to shareholder communications – recognised for innovation – also highlights a willingness to challenge convention, including prioritising engagement with its user community. This reinforces the importance of transparency and authenticity in shaping investor perception and sustaining confidence over time.

And finally … in conversation with Craig Coben at FTI Consulting on 21st May

For 25 years, Craig Coben sat at the intersection of listed companies and institutional investors as a senior Equity Capital Markets banker for both Deutsche Bank and Bank of America Merrill Lynch. Today, he is (among other things) a contributing writer to the Financial Times Alphaville blog in which capacity he is a regular name-drop here at the IR Monitor. His column delivers consistently incisive commentary on the state of the capital markets peppered with humour, lessons learned from a long career in investment banking as well as a dash of self-deprecation. We are therefore thrilled to have Craig join us next month to talk about the role of the public equity markets and why no one trusts them any longer,  where he thinks the City is headed and a few tales from his storied career as an investment banker as well as life after banking. Readers of the IR Monitor are invited on 21st May and should register here.