IR Monitor – 11 June 2025

In this week’s newsletter:

• We invite readers of the IR Monitor to join us for an exclusive opportunity to hear from the author of The Global Investor Relations Revolution, a groundbreaking examination of the evolution, challenges, and future of IR on the global stage. Here at FTI on 3rd July
• German watchdog finds no abuse in companies’ pre-results calls with analysts. An investigation by BaFin has found no reason to change companies’ practice of communicating with analysts before publishing results despite long-standing market concerns about the potential disclosure of insider information
• Alphabet to spend $500m on compliance following shareholder lawsuit. Reforms like these are “rarely achieved in shareholder derivative actions,” says the court
• IR time management: the holy grail for today’s investor relations professionals. Some top tips from IR Impact on managing expanding workloads
• Wise’s move to Wall Street is a serious blow to London’s reputation – and its defection is not really justified by operational argument: The Times comments
• And finally … “Make London Liquid Again”: Britain must break the self-reinforcing cycle of delisting businesses in the opinion of the Financial Times

This week’s news

The Global Investor Relations Revolution at FTI London 

On Thursday 3rd July, FTI will be hosting a book launch and panel event at our London office. ‘The Global Investor Relations Revolution’ – authored by Oskar Yasar, a passionate advocate of IR with 30 years’ global experience both in investor relations advisory and executive recruitment – offers a groundbreaking examination of the evolution, challenges, and future of investor relations. The book is also the first time that IROs, key IR associations and advisors from across the world (including FTI Consulting) have come together as a global industry to celebrate achievements and steer a collaborative path forward. We are offering readers of the IR Monitor an exclusive opportunity to hear directly from Oskar Yasar following the launch of his book earlier this year. To sign up for the event, follow this link. 

German watchdog finds no abuse in  pre-results calls with analysts

Despite concerns regarding the potential disclosure of insider information, Germany’s financial watchdog, The Federal Financial Supervisory Authority (BaFin), has confirmed no change to guidance on companies’ communication with analysts ahead of publishing results, according to Reuters. The media had highlighted a connection between share price volatility and communication with analysts, leading to the regulators examining the execution of pre-close calls (a series of verbal exchanges between companies’ and their analysts ahead of announcing results). For the companies investigated, the watchdog found that 70% showed no significant market reaction following pre-close calls and only 10% did. BaFin therefore concluded that strong price reactions were isolated cases and there was no need to tighten regulation, particularly as pre-close calls were perceived to be an important facilitator of orderly market function.

Alphabet to spend $500m on compliance after shareholder lawsuit

Following accusations of antitrust violations from shareholders, Google has announced $500 million of spending over the next 10 years to reform its compliance structure. The Financial Times reminds us that Google’s approach to legal and regulatory challenges has come under scrutiny in recent years as a number of antitrust cases have come to trial. In this particular case, shareholders claim that the company has engaged in anti-competitive conduct across many markets, triggering enforcement actions that have resulted in substantial costs. The newly announced reforms are “rarely achieved in shareholder derivative actions,” according to the court, and will “prevent future compliance and antitrust problems from arising”. 

IR time management

In a recent IR Impact webinar, IR experts shared practical strategies for navigating the growing pressures on IR teams to deliver, as market volatility and unpredictable workloads stretch IR teams beyond their resources. Former VP of IR at Arbutus Biopharma, Lisa Caperelli, shared her tips for dividing work into three core buckets: data collection, marketing collateral and C-suite conversations. This allows the IRO  to prioritise responsibilities according to the needs of the business as the financial year progresses. IR lead at Kneat.com, Katie Keita, recommended distinguishing between work that makes an immediate impact compared to work with a sustainable and more strategic impact in order to not lose sight of longer-term objectives. Erik Carlson, COO at Notified, added that leveraging AI and media intelligence tools can help IR teams stay ahead of external discussions around financial performance. Overall, panellists highlighted the need to simplify processes where possible, delegate responsibilities wisely and leverage the resources of the wider business where needed. 

Wise’s move to Wall Street is a serious blow to London’s reputation 

Wise’s decision to shift its primary listing to New York is yet another setback for the London Stock Exchange, writes The Times. Just a few weeks ago, the £12bn fintech company was close to being considered a future FTSE 100 player but it has now cited share liquidity and broader investor access as motivations for the move. However, with only one-fifth of Wise’s revenue generated in the US , the departure is seen as more of a symbolic than strategic decision. Perhaps the issues is the absence of home-market advocacy – despite its status as the jewel in London’s fintech crown, not one of Wise’s nine board members are British as The Times is quick to point out. Wise’s departure is another high-profile defection eroding London’s status as a listing venue for world-class innovators and a clear warning that London needs to act fast to compete with Wall Street’s enduring pull.

And finally… “Make London Liquid Again”

London’s stock market faces a worsening liquidity crunch and swift regulatory and investment reforms are necessary to break the self-fulfilling cycle of delistings, the Financial Times writes. Primary listings on the LSE have declined more than 40% since the global financial crisis, with 88 companies delisting in 2024, the highest figure since 2008. IPO activity and trading volumes on the LSE are also thinning. This decline has created a vicious cycle, as fewer listings drive lower liquidity, which risks discouraging new listings and investor participation. The UK Government has introduced reforms to simplify listing rules and mobilise pension capital but these efforts will take time. Alongside long-term policy initiatives and tax incentives, the FT’s Editorial Board suggest that Britain needs to better tell its own equity story in order to break the loop.