IR Monitor – 24 June 2026

In this week’s newsletter:

The stories that investor relations professionals need to read this week:

• IR in Kazakhstan: last week, FTI Consulting hosted its inaugural Kazakh Capital Markets Seminar & Bootcamp at the Astana International Exchange with Citi and Baker McKenzie
  Reckless investors or an irrelevant rating? SpaceX handed lowest ESG rating by MSCI
• Bloomberg on why being a CEO today stinks. The CEO has to navigate various challenges including tariffs, war, oil shocks, AI and last but not least activist investors
• Warsh overhauls how the Fed talks: by removing forward guidance and sitting out the projections, he has put aside the tools his predecessors used to steer expectations (WSJ)
• It’s tough going for brokers covering the UK. But there may be signs of recovery (CNBC)
• SpaceX to release results on website and X only, bypassing wire services – a departure from standard corporate communication practice, as Reuters observes

This week’s news

FTI’s IR seminar in Kazakhstan

Last week, FTI Consulting hosted its inaugural Kazakh Capital Markets Seminar & Bootcamp at the Astana International Exchange (AIX), bringing together issuers, advisers and governance professionals to discuss the evolution of Kazakhstan’s capital markets. Sessions covered IPO readiness, investor engagement, governance and communications, with a particular focus on helping companies prepare for public markets and international investors. AIX CEO Assel Mukazhanova outlined the exchange’s ambition to deepen market liquidity and attract greater foreign investment. Highlights included insights from Air Astana on its listing journey and practical media training for IR professionals, courtesy of Leonid Fink, underscoring AIX’s efforts to strengthen market standards and issuer capabilities.

Lowest possible ESG rating?

SpaceX was handed the lowest possible ESG rating recently by MSCI. As SpaceX settles into life as a public company, scrutiny is extending beyond rockets and growth prospects to governance and sustainability credentials. Ahead of its IPO, index provider MSCI assigned SpaceX its lowest ESG rating, citing concerns around governance, shareholder rights and oversight structures. The assessment has reignited debate over how investors balance ESG considerations against access to highly sought-after growth companies. Despite the rating, investor demand for the shares has remained strong, reflecting confidence in SpaceX’s market position and long-term opportunities. For asset managers, however, the case highlights a familiar challenge: weighing governance risks against return potential, particularly as sustainability screening frameworks come under increasing scrutiny.

Why being a CEO today stinks

According to a recent Bloomberg analysis, the corner office appears to be losing some of its appeal as the Chief Executive Officer role has become increasingly demanding. Executives contend with geopolitical shocks, technological disruption, activist investors and heightened public scrutiny – all while being expected to deliver long-term growth in an environment defined by short-term uncertainty. The pressures are beginning to show. CEO turnover among major US companies has reached multi-year highs, while some senior executives are reportedly opting for operational or deputy roles rather than pursuing the top job. Boards, meanwhile, are becoming quicker to replace leaders who fail to meet expectations. For investors, the trend raises an important succession question: as the demands of leadership increase, attracting and retaining the strongest executive talent may become a growing challenge.

Warsh overhauls how the Fed talks 

In his first meeting as Federal Reserve chair, Kevin Warsh signalled a clear shift in how the central bank communicates and guides markets, according to the Wall Street Journal, stripping back forward guidance, withholding rate projections and declining to provide his own economic forecast. While reiterating a commitment to restoring price stability and bringing inflation back to target, he offered little insight into the future path of interest rates, leaving markets and investors to draw their own conclusions. Some investors interpreted the stance as indicating a tougher approach to inflation, increasing expectations of future rate rises, while other investors argued that the reduced transparency could make it harder for markets to interpret the Fed’s decision-making framework one way or another.

Tough going for UK brokers

Ian King reflects on how the UK equity research ecosystem has been reshaped by regulation & consolidation in his CNBC newsletter, highlighting that the Extel awards – once essential tools for financial journalists, and a major City institution – now sit within a much smaller & more concentrated market. He argues that the long-term impact of MIFID II in separating research payments from trading commissions has contributed to a sharp decline in analyst numbers, reduced sector coverage and the disappearance or consolidation of several broker names, particularly in the UK small- and mid-cap space. While noting these structural challenges, King points to tentative signs of recovery following recent regulatory easing, suggesting that renewed recognition of the value of research could help revive coverage, liquidity and ultimately attract new talent back into the sector.

SpaceX bypassing wire services for upcoming results in favour of X

According to Reuters, SpaceX will publish its future results, alongside other material disclosures, exclusively via its website and X account rather than through traditional newswire services, marking a departure from standard corporate communication practices typically used to ensure broad market distribution. The company said investors, media and other stakeholders should rely on its investor relations page and social media channels for updates, reinforcing a more direct disclosure model as it enters public markets following a record Initial Public Offering.