In this episode of Enquire, Clara is joined by Andrew Foster, Chairman of Corporate Broking at Morgan Stanley, to unpack how the UK’s uniquely British corporate broking model has evolved, and what that evolution means for boards, IR teams and listed companies today. Drawing on a career that spans regulation, investment banking and decades advising FTSE 100 companies, Andrew offers a clear-eyed view of what corporate brokers can and crucially cannot do in modern equity markets.

What you'll learn in this episode:

• How corporate broking has changed since the “Big Bang” and MiFID
• Why sales force size and research coverage matter less than they used to
• What brokers can realistically deliver and what they can’t
• Why IR teams must own the equity story
• How to think about investor targeting and time allocation
• When and how to engage with hedge funds and short sellers
• How activism and takeover risk really develop
• What makes an effective broker and advisory line-up
• Why IR must sit at the centre of strategy
• How to align shareholders with long-term corporate objectives

Quotes:

• “The question companies should ask is not what their broker promises, but what they can actually control.”
• “IR should be absolutely front and centre in the strategic direction of the business.”
• “You want critical friends, not people who just tell you what you want to hear.”
• “Every interaction with the market should reinforce the long-term story.”

Resources:

Connect with Andrew on LinkedIn

In this episode of Enquire, Ross Hawley reflects on a 34-year career spanning banking, hedge funds, sustainability and senior IR roles across multiple FTSE companies. Now leading IR at Zigup plc, Ross discusses how credibility is built through judgment, clarity and a deep understanding of the business. He shares practical insights on crisis communication, capital markets days, narrative development, and why the IRO must balance facilitation with authoritative communication. The conversation also explores how AI is reshaping investor behaviour, what companies must do to make disclosures machine-readable, and why authenticity and long-term thinking remain central to effective IR.

What you'll learn in this episode:

• How a diverse career across banking, hedge funds and sustainability shaped Ross’s approach to IR
• What the “dual role” of the IRO really means in practice
• Why authenticity and structure define successful capital markets events
• How to communicate effectively in times of crisis
• What it takes to explain a complex business model clearly and consistently
• Practical tools for simplifying disclosure and enhancing accessibility
• How the buy side is adopting AI and what that means for corporate communication
• Why companies should avoid drafting with AI but embrace it for thinking and workflow
• Lessons from Zigup’s IR programme, rebrand and website transformation
• Advice for aspiring IR professionals and those moving from the sell side

Quotes:

• “When your CEO or CFO is in the room, you’re the quiet facilitator. When they leave, you are the representative of the company.”
• “Answer the phone. How you sound really matters.”
• “AI will help you think, but it shouldn’t write your CEO statement.”

Resources:

Connect with Ross on LinkedIn

In this episode of Enquire, Rae shares insights from 36 years as an analyst covering both financial and tobacco stocks. He discusses how regulation, ESG pressures and shifting investor psychology have reshaped the market, and why clarity of messaging remains critical for listed companies. Rae explains what fund managers truly value, how AI is changing research, and why the UK market needs a re-rating to stay competitive. From pre-IPO preparation to effective results-day communication, this conversation offers practical guidance for IR teams and candid reflections on the future of equity research.

In this Episode:

• How years in fund management and broking shaped Rae’s perspective on markets
• The real impact of MiFID II and why UK equities continue to lag
  • What needs to happen for the UK market to achieve a meaningful re-rating
• Why tobacco remains a compelling investment case despite ESG pressures
• How investor psychology drives valuations more than quarterly numbers
• The three financial metrics analysts focus on first every time
• What makes IR communication stand out on results day
• The limits of AI-generated research and where human judgement still wins
• Common pre-IPO pitfalls and how to prepare a story investors will buy
• Why site visits and candid conversations still matter in a digital world

Quotes:

• "AI can summarise numbers, but it can’t have a view. It can’t take a CEO to lunch."
• “Clarity, consistency and communication. That’s what supports a higher multiple.”

Resources:

Connect with Rae on LinkedIn

UK capital markets are undergoing their biggest regulatory transformation in a decade, and the FCA joins Clara Melia to break down exactly what’s changing, why, and what it means for issuers, sponsors, and IR teams.

Sarah Hone, Daniel Holmes, and James Hunt explain the FCA’s shift toward a more disclosure-based regime designed to improve competitiveness, speed up transactions, and maintain high standards of market integrity. They discuss the new single commercial company listing category, the removal of certain shareholder approval requirements, aggregated short selling disclosures, and the sweeping prospectus reforms arriving in January 2026.

The conversation also tackles day-to-day disclosure challenges, from leaks to late results to complex M&A situations, as well as the regulator’s increasing focus on ESG, greenwashing, and technological change; including the safe use of AI in reporting and capital markets activity.

Packed with practical guidance, real-world examples, and forward-looking insight, this episode is essential listening for anyone shaping or operating within the UK’s listed company ecosystem.

In This Episode:

• How the FCA monitors live market disclosures and coordinates across UK regulators
• The four pillars of the 2025–2030 FCA strategy: support growth, fight crime, help consumers, be a smarter regulator
• New short selling transparency rules and their impact
• Common disclosure pitfalls and how IR teams can avoid them
• The new listing regime: simplification, flexibility, and investor-focused disclosure
• PS25/9: What changes for issuers in the 2026 prospectus regime
• MAR hot spots: leaks, M&A, guidance misses, CEO transitions
• ESG disclosures, sustainability labels and greenwashing risks
• AI in capital markets: benefits, risks and FCA expectations
• Three practical checks every issuer should prioritise now

Quotes:

• “Disclosure is the foundation of investor trust, and the new regime puts even greater responsibility on issuers to get it right.”
• “Inside information must be announced as soon as possible. You cannot offset bad news with hoped-for future good news.”
• “AI brings huge potential but uploading inside information into open systems is almost certainly an unlawful disclosure.”

Resources:

Connect with Sarah on LinkedIn

Connect with Daniel on LinkedIn

Connect with James on LinkedIn

FCA changes to the UK Short Selling Regime: consultation materials

In this Enquire episode, Clara sits down with Oskar Yasar, Managing Partner at Broome Yasar Partnership and author of The Global IR Revolution. With three decades in capital markets and more than 580 senior IR and corporate affairs appointments, Oskar is an influential voice in investor relations talent and leadership.

Oskar shares how IR has transformed from a back-office function into a strategic, board-level career path and why today’s IROs are increasingly moving into financial planning and analysis, strategy, corporate affairs, and CFO and CEO roles. He discusses the perfect storm of talent shifts, why boards now treat IR as mission critical, and how personal branding can make or break a candidate’s chances in a competitive landscape.

From compensation trends and career pathways to interview techniques and the impact of AI on the profession, this conversation offers an inside look into what great IR really looks like and what ambitious professionals should do next.

Whether you’re early in your IR journey, a senior director evaluating your next move, or a business leader shaping your company’s IR strategy, this episode is packed with practical insights and future-facing perspective.

In This Episode:

• Oskar’s career journey from financial communications to global IR headhunter, and how IR has evolved into a strategic, board-level discipline
• What defines a top-tier IRO today, from rising expectations of leadership to a deeper, more competitive talent pool shaped by bankers, analysts and high-EQ communicators
• How the IR function has transformed over the past decade amid activism, globalisation and greater CEO/board involvement in hiring
• Compensation trends post-COVID, including salary inflation, negotiation tips, and why companies often underestimate the cost of securing elite IR talent
• The power of personal branding in senior IR roles and the common pitfalls Oskar uncovers through his interview “trap"
• Emerging career paths for IR professionals, including increasing movement into strategy, financial planning and analysis, corporate affairs, CFO and even CEO positions
• Practical advice for candidates to stand out, from networking and professional development, to using headhunters as strategic partners in long-term career planning

Quotes:

• “What makes great IR isn’t just company messaging. It’s personal brand, presence, and ambition.”
• “We are in the middle of a perfect storm: boards suddenly recognise the importance of IR just as a newer breed of ambitious, sophisticated candidates are entering the profession.
• “If you want to move into IR, you have to do the work: read the book, join the IR Association, go to events, meet people.”

Resources

Connect with Oskar on LinkedIn

The Global Investors Relation Revolution by Oskar Yasar

Broome Yasar Partnership Insights

Enquire recorded live in front of an audience of IR professionals and listed company leaders. Clara Melia hosted the panel discussion, where they discussed how companies can attract capital in today’s changing equity market.

Meeting the Panel

The discussion brought together Natalie Bell from Liontrust Asset Management, Thomas Moore from Aberdeen, and Rae Maile from Panmure Liberum. Each offered their perspective on UK equity markets, from the shift away from quantitative easing to the current valuation opportunities emerging from sustained outflows.

The panel explored what's working in UK capital markets today, despite the well-documented challenges. They discussed where international investor interest is strongest, how market reforms are impacting transactions, and what gives them optimism for the future.

The conversation also touched on practical concerns for IR teams, such as how to manage investor expectations, the role of AI in investment analysis, and early signs of IPO market recovery.

Throughout the discussion, the panellists shared advice on how companies should communicate with investors, including Rae Maile's "three numbers" concept for simplifying complex results announcements and Thomas Moore's views on why in-person meetings still matter.

In This Episode:

• How the changing economic backdrop is affecting UK companies
• Where the panel sees opportunities in today's market
• International investor interest and regional differences
• How to manage investor expectations in challenging times
• The impact of AI on fund managers and investment decisions
• Signs of recovery in the IPO market
• Each panellist's key advice for companies seeking capital

Quotes:

• “It’s quite interesting to see some more international interest. People are starting to think about their allocation decisions and concentration in the U.S. and feeling a bit more uncomfortable about that. That’s a great opportunity for the UK market.” – Natalie Bell
• “There are three numbers that people care about. They want to know what’s going to happen to forecast on the day, whether it’s good enough that there’s an upgrade or whether it’s bad enough for a downgrade. That’s what the market cares about and the most value I can offer to fund managers in a busy results season.” – Rae Maile
• “Since AI took off, we’ve seen a dramatic derating in companies that were supposedly bulletproof. As fund managers, we’ve got to learn that technology can be very powerful if we embrace it, but it can also disrupt industries, and we’ve got to be very careful of what we pay for those.” – Thomas Moore

Resources:

• Connect with Natalie on LinkedIn: https://www.linkedin.com/in/natalie-bell-2830a733/
• Connect with Thomas on LinkedIn: https://www.linkedin.com/in/thomas-moore-68bb1313/
• Connect with Rae on LinkedIn: https://www.linkedin.com/in/rae-maile-74569a14/

How is IR changing? The truth is that IR varies so much across different countries, industries, and companies, there’s no short answer. To get a broader overview of the trends in IR, we welcomed an experienced IR journalist to this episode.

An Outside Perspective of IR Today

Laurie Havelock, Editor of IR Impact (formerly IR Magazine), shares his unique journalistic perspective on covering IR stories and industry insights for over 12 years.

We begin by taking a walk through Laurie’s career and the biggest changes he’s noticed in IR since he first began. He’s seen shifting markets, the rise of digitisation and AI, regulatory changes, and regional differences impact IR over the past few years and explains how IROs have adapted.

Laurie also breaks down some of the most interesting points from IR Impact’s recent research on international IR, including the biggest differences between Asian, North American, and European markets. You’ll also hear about research into IR skills, preferences for capital markets days, and why face-to-face events and roadshows are still a big focus, even in the age of virtual communication.

In This Episode:

• An overview of Laurie’s journalism career in IR
• The biggest changes Laurie’s noticed over his career
• Why IR Magazine rebranded to IR Impact, moving from publication to platform
• Why IROs still prioritise in-person roadshows and events
• Regional differences in how IR is delivered
• Trends in AI adoption
• What investors really want from capital markets days
• Laurie’s advice for anyone thinking of a career in IR

Quotes:

• "IROs are treated with much more status and significance these days... there's much more widespread recognition that IROs are becoming leaders in their organisation in their own right."
• "I think having AI skills is just going to set you apart... But the top skills that IROs themselves identified as crucial are still the soft skills. It's a relationships business at the end of the day."
• "86% of companies that we surveyed in 2024 did a roadshow of some kind... and only 4% of those did a virtual-only event. So clearly, seeing people face to face is still a big focus."

Resources:

• Connect with Laurie on LinkedIn
• Learn more about IR Impact

What are fund managers really looking for when they sit down for a management meeting? Financial metrics may seem like an obvious choice, but in this episode, we hear why companies need to think beyond the numbers and present a broader view for fund managers to assess.

Financial Metrics Aren’t All that Fund Managers Are Interested In

Joining this episode is Gervais Williams, Head of Equities at Premier Miton Group, and fund manager for several small to mid-cap funds based in the UK. Gervais takes us through his career history, his views on UK equities today, and why he’s optimistic about the future.

We hear his thoughts on why IR teams are likely to become more important than ever, what makes a perfect meeting, how he researches new companies before investing, and his predictions for the next 12 months.

In This Episode

• Gervais shares his career history and opinion on UK equities today
• How he identifies companies that will outperform
• Why IR teams will become more important in the future
• Gervais explains his approach to managing his fund and the type of companies he looks for
• Why financials aren’t the only important metrics to discuss in meetings
• How Gervais researches companies
• What the perfect company meeting looks like
• Gervais’ outlook for the next 12 months and his advice for IR teams

Quotes:

• “I'm very interested in how the company tells its own story. How does it tell its own story to its staff? How does it tell its own story to its customers and the shareholders?”
• “Presentations are loaded with financials. I think they're more suitable in many cases for analysts who are writing notes, and not very well targeted for managers. I'm interested in some of the financial metrics, but that's only a small part of what we're looking for.”
• “I would love IR and management teams specifically to be very happy to articulate differences and say, “a lot of people are going in this direction, we think that's less important. We think these things are more important” instead.”

Resources:

Connect with Gervais on LinkedIn: https://www.linkedin.com/in/gervaiswilliams