Enquire, the Investor Relations podcast

Episode 54: Rae Maile - Beyond the Numbers: Rae on Investor Psychology, Regulation and Effective IR

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 [https://www.linkedin.com/in/rae-maile-74569a14/]

Episode 53: FCA and Daniel Holmes - How the FCA balances innovation, speed, and investor protection

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 [https://www.linkedin.com/in/sarah-hone-94ba5939/] Connect with Daniel on LinkedIn [https://www.linkedin.com/in/daniel-h-99777957/] Connect with James on LinkedIn [https://www.linkedin.com/in/james-hunt-160ab990/] FCA changes to the UK Short Selling Regime: consultation materials   [https://www.fca.org.uk/publications/consultation-papers/cp25-29-changes-uk-short-selling-regime]

Episode 52: Oskar Yasar - Compensation, Trends and How to Stand Out in Investor Relations

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 [https://www.linkedin.com/in/oskaryasar/] The Global Investors Relation Revolution by Oskar Yasar  [https://broomeyasar.com/globalirrevolution-2/] Broome Yasar Partnership Insights [https://broomeyasar.com/insights/]

Episode 51: A Live Panel Discussion - Attracting Capital in Changing Equity Markets

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

Episode 50: Laurie Havelock - Roadshows, Regional Differences and AI Trends

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 [https://www.linkedin.com/in/laurie-havelock-2b13a455/ ] * Learn more about IR Impact [https://www.ir-impact.com/ ]