From Function to Force: The Rise of Modern IR

From Function to Force: The Rise of Modern IR

Investor Relations has crossed a critical threshold. No longer confined to reporting cycles or corporate messaging, IR is now a strategic discipline, one shaping capital allocation, informing boardroom decisions, owning corporate narratives, influencing risk, and acting as a talent pipeline for CFO and C-suite leadership.

Clarity and conviction defined the book launch of The Global Investor Relations Revolution, hosted at the offices of Goldman Sachs in London.  Attended by over 300 senior professionals, including IROs, CFOs, corporate affairs leaders and capital markets advisors, along with  a world-class panel of experts including Bob Cowell, Founder, Makinson Cowell and Senior Adviser, Lazard; Jo Russell, Head of Investor Relations, Haleon; Douglas Radcliffe, Group Investor Relations Director, Lloyds Banking Group; Nadia Ridout-Jamieson, Chief Communications Officer, Experian and Charlie Lytle, Chair, Corporate Broking, Goldman Sachs, the event introduced the book and examined how the IR function has evolved into one of the most consequential levers in modern corporate strategy.

A key theme echoed throughout the launch event was how IR has matured into a core business function, commanding board-level attention and influencing outcomes well beyond financial reporting. The profession is becoming broader, more data-driven, more commercially focused and increasingly, a springboard for executive leadership.

Framing the evolution of IR

The book is not simply a retrospective but a forward-looking blueprint. It reflects interviews with more than 1,000 global IR professionals, board members, association leaders, and market observers. The clear throughline: IR has matured from a technical communication role to a key player in strategy formulation, risk navigation, and market positioning.

James Fitzsimmons, Head of Corporate Access and our host at Goldman Sachs, welcomed the audience and introduced Oskar Yasar, author of The Global Investor Relations Revolution.

Oskar opened his introduction by recognising the many contributors to the book, including the Investor Relations Society, IR Impact, Extel, FGS Global, FTI Consulting, Quantify, and all the key global IR associations.

He shared how the IR profession has undergone fundamental change during his three decades in executive search and advisory, coinciding with the rise of IR from a niche communications function to a strategic discipline, now central to capital allocation, corporate governance, and enterprise value management.

Book Launch and Panel Discussion in Full Film

During the book launch and panel discussion six defining trends emerged:

1. IR’s elevation to strategic advisory, contributing directly to board-level thinking and investor alignment.
2. A sharp increase in the ambition and sophistication of IR talent with growing crossover into CFO, strategy, and corporate affairs roles.
3. The convergence of IR with ESG, comms, and risk, reinforcing the need for more unified corporate narratives.
4. AI and technology integration which is already impacting efficiency and becoming a hiring differentiator.
5. Heightened stakeholder complexity from investor activism to internal narrative coherence.
6. Structural market shifts with fewer public companies and more competitive capital environments.

What became clear through the debate is that IR is no longer a function to support the business. It is part of how the business is led. Companies that empower IR professionals and integrate them fully into the strategic core, are better positioned to navigate volatility, attract capital, and build long-term market confidence.

Key themes from the book launch

Historical trajectory: From the margins to the strategy table

The opening section of the book traces the historical trajectory of IR. Once a reactive reporting function, IR has evolved into a proactive, analytical, and strategic voice inside major listed firms. In his introduction at the launch, Oskar recalled his first IR Society conference speech nearly 20 years ago, where he predicted that IROs would eventually become CFOs, CEOs, and NEDs. At the time, this idea was met with much scepticism. But subsequent developments have validated that vision with a small but growing group of former IROs taking on wider business leadership roles.  This trend was also highlighted in our ground-breaking study, From IR to Business Leadership.

Today, IR is a board-level concern in many companies. The role is no longer limited to messaging but contributes directly to how trust is built with markets, how equity stories are crafted and how capital is raised and deployed.

Data-driven evidence of IR’s strategic value

Drawing on Broome Yasar’s own data in investor relations executive search, Oskar shared evidence that supports IR’s increasing influence:

Career trajectory: One-third of IROs placed in senior roles now aspire to CFO or wider corporate leadership positions. Ten years ago, that number was closer to 15%.

Compensation growth: Since COVID, base salaries for senior IR roles have risen by over 30%. Roles exceeding £300,000 base are becoming more common, with the highest recent placements exceeding £400,000.

Candidate quality: The profile of IROs is changing, with more professionals holding MBAs, CFAs, and accounting qualifications, and exhibiting a deeper understanding of capital markets and corporate strategy.

Strategic convergence: IR, communications, corporate affairs, ESG and strategy

The book examines the convergence between IR and other leadership functions – particularly communications, ESG, and strategy. Oskar cited examples of individuals who had transitioned from IR into broader corporate affairs or even c-suite roles. Increasingly, companies are seeking a “single voice” – someone who can unify messaging across internal and external stakeholders. This alignment is particularly valued in high-stakes moments such as activism, M&A, or crisis response.

Our “convergence” theory (previously published in our insights paper on IR, reputation, brand, and ESG) argues that IR professionals are well positioned to serve as wider reputation guardians in an era of investor scepticism, media volatility, and geopolitical noise.

AI and the digitalisation of IR

The book launch included a focused section on AI. While acknowledging the current uncertainty about what a fully AI-enabled IR function looks like, Oskar emphasised the real-world impact AI is already having:

87% of IR professionals using AI tools report saving one to two hours per day.

11% save more than three hours per day.

In a recent IR recruitment process, the successful candidate secured the role due to their ability to articulate an AI implementation strategy to the board – a decisive factor in a highly competitive field.

He made clear, “AI will not replace the IRO, but those IROs who understand and leverage AI will replace those who don’t.”

Activism, volatility, and stakeholder resilience

Another central argument was that IR is now a bulwark against volatility and activist pressure. The book cites 2022 research from the Accounting Review, which found a correlation between robust IR functions and reduced costs during activist campaigns, fewer CEO departures, and stronger shareholder alignment.

Similarly, Quantify’s analysis of 7,000 investor interactions revealed that a company’s IR quality strongly correlates with its perceived valuation, underscoring the link between market sentiment and internal IR capability.

The shrinking public market and competitive pressure

Oskar offered a data-backed warning about structural shifts in capital markets. Public company numbers are declining:

The U.S. has seen a 43% drop in listed companies since 1996.

The London Stock Exchange has seen a similar reduction.

Only 34 companies went public in Europe in the first half of 2023.

This shrinkage implies a more competitive landscape for IR roles but also a more vital role for the function, especially in complex organizations facing external scrutiny and internal transformation.

Panel discussion: Professional perspectives on the IR function

The panel following Oskar’s introduction brought together highly experienced IR professionals and advisors, each of whom offered practical views on the state of the profession and its trajectory.

IR’s arrival as a core strategic role

Bob Cowell, founder of Makinson Cowell and Senior Adviser at Lazard, recounted the early days of IR in the UK, when few companies had dedicated investor engagement teams. He argued that the transformation of IR is complete in many respects. “The function has arrived. It’s now about what individuals choose to do with it.”

He stressed that IR professionals must now demonstrate leadership potential, not merely technical proficiency. However, he noted that managing teams – a common gap in many IR CVs – remains an essential development area for aspiring CFOs or CEOs.

Bob Cowell, Founder, Makinson Cowell and Senior Adviser, Lazard

IR as a platform for broader corporate leadership

Nadia Ridout-Jamieson offered her perspective on how IR can lead to broader roles. Now Chief Communications Officer at Experian, she described her own transition from equity research to IR and ultimately to overseeing communications, branding, and reputation. She emphasised that IR professionals must earn internal credibility before assuming broader mandates.

Her CEO, she noted, offered her a broader role not because of her background in comms, but because of her market understanding – a valuable reminder that capital markets insight remains a differentiator in senior leadership.

Nadia Ridout-Jamieson, Chief Communications Officer, Experian

Building global cohesion and stakeholder intelligence

Douglas Radcliffe, Group Director of Investor Relations at Lloyds Banking Group and Chair of the Investor Relations Society, focused on the structural maturity of IR as a profession. He emphasised the growing alignment between IR societies globally, the need for shared standards, and the ability for IR teams to provide unique insight into investor sentiment, often becoming the only source of market perspective within the C-suite.

He argued that IR must not remain fragmented across ESG, governance, or treasury but should be the central hub for all investor-related communication.

Douglas Radcliffe, Group IR Director, Lloyds Banking

The expanding scope of IR

Jo Russell, Head of Investor Relations at Haleon, discussed how IR is evolving into a multidisciplinary, multi-stakeholder role. In her experience, IR now encompasses engagement on remuneration and governance policy, participation in risk and reputation committees as well as real-time insights for strategic decision-making.

She also highlighted the trend of IROs managing internal and external comms, especially in times of transition or challenge.

Jo Russell, Head of Investor Relations, Haleon

IR’s impact on shareholder trust and executive longevity

Charlie Lytle, Chair, Corporate Broking at Goldman Sachs, offered the capital markets advisory perspective. He stressed that a well-functioning IR team is no longer “nice to have”.  It is essential to maintaining valuation, fending off activists, and executing strategy. Boards, he said, now care about share price continuously, not only in M&A scenarios.

He also advocated for IR to be used internally. “At Goldman Sachs, we begin our earnings process with a global town hall. IR should align internal stakeholders before talking to the external market.”

Charlie Lytle, Chair, Corporate Broking, Goldman Sachs

Q&A highlights: Practical reflections from the audience

The Q&A session addressed several key challenges and opportunities for IR leaders:

Convergence of IR and corporate affairs

Several panellists confirmed that, while not always structurally merged, IR and corporate affairs must align closely. A single narrative and unified stakeholder strategy are increasingly important. Functional convergence is being driven more by necessity and opportunity than by formal restructuring.

Sell-side engagement

As sell-side research shrinks post-MiFID II, IR teams must work harder to maintain accurate consensus and manage market expectations. Panellists warned against over-indexing time toward analysts at the expense of the buy-side.

AI and automation: What comes next?

The panellists acknowledged that AI’s practical applications are still emerging. However, sentiment analysis, transcript summarisation, CRM updates, and monitoring tools are already delivering value. They stressed the importance of IR teams taking the initiative by building AI capability will be a differentiator in the next phase of the profession.

Final remarks and strategic recommendations

Oskar closed the launch event with a set of clear, actionable insights for leadership teams:

CFOs and CEOs should view IR as a leadership pipeline, not a reporting function. High-performing IROs are potential successors to CFO or strategy leadership roles.

IR integration with corporate affairs and ESG must be intentional, with aligned objectives and unified messaging. Silos weaken stakeholder trust and slow response during crises.

AI readiness should be viewed as a core competence. Boards should ask IR teams for structured plans to integrate automation, insight tools, and generative models into their workflow.

Talent development is critical. Investing in upskilling, cross-functional rotation, and international exposure will help IR professionals operate at the level increasingly expected of them.

Global alignment and benchmarking are needed. IR associations, companies, and advisors must build a shared understanding of what high-functioning IR looks like in 2025 and beyond.

Conclusion: A profession ready for the future

The Global IR Revolution sets out a compelling vision.  IR has moved decisively into the strategic core of listed companies. This shift brings higher expectations, broader influence, and more meaningful career opportunities but also greater responsibility, complexity, and scrutiny.

This event and the book itself made clear that the profession is ready for the challenge. With continued investment in talent, tools, and integration, IR can remain a central pillar of trust, strategy, and value creation in the global capital markets ecosystem.

Onwards.

The Global Investor Relations Revolution is now available across the following platforms:

Amazon (UK)

Amazon (US and all other markets)

Barnes & Noble

Waterstones (UAE and all other markets)

Hugendubel (DACH markets)

Whether you’re a seasoned IRO, aspiring leader, CFO, CEO or simply want to better understand the role of IR in how capital markets operate today, this is essential reading. Drawing on insights from IR professionals, advisors, and investor relations association leaders from across the globe, this book offers a roadmap to navigate – and lead – the continued transformation of IR.

What the book covers

This handbook captures a profession in transformation:

• The rise of IR from data-driven support role to strategic leadership function
• IR’s convergence with corporate affairs, ESG, and capital markets strategy
• The profession’s new talent demands – more strategic, more ambitious, more empowered
• The growing pressures from activism, AI, geopolitics, and economic change
• Five bold pillars for strengthening the profession over the next decade