AT THE BELL


2Q25: IR Lighthouse Time to Shine M


Alexandra Deignan NIRI Chair


Head of Treasury and Investor Relations, Lazard, Inc.


arkets kicked off 2025 with significant euphoria and focus on economic growth, while keeping a watchful eye on geopolitical and interest rate trends. By April, the tariff tantrum rocked markets like a rickety roller coaster at Coney Island.


While we wait to see what the next 90-day deadline brings, IR professionals need to


be strategic, agile advisors, providing a lighthouse in the storm and facilitating dynamic feedback between companies and their constituents. What’s priced into the markets today?


• An equity risk-off environment with seemingly indiscriminate selling pressure exacerbated by unwinding of growth and momentum plays.


• Choppy capital markets activity with limited visibility and widening spreads. • Rising recession and inflationary fears, limiting companies’ ability and appetite to provide forward guidance with any level of conviction. Seasoned IROs have navigated the Great Financial Crisis, Brexit, COVID-19, and nu-


merous other mini crises that drove market dislocations. Volatile markets are concerning, but they also usher in opportunities to buy great businesses on sale. Longer-term valua- tion is generally most compelling given that “normalized” earnings power estimates do not change and generally continue to grow. Be vigilant, informed and accessible – shine a light on your company. With the onset of spring, annual meetings are in bloom! You might be wondering – what is happening with 13G filings? Beginning September


2024, 13G beneficial owners are only required to file amendments if there is a “material” change. In February, Te U.S. Securities and Exchange Commission (SEC) released updated compliance and disclosure interpretations on the filing of Schedules 13D/G. Prior guid- ance allowed 13G filers to engage on environmental, social and governance (ESG) topics. New guidance expands the view on discussions or voting decisions to influence control. As a result, shareholders may be reluctant to engage with management if doing so would require filing a 13D. Proxy advisory firms also pivoted their approach to diversity in the wake of Trump Ad-


ministration executive orders on diversity, with ISS announcing that it will no longer consider the gender, racial or ethnic diversity of a company’s board of directors when making vote recommendations at U.S. companies. Te Glass Lewis revised approach is published here. Tis issue of IR Update digs deep into a preview of the 2025 proxy season; provides an


update on NIRI2025 in Boston; reports on a new study about artificial intelligence; advises on navigating the movement against diversity, equity and inclusion (DEI); highlights the NIRI Ethical Principle about DEI; describes ways to improve communication delivery; and analyzes investor targeting approaches. I encourage you to read all these thought-provoking articles and I hope they will help


guide you through this unusual year in the capital markets. Happy spring! IR


ni ri .org/ irupdate


IR UPDAT E ■ S P R I NG 20 2 5


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