Rankings in detail

Canada Top 50 rankings

Points breakdown for the top 50
Position and points by category

Position and points by sector

Investor and analyst comments

IR Rankings – Canada Top 50 2024

IR MagazineCanada Top 50

The top Canadian companies for investor relations, as voted for by investors and analysts

Large caps in bold

Rank 2024	Change	Company
1	^	Agnico Eagle Mines
2	^	Stantec
3	^v	WSP Global
4	_^>	Element Fleet Management
5	^	Alamos Gold
6	^v	Canadian Pacific Kansas City
7	^	Fortis
8	^v	Cenovus Energy
9	*	Brookfield Corporation
10	^v	CN
11	^	Aecon Group
=12	^	Black Diamond Group
=12	^	Equitable Bank
14	^	CAE
15	^	Parkland Corporation
16	^v	Intact Financial Corporation
17	^	Teck Resources
18	*	Restaurant Brands International
19	^	Hydro One
20	^	Brookfield Infrastructure Partners
=21	^v	Canadian Natural Resources
=21	^	Franco-Nevada Corporation
23	_^>	Suncor Energy
24	^	Rogers Communications
25	^	Hudbay Minerals
26	^	Emera
27	^v	First Quantum Minerals
28	*	Definity Financial Corporation
29	^	AltaGas
30	^v	Sun Life Financial
31	^v	BRP
32	^	B2Gold
=33	*	AGI
=33	^	Gildan Activewear
=33	^	Russel Metals
36	^v	Nutrien
37	*	Altus Group
=38	^	Barrick Gold
=38	^	BCE
40	^v	Tourmaline Oil Corp
=41	*	Algonquin Power & Utilities Corp
=41	^v	RBC
43	^	Torex Gold Resources
44	^v	Manulife Financial
45	*	Shopify
46	^v	Air Canada
47	*	Crescent Point Energy Corp
48	^v	BMO Financial Group
49	^v	Canadian Imperial Bank of Commerce
50	^	Colliers International Group

^

Down

^v

New

*

Stayed the same

_^>

IR Rankings – Canada Top 50 2024

Ranked companies' points breakdown

This table details the points awarded to each Top 50 company for each category of IR by the investors and analysts who responded to the research

Rank	Company	Market cap	Sector	Financial reporting	Technology	Investor meetings	Governance & disclosure	Sustainability communications	Most progress	Senior management	IRO	Overall	Total points
1	Agnico Eagle Mines	Large	Materials	35	57	72	41	36	15	59	60	65	440
2	Stantec	Mid	Industrials	63	6	48	60	54	0	72	24	48	375
3	WSP Global	Large	Industrials	48	45	6	45	60	0	18	50	80	352
4	Element Fleet Management	Mid	Industrials	16	20	45	17	13	29	30	45	72	287
5	Alamos Gold	Mid	Materials	33	15	24	23	3	21	33	54	38	244
6	Canadian Pacific Kansas City	Large	Industrials	22	3	40	6	8	0	26	86	49	240
7	Fortis	Large	Utilities	36	30	21	33	21	0	36	25	36	238
8	Cenovus Energy	Large	Energy	30	18	15	39	15	15	36	11	48	227
9	Brookfield Corporation	Large	Financials	19	12	12	12	18	24	56	21	30	204
10	CN	Large	Industrials	18	12	24	27	45	0	30	27	6	189
11	Aecon Group	Small	Industrials	6	9	9	3	39	8	21	47	42	184
=12	Black Diamond Group	Small	Industrials	32	6	30	33	0	6	8	36	27	178
=12	Equitable Bank	Mid	Financials	14	2	26	0	5	33	47	15	36	178
14	CAE	Mid	Industrials	42	2	2	42	0	3	39	18	22	170
15	Parkland Corporation	Mid	Energy	9	6	9	9	2	9	24	30	61	159
16	Intact Financial Corporation	Large	Financials	30	9	6	3	12	14	41	21	15	151
17	Teck Resources	Large	Materials	9	0	18	8	36	2	15	26	27	141
18	Restaurant Brands International	Large	Consumer discretionary	0	0	16	0	0	33	20	32	33	134
19	Hydro One	Large	Utilities	15	0	30	15	10	0	15	30	15	130
20	Brookfield Infrastructure Partners	Large	Utilities	32	0	36	30	30	0	0	0	0	128
=21	Canadian Natural Resources	Large	Energy	17	3	18	9	2	0	23	30	24	126
=21	Franco-Nevada Corporation	Large	Materials	39	3	3	6	6	0	42	21	6	126
23	Suncor Energy	Large	Energy	21	3	2	15	6	21	21	2	27	118
24	Rogers Communications	Large	Communications	24	4	9	7	6	6	18	21	20	115
25	Hudbay Minerals	Mid	Materials	16	0	17	8	6	6	21	29	9	112
26	Emera	Large	Utilities	10	0	10	10	30	30	10	0	10	110
27	First Quantum Minerals	Mid	Materials	21	9	11	8	3	9	15	17	12	105
28	Definity Financial Corporation	Mid	Financials	0	0	20	0	0	9	8	32	30	99
29	AltaGas	Mid	Utilities	0	3	6	3	3	3	21	36	21	96
30	Sun Life Financial	Large	Financials	8	18	5	18	6	2	18	12	8	95
31	BRP	Mid	Consumer discretionary	0	0	0	0	0	0	24	32	37	93
32	B2Gold	Mid	Materials	25	9	15	12	3	6	9	6	6	91
=33	AGI	Small	Industrials	0	0	30	0	0	0	30	0	30	90
=33	Gildan Activewear	Mid	Consumer discretionary	15	6	6	12	18	6	9	9	9	90
=33	Russel Metals	Mid	Materials	30	0	0	30	0	30	0	0	0	90
36	Nutrien	Large	Materials	18	5	21	0	0	0	0	18	27	89
37	Altus Group	Mid	Real estate	9	9	15	6	4	0	0	21	21	85
=38	Barrick Gold	Large	Materials	9	6	12	18	24	0	12	0	3	84
=38	BCE	Large	Communications	12	3	9	12	6	0	12	21	9	84
40	Tourmaline Oil Corp	Large	Energy	15	3	5	19	2	6	12	9	12	83
=41	Algonquin Power & Utilities Corp	Mid	Utilities	0	0	0	0	0	6	30	15	30	81
=41	RBC	Large	Financials	12	0	0	24	0	0	6	33	6	81
43	Torex Gold Resources	Small	Materials	6	6	2	5	12	9	23	3	12	78
44	Manulife Financial	Large	Financials	12	5	9	8	5	0	12	17	9	77
45	Shopify	Large	Technology	2	0	0	0	0	39	15	6	12	74
46	Air Canada	Mid	Industrials	15	0	9	0	12	0	5	15	16	72
47	Crescent Point Energy Corp	Mid	Energy	9	5	12	9	5	6	12	6	6	70
48	BMO Financial Group	Large	Financials	3	0	0	0	0	0	35	24	6	68
49	Canadian Imperial Bank of Commerce	Large	Financials	12	0	12	0	0	0	18	20	0	62
50	Colliers International Group	Mid	Real estate	23	3	6	2	6	0	0	10	11	61

IR Rankings – Canada Top 50 2024

Research categories

This section lists the scores received by companies for their IR performance in a range of categories, plus comments made by the investors and analysts who voted for each company

Best overall investor relations (large cap)

The numbers next to the bars are the scores received

1 Agnico Eagle Mines'Agnico Eagle has a very systematic approach to IR. It does effective marketing and is advanced in investor targeting; a thorough and efficient system' – sell side'The IR team at Agnico is transparent and communicates in a detailed way with shareholders. Despite the challenging situation of being in multiple jurisdictions and geographies, it manages it all and portrays its objectives well' – buy side'Agnico Eagle hosts events and participates in conferences, often getting in front of investors' – sell side2 WSP Global'WSP hosts good events in terms of access to different layers of management. We get good insight and detail through speaking with various people we don’t normally have contact with, and you can check out what the C-suite is saying' – sell side'WSP Global does a good job of its investor relations. The team is accessible, responsive and timely, and the outreach is impeccable' – sell side3 Canadian Pacific Kansas City'Canadian Pacific has done a great job of outlining the investment potential, while effectively analyzing sell-side and buy-side expectations. It communicates this well so it’s rare that we get into a situation where the market is unpleasantly surprised by its results. The firm is also helpful in getting the story out to investors' – buy side'A highly experienced and knowledgeable IR team at Canadian Pacific Kansas City, doing an excellent job of keeping investors informed' – buy side4 Fortis'All the disclosure at Fortis is fantastic. It provides proactive engagement and responses, along with high-quality investor days. Across all aspects of IR, Fortis does the best job of engaging with investors and providing quality information' – sell side5 Cenovus Energy'Cenovus’ IR team is forthright, timely and overall extremely helpful when you reach out to it with questions. I’ve only had positive interactions with the investor relations team throughout my career and look forward to working with it in the future' – sell side6 Brookfield Corporation'Brookfield puts a lot of effort into communicating and presenting financials in a way that’s clear, useful and understandable' – buy side7 CN'CN’s IR team is extremely knowledgeable about the business and the broader rail industry. It is also very accessible, proactive and simply great to work with!' – sell side8 Intact Financial Corporation'Its IR is very good: the breadth and depth of disclosure from Intact Financial has become the industry standard' – sell side9 Teck Resources'Teck Resources’ IR team is proactive, responsive to questions and takes time to go through quarterly results. It also does great site visits, which are always well organized' – sell side10 Restaurant Brands International'Restaurant Brands does a great job with its IR and has built up the team well. It is proactive at reaching out ahead of quiet periods, and is open to suggestions and feedback' – sell side11 Hydro One'Hydro One’s investor relations department is very good for support around the quarter, when we’re updating our models. It has that whole process down very well' – sell side12 Brookfield Infrastructure Partners'I appreciate that Brookfield Infrastructure Partners is transparent. It’s a global practice, always on the lookout for acquisitions and targeting many assets. The CEO is a well-balanced, super-smart guy, who provides good answers on whatever we ask at Q&A. Rather than being vague, he goes above and beyond in providing a level of granularity that you don’t expect from other companies' – sell side=13 Canadian Natural Resources'Canadian Natural Resources’ senior management is willing to meet with investors, and the recent site visit I attended was the best I’ve been to in a while' – sell side=13 Franco-Nevada Corporation'Franco-Nevada’s IR team communicates effectively and transparently, providing regular updates and good information dissemination' – sell side15 Suncor Energy'Suncor Energy is proactive and helpful in providing answers with technical expertise from managers. There is a good balance of disclosure and context. The new chief executive has linked well with the new IR messaging, and overall liaison with the buy side is excellent' – sell side16 Rogers Communications'Rogers Communications held frequent events with management, which helped investors understand the large merger. IRO Paul Carpino has deep knowledge and dedicated availability to investors, and CEO Tony Staffieri is accessible to investors at conferences and on quarterly calls' – buy side17 Emera'Emera’s IR team is knowledgeable about the business and there are few questions it can't handle. The investor days are informative, providing deep insight into the business' – sell side

Best overall investor relations (mid-cap)

The numbers next to the bars are the scores received

1 Stantec'This year, Stantec introduced its new strategic plan for the next three years. It had several members of the upper management team doing presentations, and the CFO had asked them all to stick to three points before moving directly to Q&A. It was a great use of the time' – sell side'The IR function at Stantec is spearheaded by the CFO. She has a lot of say in what goes on, and understands investors' needs' – buy side'Stantec has effective interaction with the Street' – sell side2 Element Fleet Management'Element Fleet Management provides strong disclosure, solid shareholder engagement and proactive communications' – buy side'What is great – and it's one of the things that sets it apart – is that Element Fleet Management provides supplemental disclosure on non-financial operating metrics, which is enormously helpful' – buy side3 Alamos Gold'For a mid-sized company, Alamos Gold is extremely diligent at speaking to stakeholders and communicates well with the press, too. It delivers on what it says. There is a stable team of individuals who stick to corporate objectives' – buy side'Alamos Gold is active in hosting regular top-quality meetings, where there is always a full complement of staff and lots of detail given' – buy side4 Equitable Bank'Equitable breaks down the data very granularly, much better than other banks. The disclosures are great, and we have great access to the senior management' – sell side5 CAE'CAE excels in its investor relations program by providing clear and comprehensive communication to investors and analysts, fostering trust and assisting them in making informed investment decisions' – sell side6 Parkland Corporation'Parkland does events, roadshows and conferences and ensures the sell side gets airtime with the CEO. The IR is proactive, responsive and transparent, making sure we are up to date on the story' – sell side7 Hudbay Minerals'Hudbay Minerals’ IRO is knowledgeable, proactive in outreach and responsive to questions. The firm takes the time to go through quarterly results, and access to senior management is good' – sell side8 First Quantum Minerals'Communication from First Quantum is very easy and transparent, and I like that it provides mine-by-mine disclosure' – sell side9 Definity Financial Corporation'Definity Financial did an informative investor day recently, and the IRO does a good job' – sell side 10 AltaGas'AltaGas is overall very responsive and proactive in terms of reaching out if there are any major announcements. Investor days are informative and the new CEO communicates the story well' – sell side11 BRP'BRP’s IR is consistently excellent. Calls are easily set up and a decent amount of time allocated. Apart from that, I like the timely responses from the IRO and thoughtful creation of investor events. CFO Sébastien Martel is an excellent communicator with very strong guidance practice' – buy side12 B2Gold'B2Gold’s IR provides good disclosure and is very reachable. The company has improved significantly in recent years' – sell side=13 Gildan Activewear'As well as having a good IR team, Gildan Activewear’s financials are very clear, and the firm emphasizes its communications on ESG aspects; I see updates on its achievements' – sell side=13 Russel Metals'Russel Metals’ new CFO understands the game and is very comfortable talking to investors and providing an element of granularity that was not there previously' – sell side15 Altus Group'Altus Group's IR team is highly knowledgeable and responsive to investor requests. It is very good at facilitating access and soliciting feedback as well' – buy side

Best overall investor relations (small cap)

The numbers next to the bars are the scores received

1 Aecon Group'Aecon participates in every conference and, although it has gone through a very tough year, it's not hiding and there's something to be said for that. Some companies in that position might just say their results are going to be terrible next year, and then try to avoid investors and the sell side, but that has not been the case at Aecon. This shows it is thinking about how it can approach investor relations longer term' – sell side'Something happens, you're trying to chase management or IR and no-one’s available: that's not Aecon’s way. If it has a press release, it will reach out and say, If you want to talk, my phone is on and I’m around for the next few hours' – sell side2 Black Diamond Group'A lot of people are getting excited about Black Diamond. It’s a small-cap name, which had only a few people following it. Now it's taking it step by step as investor interest has returned. It is participating in more events and being more creative in the way it pitches, and that’s why investors are going to show up' – sell side'Black Diamond did an investor call in the fall that was well received. The company has reinvented itself and made a massive pivot. It was very well owned and well followed 15 years ago but it kind of fell out of favor. Since then, it's been a very long battle and very long road for it and it has finally come out the other end better and stronger' – sell side'Black Diamond’s IR team is always super-responsive, with great reporting. It also hosts good IR days, during which it takes us on location, which is really interesting and informative. The team is always really well prepared' – sell side3 AGI'The IR team at AGI has helped simplify financial disclosures and forward-guidance messaging. Overall, we would credit it for streamlining the AGI story to investors in the last two years, and highlighting why it is a different agricultural play' – sell side4 Torex Gold Resources'Torex Gold’s investor relations provides detailed consensus on many metrics, and is also very reachable and proactive' – sell side5 Trisura Group'Trisura reports the numbers well and the IRO is responsive' – buy side=6 Polaris Renewable Energy'Even though there is no dedicated IR function at Polaris Renewable Energy, it does a very good job of communicating with the Street' – sell side=6 Tecsys'Tecsys communicates clearly and transparently, generally delivering what it says it will, which has established credibility. Management also communicates well on market positioning, competitive advantages, growth drivers and progress' – buy side8 New Gold'New Gold has a great investor website, with information on its assets and everything done in a clear way' – buy side9 Precision Drilling Corporation'Precision Drilling’s IR communication is straightforward. Overall a great job and the CEO is a compelling speaker' – sell side10 Cineplex'Cineplex chief executive Ellis Jacob is willing to meet with investors and always attends conferences, even during tough times for the stock' – buy side11 WELL Health Technologies Corp'WELL Health’s IRO does a good job of providing investors and analysts with relevant and timely information and is responsive to inquiries. The CEO makes time to speak with investors; he does the majority of investor meetings' – sell side

Best investor relations officer (large cap)

The numbers next to the bars are the scores received

1 Canadian Pacific Kansas City'Just a great IR team at Canadian Pacific Kansas City. Chris de Bruyn has taken over as head of IR and Ashley Thorne joined from Kansas City Southern post-merger. They are responsive to emails and always willing to chat to go over any news items or modeling questions. They know the company inside out and the answer to a question is never, I don’t know. The team is extremely professional, knowledgeable and always happy to help' – sell side‘Canadian Pacific Kansas City’s IRO Chris de Bruyn is always available, even cutting short planned vacations to be responsive to investors at critical times. He spearheaded integrated reporting of a combined Canadian Pacific, including providing back data – and at a longer history than some peers undergoing corporate actions – for important metrics so that analysts could judge recent performance. And he laid out the most complex set of earnings adjustments I have ever seen, in a concise and understandable way' – sell side'Canadian Pacific Kansas City integrated Ashley Thorne into the team and leveraged her significant experience in Mexican railroad operations and regulation while maintaining the historical standard – the best in our coverage – set by former head of IR Maeghan Albiston' – sell side2 Agnico Eagle Mines'Having been on the team at Agnico for a few years now, IR head Jean-Marie Clouet is doing a good job of building rapport and credibility since taking over from the legendary Brian Christie' – sell side'The IR team at Agnico keeps regular contact and provides us with clear guidance. People reach out in a proactive manner and information flow to investors and analysts is ideal' – sell side3 WSP Global'WSP’s Quentin Weber is proactive and reaches out with a continuing dialogue, has his finger on the pulse and understands what investors are talking about' – sell side'Quentin Weber was quite junior a few years ago and has learnt his job well. It’s good to see that he is really coming into his own, and he listens to feedback, which is always appreciated' – sell side4 RBC'RBC’s Asim Imran knows what the sell side and buy side care about and has deep knowledge of both the business and the sector. He is able to discuss bigger themes and issues without referring back to management' – sell side5 Restaurant Brands International'Kendall Peck has done a great job of being responsive to shareholders and getting Restaurant Brands out there, being more visible and putting senior management in front of investors. Such a stark improvement, and the program has been exceptional' – sell side=6 Canadian Natural Resources'Canadian Natural Resources has a good, responsive IR team that does monthly investor presentations that are refreshed based on current prices. They are pretty in depth, too' – buy side=6 Hydro One'Hydro One’s vice president of communications & IR Omar Javed and the whole IR team have a deep knowledge of the business. They are all strong, and also very responsive, so if we need a chat there is always someone available. They are proactive: when there has been an announcement, they will offer to set up a call' – sell side

Best investor relations officer (mid-cap)

The numbers next to the bars are the scores received

1 Alamos Gold‘Scott Parsons is the most organized IR professional you will ever come across – always on top of everything. Coming from an equity research background, he knows what analysts need. This means he’s mindful that we get the full picture. There’s no shortage of detail and no errors: perfection!' – sell side'Scott Parsons is super-efficient and helpful, and makes himself available to talk things out with analysts' – sell side'Alamos Gold's IR team provides frequent pre-emptive communication, lots of special reports and information on CSR, and its press releases hold an incredible level of detail: that's the factor that differentiates it from other mid-cap companies. A lot of hard-working visionaries here' – buy side2 Element Fleet Management'Michael Barrett is the best IRO I deal with. He is very strong in terms of understanding the company and the industry, and being able to put things into context' – sell side'The IRO at Element, Michael Barrett, is an extremely useful contact. He’s very smart and involved in the business, good to talk with and able to answer my questions' – buy side3 AltaGas'AltaGas’ IRO is knowledgeable and responsive, the two most important attributes I need in an IR professional. Good about making sure investors and analysts are up to speed with what’s going on with the company' – sell side=4 BRP'BRP’s IRO, Philippe Deschênes, does an excellent job. He is super-prompt, very clear in communication and always reachable, even if he’s on vacation' – buy side=4 Definity Financial Corporation'Dennis Westfall is a relative newcomer but he is doing a good job, hence the nomination' – buy side6 Parkland Corporation'Parkland’s IRO Valerie Roberts gets my vote this year. What makes IR good and interesting is when it's trying to put out fires. Parkland had an issue with an activist hedge fund trying to shake it up. The way you message is sink or swim, and Roberts was excellent' – sell side

Best investor relations officer (small cap)

The numbers next to the bars are the scores received

1 Aecon Group'Adam Borgatti at Aecon is by far the best IRO in my space. He provides the information I’m looking for and anticipates our needs. He is the face of the company in terms of investor outreach' – sell side'My job on the sell side is to figure out what's going to happen, not react to what has happened so I always welcome folks on the corporate side who think like me, and Adam Borgatti is proactive' – sell side'Aecon’s IR department works hard to put out the true story, with a good set of disclosures. It is responsive to questions and proactive during presentations. It is not the easiest company to understand but it is forthright, deals with issues head-on and has a good track record with guidance'– buy side2 Black Diamond Group'As a former research analyst, Jason Zhang at Black Diamond has done the job, so he knows what we are looking for to the extent that if he can provide granularity on outlook and guidance, he does so' – sell side'Jason Zhang stays within the boundaries, but he does provide good guidance and it's helped that the business has grown in scale and diversified significantly so the results have been more predictable than ever' – sell side3 Calian Group'Calian hosted a good investor day and IR director Jennifer McCaughey is always responsive and helpful' – sell side4 Cineplex'During a difficult period for Cineplex, IRO Mahsa Rejali has remained diligent, reliable and always available' – buy side

Best IR by a senior management team (large cap)

The numbers next to the bars are the scores received

1 Agnico Eagle Mines'Both Ammar Al-Joundi and Jamie Porter are relatively new to their seats at Agnico Eagle and provide a great one-two punch in the CEO and CFO roles. The baton-pass from former CEO Sean Boyd was smooth' – sell side'The entire team at Agnico is always prepared to answer the tough questions in a concise and truthful manner, traits that are often hard to come by in the sector' – sell side'Agnico has a quality team that generally under-promises and over-delivers, so always meets what it set out to do' – sell side2 Brookfield Corporation'Brookfield Corporation’s senior management communicates very well, and the investor days are long enough for managers to take time going through each segment' – buy side'Brookfield's senior management team has clearly put a great deal of thought into its investor communication materials to make them approachable for investors. If you go to the IR website, the team posts an executive letter every quarter and provides a supplemental with all the details you need. During earnings, it does a good job of explaining all aspects of the business' – buy side=3 Choice Properties Real Estate Investment Trust'Choice Properties has a high-quality management team that is very well regarded in the industry. It takes a conservative approach and the financial disclosures are good. The company is communicative with investors, accessible and easy to deal with' – sell side=3 Franco-Nevada Corporation‘Franco-Nevada’s senior management’s communication with investors is effective, participating in many sell-side events throughout the year, and providing regular financial updates' – sell side5 Intact Financial Corporation'The level of detail from Intact Financial is so good that all you need to know has been disclosed. The CEO does an amazing job and the stock rides on his coattails' – sell side=6 Cenovus Energy'Cenovus’ senior management team has done a great job of communicating. It has bought assets and improved operations: a home-run transaction' – buy side=6 Fortis'The senior management team at Fortis is very knowledgeable and more than happy to engage in thoughtful discussion. Unlike other companies in the sector, Fortis doesn’t deflect from the tough questions, providing straightforward, honest and transparent answers' – sell side8 BMO Financial Group'BMO CFO Tayfun Tuzun is available for discussion, is clear and concise in communication and his depth of knowledge provides color' – sell side9 CN'CN is proactive in its efforts to interact with the buy side and the sell side, and often brings along multiple members of the C-suite to sell-side conferences' – sell side

Best IR by a senior management team (mid-cap)

The numbers next to the bars are the scores received

1 Stantec'We've taken Stantec on the road and the CEO and CFO often do the presentations. They complement each other very well, in that the CEO is a long-time engineer who knows his business inside out, and the CFO knows her finances, so they balance each other nicely' – sell side'When we have meetings with Stantec’s senior management team, it’s never just one person dominating the conversation. There is always a good balance of information from both executives, and I think that's well accepted and well received by everyone' – buy side'Stantec’s CEO is on the ball and very strong in communication' – sell side2 Equitable Bank'Equitable's CEO Andrew Moor is very well informed, and CFO Chadwick Westlake is candid and has good availability. Overall there is a fast response time, they provide clear guidance and a realistic outlook, and they are willing to acknowledge areas of weakness' – sell side'CFO Chadwick Westlake has great depth of knowledge and provides good insight and color' – sell side3 CAE'All companies are promotional and most of them tell a biased story. CAE, however, has a good outlook and senior management is as honest as it can be while promoting its message' – sell side4 Alamos Gold'Alamos Gold has a well-versed senior management team, providing good outreach to the investor community. You can count on any meeting being well organized, meaningful and a good update. Even when it press releases something, the IR team makes itself available' – sell side=5 Algonquin Power & Utilities'The interim CEO at Algonquin Power has a very strong background and is very solid and well regarded. The CFO is also strong; he inherited a challenging situation and is making all the right decisions. The disclosures and messaging are clear, and the communication style has improved' – sell side=5 Element Fleet Management'Laura Dotorri-Attanasio and Franck Ruperto of Element Fleet communicate well with the Street, providing detailed responses' – buy side=5 Northland Power'I appreciate the timely access to senior management at Northland Power, and the candor and communication on its calls. Management avoids corporate speak and will tell you the things others won’t. This helps me understand and make better decisions' – buy side

Best IR by a senior management team (small cap)

The numbers next to the bars are the scores received

=1 AGI'We appreciate AGI management’s level of transparency on the business, particularly in highlighting some of the opportunities and areas of improvement. The CEO is energizing in meetings and investors can appreciate how that might translate into solid leadership skills' – sell side'The senior management at AGI has been consistent with under-promising and over-delivering. I also appreciate the company’s focus on ROI' – sell side=1 Polaris Renewable Energy'The CEO and management of Polaris Renewable are very good communicators. In discussions with them, you get a good sense of what they are trying to do' – sell side'Polaris’ CEO is very well respected and focused on creating shareholder value. He has made a good move to diversify the business, which I think will further increase this' – sell side3 Torex Gold Resources'Torex Gold has best-in-class communication with the analyst community in terms of senior management. Always reachable, and always reaching out' – sell side=4 Aecon Group'Aecon’s CEO participates in some of the conferences and takes Q&A during earnings calls, and the CFO makes himself available when necessary' – sell side=4 Badger Infrastructure Solutions'There have been a lot of changes at Badger Infrastructure, with a new senior management team and new IRO. Both are doing a better job with more consistent messaging' – sell side

Best financial reporting

The numbers next to the bars are the scores received

1 Stantec'Stantec has a good standard of financial reporting, with lots of segmental information. It’s an easy business to model, to be honest. It provides organic growth guidance, margin guidance and a bunch of metrics that allow us to model our estimates accurately' – sell side'Stantec has good disclosure in its filings and helpful slide presentations with additional detail. Conference calls are helpful because the firm provides additional details that others do not' – sell side2 WSP Global'The way WSP reports, you know where to find information; it’s not buried. There's a lot of consistency in the way it's been reporting for the last several years, which is super-helpful' – sell side'WSP provides more detail and transparency in its reporting than any of its competitors' – sell side3 CAE'CAE is best for the whole IR package: clear reporting, with good disclosure and good at making time for questions, for investors of all sizes' – buy side4 Franco-Nevada Corporation'Franco-Nevada's financial reporting provides transparent and detailed information on its gold-focused royalty and streaming business model, emphasizing gold price exposure, exploration optionality and a diversified portfolio of royalties and streams' – buy side5 Fortis'Fortis provides great summary presentation materials. The IR team sends emails with relevant quarterly updates to point investors in the right direction. It is great at presenting a very digestible synopsis of information, as well as providing more deep-dive information' – sell side6 Agnico Eagle Mines'Agnico Eagle is a little more wholesome than the rest, providing more transparency. You can take its reporting and tie it back to its financials' – sell side7 Alamos Gold'Alamos Gold continues to provide very detailed financials and presentations' – buy side=8 Black Diamond Group'Black Diamond reports on a segmented basis with lots of information, and it provides lots of metrics. It always thinks about being as transparent as possible and I appreciate that' – sell side=8 Brookfield Infrastructure Partners'What I like about Brookfield Infrastructure’s reporting is that it provides a ton of information in a digestible way. Often there is lots of information to take in, and it points you to the highlights. Overall, very positive' – sell side

Best use of technology for IR

The numbers next to the bars are the scores received

1 Agnico Eagle Mines'Agnico’s main-line communications are good. Conference calls happen at the right time. The firm attends all important events, and presents well-structured webinars with better content than its competitors' – buy side'Agnico is very good on IR broadly. The information on the website is extremely comprehensive, and it is updated quickly' – buy sideWSP Global'Industrial companies in Canada are generally not that great in terms of using technology for IR, but WSP is. It has a good website and uses X and LinkedIn efficiently so I feel up to date with what it is doing' – sell side‘WSP’s website is excellent. Although there is lots of information on there, it is so easy to navigate. You can go to the separate regions the firm operates in and get more information on the businesses. All the press releases are easy to find, as are case studies of projects it has worked on, displaying the company's expertise’ – sell side3 Fortis'Fortis’ use of multimedia is very good. The webcasts are seamless on investor days, and there are lots of ways to connect with the firm, making effective use of different kinds of communication' – sell side4 Bombardier'Bombardier hosted an investor session that was pre-recorded, but put together as a virtual event that seamlessly went into a live Q&A session, where it was able to use all the advantages a virtual event can afford' – sell side5 AtkinsRéalis'You can easily download everything you need from AtkinsRéalis’ website' – sell side6 Element Fleet Management'You go on some company websites and find yourself down a rabbit-hole. Not the case with Element Fleet Management; everything is easy to find' – sell side

Best investor meetings

The numbers next to the bars are the scores received

1 Agnico Eagle Mines'The meetings at Agnico are well structured. In every meeting, the company goes back to first principles and analyzes everything from scratch' – buy side'Agnico holds lots of meetings in which it makes at least one senior management team member available. The company focuses on what is valuable to shareholders, and delivers on its message' – buy side2 Stantec'Stantec had a very good investor day in Boston. It was helpful and gave us good access to both senior management and executives below the C-suite, which was better than the other meetings I attended that year' – sell side'Stantec has understood very well that people have limited bandwidth, so it doesn’t do information overload at investor presentations' – sell side3 Element Fleet Management'Management members are present at Element Fleet’s meetings, and are very good at making time for investors’ questions' – buy side4 Canadian Pacific Kansas City'Canadian Pacific Kansas City devoted significant executive time to a group meeting that might usually be handled by IR and gave thoughtful answers. There was also a two-day analyst meeting in Kansas City with an equipment tour and access to technical experts who answered all our questions in significant depth' – sell side5 Brookfield Infrastructure Partners'Brookfield Infrastructure holds really good investor days, which are well organized. The company provides the investors who are there with iPads and makes it an interactive experience, including doing a kind of investor poll, asking attendees things such as whether it's a good idea to get into a particular market' – sell side=6 AGI'AGI’s investor day presentation highlighted several company-specific growth opportunities to be achieved over the next several years. And since then the message has remained consistent' – sell side =6 Black Diamond Group'Black Diamond’s investor presentation was well attended by both the buy side and the sell side and the company provided enough information. Some companies try to cram too much into these investor days, so Black Diamond did a good job there. It was a good balance of information and access to management, which is the stuff we look for' – sell side=6 Guardian Capital'The chief executive of Guardian Capital does the one-on-one meetings; he is articulate and does a good job of informing us about what the company is doing' – buy side=6 Hydro One'Hydro One is very good at educating us on the corporate story. Management is very good at communicating and I am always impressed with it in meetings' – sell side

Best corporate governance & disclosure

The numbers next to the bars are the scores received

1 Stantec'Stantec’s corporate governance & disclosure is of very high quality. It’s the perfect publicly traded company because it ticks a lot of boxes investors want, like strong organic growth and capex-like models. It provides a fair amount of detail on how it is going to take the company to the next level' – sell side'Governance at Stantec is good, with an independent board and the CEO and chairman roles separate. This is an important detail that gives us more faith in the company’s reports' – sell side2 WSP Global'At WSP, I like the fact that the chairman and CEO roles are separated. There are a good number of independents on the board, the disclosure is detailed and the firm puts accompanying material on presentation slides' – sell side3 CAE'CAE is recognized for its strong corporate governance practices and commitment to disclosure. It adheres to rigorous ethical standards, promoting shareholder rights and providing timely information to investors' – buy side4 Agnico Eagle Mines'Agnico provides a lot of information on each of its assets, making it all easy to understand. If things go wrong, it is in touch with investors' – sell side5 Cenovus Energy'Cenovus continues to demonstrate its leadership in investor relations by providing detailed disclosures, which enhance the ability of equity researchers and investors to understand and model the business, while also maintaining the highest standard of corporate governance' – sell side=6 Black Diamond Group'The CEO of Black Diamond is one of the top CEOs out there: super-smart, knows the business inside out and very deliberate in the way he approaches things. In terms of governance, I think it's a no-nonsense approach to building a business, and is also very accessible' – sell side=6 Fortis'Fortis provides all the right metrics needed to model the company and track progress. It provides timely disclosure and good engagement leading up to quarterly results, as well as putting on great investor days' – sell side

Best sustainability communications

The numbers next to the bars are the scores received

1 WSP Global'WSP, being a company of engineers, scientists and environmental consultants, is very slick at sustainability communications' – sell side'A third of WSP’s business is environmental services, so it cannot afford to be lax on that front. It produces a very strong sustainability report, and helps provide answers to some of the Fortune 500 companies out there that are seeking advice on how they're going to get to carbon-neutral' – sell side2 Stantec'Most companies have to be thinking about sustainability benefits and ESG practices but for Stantec it's a growth opportunity. The bigger the push toward ESG, the more work comes to it, so of course it's going to be good at it!' – sell side'Good sustainability communication comes naturally to Stantec: as an engineering firm that also provides environmental services, it’s at the core of what it does. If it wasn't good, it would have a problem' – sell side3 CN'CN has been very vocal about its sustainability targets, particularly related to reducing carbon emissions. And during its investor day in May 2023, the company outlined specific actions it is taking in both the near and long term as it works to achieve these objectives' – sell side4 Aecon Group'Aecon has a strong focus on ESG practices, which, in my experience, is unique for a construction company' – sell side=5 Agnico Eagle Mines'Agnico runs relatively high-grade mines that are powered mostly by hydro. Connected to the Ontario grid, the firm communicates well about this low-emission position. It has good relations and open communication with communities near the mines' – sell side=5 Teck Resources'Teck Resources gives full access in its meetings and covers every angle of ESG' – buy side

Most progress in IR

The numbers next to the bars are the scores received

1 Shopify'Shopify's IR has taken a significant step forward over the past year or so. The recent investor day is a great example: the company focused on discussing the important long-term drivers for the business, providing more color about product innovation, the organization’s structure and the revamped go-to-market growth engine. It has done a much better job focusing investors on the most important long-term KPIs' – buy side'Shopify showed the biggest improvement this year. It is more open and answers the questions it used to avoid' – buy side2 Osisko Gold Royalties 'Osisko Gold Royalties has been more proactive in investor outreach, sending detailed emails. It also held an inaugural investor day' – sell side=3 Equitable BankEquitable's disclosure continues to improve and the meetings we’ve had have been very informative' – sell side=3 Restaurant Brands International‘Restaurant Brands’ story has improved and changed. With this, we have seen an overall improvement in the investor relations' – sell side=5 Bird Construction'Bird Construction improved a lot since hiring a full-time IR person. It now provides more disclosure and is more responsive' – sell side=5 Emera'Emera has been more active with shareholder events and conferences and is generally communicating better with the Street' – sell side=5 Russel Metals'Since the arrival of the new CEO around three years ago, communication and disclosure has much improved at Russel Metals' – sell side

Best IR by a Canadian company in the US market*

The numbers next to the bars are the scores received

1 Restaurant Brands International'For a long time, Restaurant Brands had a reputation for not caring about visibility to investors. The IR function wasn’t given due importance and a lot of people came and went. But new management has elevated its priority and we have noticed a big difference in communication' – sell side'There are always things to talk about outside of earnings, and Restaurant Brands International is easy to reach, open to ideas about events and provides access to senior leaders' – sell side2 Canadian Pacific Kansas City'The IR team at Canadian Pacific Kansas City is incredibly responsive, supportive of corporate access for the sell side and has deep knowledge of the company’s financials' – sell side'Canadian Pacific Kansas City’s investor meetings are really well organized and get a clear message out to investors in an informative way' – buy side=3 lululemon athletica'The IR Program at lululemon athletica provides key information, financial reports, good sustainability information, performance updates and events, all of which keep us very well informed' – sell side=3 Shopify'Shopify's investor outreach is very good. It participates in events designed to engage and support investors in understanding the company's performance and growth prospects. It recently held its first investor day in a long while and renewed its IR focus' – buy side5 Constellation Software'Constellation Software provides comprehensive information, including financial news and filings, shareholder Q&A and a dividend reinvestment plan to engage and support investors' – buy side

IR Rankings – Canada Top 50 2024

Best in sector

This section lists the top companies in each sector, as determined by totaling the scores received across each category of IR from the previous section