The good, the best and the otherwise impressive
Janet Dignan, founder of IR Magazine, introduces this year's report
A glance at this year’s Canada Top 50 shows that almost half –23 – of the companies included are newcomers to this table: an unusually high number. One company that definitely isn’t new to the awards is 2022’s best overall winner, Canadian Pacific Railway. Indeed, only last year Canadian Pacific Railway was the biggest winner of the night, claiming victory in four categories: best overall investor relations, best in sector (industrials), best IR by a senior management team and best investor relations officer for Maeghan Albiston. Undoubtedly impressive – but Canadian Pacific has nevertheless managed to improve on that performance in 2022, with six first places this year and three second places. Judging by some of the comments from the investors and analysts who voted for the company, its merger with Kansas City Southern provided opportunities to excel, with one buy-sider saying the company is always good at IR but that ‘this year, the leadership team has done a great job of communicating and positioning the merger’. Other comments about the company suggest its ability to identify first-class IROs may be an important key to its IR success, notwithstanding changes required by circumstances – in the form of parental responsibilities. These two quotes, the first from a buy-sider, the second from an analyst on the sell side, explain further: ‘Maeghan Albiston of CP is the best IRO in the field. Her approach to IR is straightforward. She tells you what she knows, and if she doesn’t know something, she’s honest about it – it’s refreshing.’ ‘Chris de Bruyn at CP Rail stepped in for Maeghan Albiston while she was on maternity leave during a major corporate transaction. He has done a phenomenal job and has shown himself to be a real credit to the company.’ These two individuals are far from being the only IROs lauded in this report. And the comments made about them and others attracting the attention – and votes – of respondents underline the crucial importance of the role to IR overall. Here are some examples of the kind of praise a top-class IRO can attract: ‘Brian Christie of Agnico Eagle is a well-respected former analyst and is excellent in his communications with the Street. He understands the disconnect between corporates and investors’ – sell side
'Paul Butcher, IRO at CN, is easy to work with, knowledgeable about the company and industry, and integrated with the management team. He proactively reaches out regarding any public announcements the firm makes. We talk at least every quarter, and he will set up video calls to catch up’ – sell side ‘TC Energy has the most professional IR team, willing to answer every question, day or night’ – sell side Isabelle Adjahi, IRO at Lion Electric, is always ready to answer the phone and is honest about what she knows and what she will follow up on’ – sell side ‘I look for accessibility and getting the help I need from investor relations. Kyle Preston at Vermilion is super-accessible and often provides information you need before you even ask for it. As a former analyst, he understands exactly what investors and analysts need’ – sell side Any IRO at any company anywhere in the world would be proud to attract comments like these from members of their key audience. And those companies and individuals who have either won awards or otherwise attracted attention in this research are entitled to give themselves a pat on the back. Congratulations to them all.