Annual Reviews

The Investor Forum publishes its Annual Review 2024

(London, 21st January 2025)

The Investor Forum (IF) today publishes its 2024 Annual Review (view here).

The Forum’s purpose is to position stewardship at the heart of investment decision-making by facilitating collective engagements by investors in UK companies.

The review underscores how the IF has delivered against this purpose, with three key areas of focus in 2024:

  • The Investor Forum’s role as an important part of the investor toolkit
  • Proactively making the case for being listed in the UK
  • The formation and purpose of The Investor & Issuer Forum

Our role as an important part of the investor toolkit

The Investor Forum’s position as part of the investor’s engagement toolkit remains as important as ever and we reiterate our commitment to work on our members’ behalf. In 2024 we have continued to undertake company specific engagements while also helping investors gain insights into complex corporate situations in order to make better informed decisions.

We continued to deliver on our stewardship projects and hosted a record number of facilitated company meetings. For example, our work on the challenges within the water sector have proved to be timely and insightful (details can be found on page 48 of the report). We have also continued to act as an important bridge between the investment community and the authorities as the regulation of the stewardship ecosystem continues to evolve.

Making the case for being listed

The overarching message that we have heard from our Members in the active management community has been one of optimism about future portfolio returns from UK equities. Such optimism stems from a deep confidence in the intrinsic value that they see in their portfolio companies. Underpinning this is the volume of external, non-traditional capital flowing into the UK market, paying significant premiums over prevailing market prices.

As we prepare for another wave of bids in the UK market, we believe that is important that shareholders form clear views of the long-term value of investments in their portfolios and proactively articulate their views to the boards of investee companies. This will enable listed company directors to take better informed positions, in the event that a takeover approach emerges. At a time when the relative valuation of many UK listed companies appears low relative to private valuations, and indeed international peers, we believe it is essential that institutional investors engage in active discussion with companies on these issues rather than simply wait for an offer.

The Investor & Issuer Forum

Building on the foundation laid by our 2024 Best Practice Dialogues project, we addressed shared challenges, identified actionable solutions, and showcased examples of best practices to better align corporate leadership goals with investor expectations. We captured these insights in our white paper “Shaping Tomorrow’s Dialogues: Bridging the Gaps between Companies and Investors.”

This comprehensive study of interactions between UK companies and investors was instrumental in the creation of the Investor & Issuer Forum (I&IF). At its core, the I&IF will

provide a unique platform where market practitioners – companies and investors – can engage in meaningful, constructive dialogue, tackle complex challenges head-on, and identify practical solutions. By prioritising transparency, alignment, and accountability, the I&IF aspires to create an environment in which asset owners, asset managers, and listed companies work together toward the shared goal of sustainable value creation.

Chris Kinder, CEO of the Investor Forum, said:

“I am privileged to have taken over the reins during a pivotal year for the Investor Forum. The IF’s role as a trusted venue for collective engagement between companies and their shareholders has continued to be as important as ever. Meanwhile, the creation of the Investor & Issuer Forum (I&IF) shows the London market at its best, innovating in the interests of all market participants. As the investment landscape evolves around us, the I&IF will bring together senior representatives from the investment and corporate worlds to reduce points of friction in the London equity market.”

Contacts:

  • Investor Forum

Chris Kinder [email protected] Tel: 020 7611 2218

  • Lansons

Tom Baldock [email protected] Tel: 07860 101715

Tom Straker [email protected]

The Investor Forum – Activities in 2024

In 2024 The Investor Forum delivered:

  • 3 bespoke company engagements with Hargreaves Lansdown, Hipgnosis Song Fund and Vistry, on issues including strategy, corporate and leadership & succession. This brings our total completed collective engagements since inception to 54.
  • 13 bespoke company meetings to enhance dialogue, including with HSBC Group plc and BHP Ltd on climate issues, Home REIT plc and Darktrace plc on strategic priorities, Ryanair on shareholder rights, and with the Chairs of Reckitt Benckiser plc and Burberry Group plc.
  • 4 Stewardship 360 projects which addressed material issues or promoted well-functioning markets:
    • Water usage and waste – interacting with sector participants and addressing the key issues.
    • ‘AGM Tracker’ – publishing a report to analyse voting outcomes and contentious issues.
    • Addressing share-blocking – The ability to exercise shareholder rights is of utmost importance to our Members. We provided a forum for Members to share experiences and engaged with regulators and service providers.
    • ESG Ratings in the Tobacco Sector – facilitating a conversation with MSCI’s ESG ratings team on areas of concern relating to their ratings framework.
  • The 5th cohort of the Investor Forum Development Programme to promote and encourage diversity and inclusion in the Stewardship community.

Read the 2024 Review here.

NOTES TO EDITORS:

  • The Investor Forum is an independent, not for profit organisation which was founded in October 2014. At the end of 2024, 51 organisations are Members, including asset managers, insurance companies, pension funds, and endowments. In 2024, Pension Insurance Corporation joined as a full Member.
  • Members have ~£20trn in Global assets under management, and £540bn invested in UK equities, which represents ~23% of the FTSE All-Share market cap.
  • The purpose of the Investor Forum is to position stewardship at the heart of investment decision making by facilitating dialogue, creating long-term solutions, and enhancing value.
  • The Investor Forum has built a unique public record of 54 comprehensive collective engagements with the Boards of UK-listed companies since its inception, covering issues from succession and governance to the direction and execution of strategy.
  • The executive team comprises senior professionals with international experience as portfolio managers, asset owners, or investment banking sales and research management.
  • The newly refreshed Board is comprised of Directors with a range of stakeholder views, including representatives from Member firms.
  • For more information go to the following link: The Investor Forum