"Horizon CF" has published a study the Russian IR market "Formula of market confidence. How to build an effective IR system. Where is the IR's line of responsibility?"
The study is a practical benchmark that allows public companies to compare their own IR model with the practices of other issuers and the expectations of the investment community, determine the directions of its development and form a system for evaluating the effectiveness of the function.
The study combines two areas of analysis: the benchmark of IR practices of Russian issuers and the opinion of the investment community, allowing companies to compare their approaches with market expectations and form an understanding of the tasks and criteria of IR effectiveness.
190 respondents participated in the study. The sample covers companies of various sizes, industries, and lengths of public history. IR practices were analyzed based on responses from 49 companies. 141 respondents participated in the market expectations survey. The quantitative results were supplemented with ten in-depth interviews with issuers.
One of the key practical blocks of the study is a comparative analysis of existing IR models of Russian companies. The study examines the tasks of the function depending on the scale of the business, the maturity of the public status and the strategic goals of the company in the capital market. This segmentation allows the company to select a relevant comparative group, rather than focusing on the average performance of the entire market.
A separate area of research is devoted to how to evaluate the result of the IR function and where the boundary of its responsibility lies. The authors propose a multi-level KPIs system that allows you to separate the indicators that are in the direct area of responsibility of the IR from the results of the joint influence of business, corporate governance, the macroeconomic environment and market conditions and move from counting the number of meetings and events to assessing their actual outcome.
"System IR goes beyond individual communication activities and represents a continuous management cycle. It begins by defining the company's strategic goals in the capital market and examining investor expectations, and includes a consistent explanation of the business and qualitative disclosure of information. The cycle closes when the feedback from investors is brought to management and taken into account when making decisions and adjusting further actions. This approach links the work of IR with the strategic objectives of the company and creates the basis for sustained market confidence," said Yulia Razdrogina, Senior Executive Director of "Horizon CF" and author of the study, quoted in the message.
""The results of the study were first presented on September 7, 2026 at the Moscow Stock Exchange IR Forum "IR Code: a Strength test", which was partnered by Horizon CF. Yu.Razdrogina participated as a speaker in the panel discussion of the forum "IR Efficiency: the Measurement paradox", where she presented some conclusions from the document. The Moscow Exchange Forum brought together almost 600 participants — representatives of public companies, the investment community, regulators and the professional IR market.
"Horizon CF" is a strategic consultant for issuers and companies preparing for the capital market. "Horizon CF" accompanies companies at all stages of interaction with the capital market — from preparation for issuer status to the development of an already public company.
"Horizon CF" helps to build corporate governance, corporate finance and IR, form an investment history, prepare corporate documentation and information disclosure, develop internal audit and adapt to changes in capital market regulation.
