Enquire, the Investor Relations podcast - Ep 26: Nicholas Ashworth - Measuring Success and Staying Innovative as an IR Leader in a Global FTSE 100 Company

Ep 26: Nicholas Ashworth - Measuring Success and Staying Innovative as an IR Leader in a Global FTSE 100 Company

05/15/24 • 42 min

Today’s guest on the Enquire Podcast is Nick Ashworth, the Director of Investor Relations at National Grid, one of the largest investor-owned utility companies in the world. It has a primary listing on the LSE, where it is a constituent of the FTSE 100 index and a secondary listing in the form of its ADRs on the New York Stock Exchange. Before National Grid, Nick spent 14 years as an equity analyst at Morgan Stanley, latterly leading the European Utilities equity research team, following four years covering consumer and retail stocks across Emerging European countries. In this episode, he shares his experience of transitioning from the sell side to investor relations and offers insight into managing, coaching, and developing an IR team at a large, growing organization like National Grid. We also discuss the value of evolving success metrics, Nick’s board communication and engagement tips, the important role that storytelling plays in IR, and much more!
Key Points From This Episode:

Insight into Nick’s career journey and how it led him to National Grid.
How his experience on the sell side informed his approach to investor relations.
Nick’s take on how sell-side research has changed in the last 10 years.
Ways that the IR function has evolved since he joined National Grid in 2019.
What goes into managing, coaching, and developing an IR team.
The keys to measuring success with National Grid’s 12-month rolling IR plan.
Tips for communicating and engaging with the board, particularly for early-career investors.
A look at Nick’s share register and marketing plan for the year ahead.
Comments on the ADR program, conferences versus roadshows, and investor feedback.
The importance of internal comms across a large, growing organization like National Grid.
Regulatory challenges that come with having a split register between the US and UK.
National Grid’s approach to AI tools for making the IR function more efficient.
Passionate advice for anyone moving into investor relations from another industry.

Quotes:

“Particularly in a – through-COVID and then post-COVID – world, the way that we engage with investors changed hugely. Trying to find new and innovative ways to do it is important.” — Nick Ashworth [0:07:28]

“Whilst [the board has] lots of expertise in their areas, they’re not the financial communications experts for [the company]. They want to hear what you have to say. It’s a two-way dialogue.” — Nick Ashworth [0:17:14]
“There’s a storytelling function [to investor relations], but you can only do it if you know what’s happening with the numbers and you can see around corners.” — Nick Ashworth [0:35:27]
Links Mentioned in Today’s Episode:

Nick Ashworth on LinkedIn
National Grid
Grid Guide To... Series
Norges Bank's in Good Company Podcast
Equitory

Insight into Nick’s career journey and how it led him to National Grid.
How his experience on the sell side informed his approach to investor relations.
Nick’s take on how sell-side research has changed in the last 10 years.
Ways that the IR function has evolved since he joined National Grid in 2019.
What goes into managing, coaching, and developing an IR team.
The keys to measuring success with National Grid’s 12-month rolling IR plan.
Tips for communicating and engaging with the board, particularly for early-career investors.
A look at Nick’s share register and marketing plan for the year ahead.
Comments on the ADR program, conferences versus roadshows, and investor feedback.
The importance of internal comms across a large, growing organization like National Grid.
Regulatory challenges that come with having a split register between the US and UK.
National Grid’s approach to AI tools for making the IR function more efficient.
Passionate advice for anyone moving into investor relations from another industry.

Quotes:

Nick Ashworth on LinkedIn
National Grid
Grid Guide To... Series
Norges Bank's in Good Company Podcast
Equitory

Previous Episode

undefined - Ep 25: Simon Whittington - IR and Corporate Development: The Expanding Responsibilities of a Former Sell-side Analyst and Experienced IR Professional

Ep 25: Simon Whittington - IR and Corporate Development: The Expanding Responsibilities of a Former Sell-side Analyst and Experienced IR Professional

With more than a decade of investor relations experience behind him, Investor Relations and Corporate Development Director at PZ Cussons, Simon Whittington, shares how his progression from a sell-side role to working in investor relations has enriched his knowledge. Tuning in today, you’ll hear about his experience at Merlin Entertainments, his thoughts on disclosure and communication, and insights from the past two years at PZ Cussons. Touching on board interactions and involvement, Simon offers his reflections from 2023 and shares his insights on what is required to attract and convert investors in 2024. Join us as we discuss measuring success, drawing wisdom by observing the approach taken by other companies, Simon’s advice for others looking to launch or improve a career in investor relations, and more!

Key Points From This Episode:

Simon’s diverse career journey to date, starting at the City of London.
Moving from the sales side to investor relations.
Customising decision-making for Merlin Entertainments.
Striking a balance between financial disclosure and privacy.
How Simon’s development experience complements his work in investor relations.
Challenges and opportunities of operating in a small team.
Board interactions and involvement in investor relations.
Reflecting on 2023 and what is required to attract and convert investors in 2024.
Measuring success in an IR Program for reporting and strategising.
The value of introducing investors to lower levels of management.
Why it’s necessary to continuously assess and improve.
Learning from the approach of other companies.
Various approaches to continuous optimisation.
Advice for anyone looking to launch or improve their investor relations career.
Simon’s funny anecdote of getting lost in translation.
The surprising variety of approaches shared by guests on this podcast.

Quotes:

“You have to try to be as creative as possible and think, well actually, should we be looking further afield for investors?” — Simon Whittington [0:21:23]

“Thinking about how we can improve, how we are presenting results, and how we are presenting the company to investors is key.” — Simon Whittington [0:26:01]
Links Mentioned in Today’s Episode:

Simon Whittington on LinkedIn
PZ Cussons
Merlin Entertainments
Equitory

Next Episode

EP27: Matthew Johnson - The Psychology Behind Investor Relations

In the world of investor relations, communication and building relationships are paramount. To succeed in this field, you need to understand what influences a person’s investment decision. Knowing your audience well helps you to communicate and deliver information in a way that resonates with them. This week’s guest shares important insights on how to do just that.

Understand the Psychology of Investors

Matthew Johnson, the Director of IR & CEO Office at Vodafone, joins us in this episode to talk about the soft skills and psychology knowledge that have served him well in his career. He takes us back to when he first started working in corporate strategy, eventually finding his calling in IR. We hear about the different roles and industries he’s operated in, as well as the skills and knowledge he’s accumulated throughout his career.

Matthew explains his approach to coaching and maintaining consistent communication within his team, plus how that relates on a broader scale to Vodafone’s subsidiaries.

One of Matthew’s interests is behavioural psychology. He explains how he uses this to inform his approach to communicating with investors – both in meetings and in documentation.

Matthew’s conversation is full of brilliant insights and advice on how IR has changed during his career, how it differs across borders, his thoughts on the role of AI in Investor Relations, and the KPIs that IR professionals should prioritise.

In this episode:

· How working in IR delivery differs between Australia and the UK

· How Matthew built an IR function from scratch

· How focusing on commercial outcomes can enhance the success of ESG initiatives

· The benefits of understanding behavioural psychology in investor engagement

· Matthew’s approach to coaching team members across a large IR team

· How data helps you track trends to improve investor communication

· How to develop your specialist expertise to support your career

Quotes:

“Economic theory suggests that people, and therefore financial markets, are rational, always. Which is utter nonsense. It just doesn't happen because there are people involved. We are not robots.”

“The more data I get, the more my opinion turns into a judgement that I can then use to make a confident recommendation on how a plan should be enacted.”

“I've done over 10,000 meetings and my single ambition in every single one is to make that other person laugh. It's not because I want to be a comedian, it's about understanding the thought process, the physiological responses, as well as the psychological responses of humour. Immediately, it's breaking down a barrier and putting that other person at ease.”

Resources:

Connect with Matthew on LinkedIn