About 10 years ago, NATIONAL took the unusual step of acquiring Equicom, the investor relations agency owned by TMX Group. It was uncommon because public relations (PR) and investor relations (IR) are often seen as distinct disciplines. They serve different audiences, different objectives, and deploy different tools and methods. Where IR speaks to the Street, PR speaks to the world. Yet both are critical to the reputation and strategic direction of every publicly listed company.
As part of the IR team joining NATIONAL, I saw firsthand the adjustments needed to bridge the gap. For PR colleagues, our focus on material disclosure, regulatory filings and trading data was unfamiliar. They found it unusual that we engaged directly with analysts, institutional investors, and retail shareholders. For us, a thorough understanding of securities regulation is the foundation of effective investor relations.
On the other hand, I was introduced to the PR team’s creative approach. They crafted messages for a broad and diverse audience, including employees, customers, policymakers, and the media, and deployed them across multiple channels. While we relied on ownership and trading data to measure impact, PR used equally robust tools to track reach, sentiment and influence.
Why integrating PR and IR drives strategic communications success
Given these differences, it would have been easy to retreat to our respective corners and continue working as we had before the merger. Instead, over time, we discovered the value of integration. Together, PR and IR create powerful synergies. At their core, both functions are about trust. While addressing different audiences, they shape how a company is perceived. This is especially vital during challenging moments, such as leadership transitions, crises, or shareholder activism. Investors, customers, employees and partners are all tuning in and expect to hear one voice.
Bringing PR practices into investor relations can help companies achieve fair valuation by telling a story that goes beyond the financial statements. Social media and content programs can give investors a 360-degree view of a company’s strategy and vision. Executive profiling is a prime example: by amplifying the voice and reputation of senior leaders through storytelling, owned channels, and earned media, we’ve built comprehensive narratives that resonate widely.
The importance of unified messaging for stakeholder trust
This integration reflects how CEOs and boards now think. Their priorities extend beyond finance to valuation, reputation, employee retention, policy risk and customer loyalty. They know stakeholders aren’t siloed: employees and customers can also be investors. Any inconsistency between what is said on an earnings call and what is said on other channels will be noticed.
The benefits are particularly clear in M&A mandates. Investors expect clarity on financials, growth strategy and voting details. However, large transactions also depend on employees, customers, policymakers, and communities buying into the change. By working as an integrated team – including IR, PR, and government relations – we’ve created messages that are both financially rigorous and emotionally compelling.
Future-proofing corporate strategy with PR and IR integration
Ten years on, what once seemed like an unconventional integration has become a proven advantage for our clients. By uniting IR’s discipline with PR’s creativity, we’ve built communications programs that move markets, shape reputations, and earn trust across all stakeholders. As business challenges become more complex and audiences more interconnected, our integrated model ensures companies can speak with one credible voice. And be heard where it matters most.
I’m excited to see how far this model can take us in the decade ahead.
Ready to elevate your communications strategy?
Our Capital Markets team brings together deep investor relations expertise and strategic PR insight to help you navigate today’s complex stakeholder environment. Connect with us to explore how an integrated approach can build trust, enhance valuation, and strengthen your market presence.
