Managing Investor Inquiries as a Public Company
Why This Matters
Once a company goes public, the inbox changes. Investor relations email addresses, LinkedIn messages, and even personal contact channels start to receive a familiar phrase: “Can you send me more information?”
It sounds harmless—and often it is. But for public companies in Canada, how you respond to inbound investor requests isn’t just a communications question. It’s a compliance risk, a reputational issue, and a reflection of internal control.
The Line Between Investor Relations and Selective Disclosure
Public companies are required to disclose material information to the market in a fair and timely way. This means:
- Everyone should have access to the same core facts at the same time
- No investor should gain an advantage based on private communication
- Public statements must be accurate, not misleading, and consistent with previous disclosure
When someone asks for “more information,” it’s tempting to over-answer. Especially in small-cap markets, where companies are eager to build relationships with new investors, there’s a tendency to offer background, context, or forward-looking commentary.
This is where well-intentioned IR efforts can cross into selective disclosure.
What Smart Companies Do
Experienced public issuers develop clear internal policies for managing investor inquiries. These include:
- Using templated language that refers investors to publicly filed documents
- Maintaining consistency across communication channels (email, phone, social media)
- Keeping records of all investor communications
- Training senior management to avoid casual forward-looking statements
- Working with legal counsel or IR firms to monitor message discipline
Common Red Flags
Founders or executives responding to investors should avoid:
- Offering financial guidance not previously disclosed
- Referring to “upcoming” announcements without a filed news release
- Discussing regulatory reviews, deals in progress, or pipeline items that haven’t been publicly confirmed
- Speculating on share price performance or volume
Even informal language like “we’re expecting some exciting things this quarter” can be interpreted as forward-looking, especially when shared in 1:1 messages.
Responding Without Overcommitting
One of the best practices is to direct inquiries to:
- The latest investor presentation
- SEDAR+ filings and material change reports
- Official news releases on the company website
If appropriate, companies may invite investors to attend the next earnings call, shareholder meeting, or public webcast. This ensures consistent, controlled communication—and supports equal access.
Closing Thought
How a public company responds to information requests says a lot about its internal maturity. The goal isn’t to be evasive—it’s to be precise, transparent, and consistent. In Canadian public markets, that’s not just good practice—it’s regulatory expectation.
For more insight on investor communications policies and disclosure management, contact us.