The yearly Investor Relations Nordic Markets-study by Regi is now closed.

Every year Regi carries out the largest study of listed companies. Both companies of mid cap and large cap
participate in the study. Sell-side analysts rate companies they actively follow, based on both objective opinions
and personal experience. This year’s study is based on more than 800 evaluations and 200 companies have
been evaluated. Some of the most significant insights this year are regarding ESG. The term stands for
“environmental, social and governance” and is a measure of sustainability. Above all, it shows that 50% of the
analysts don’t know if the companies are aware of future regulations in this area. Consequently, they don’t know if
they are working proactively with it. This indicates deficiencies regarding either the communication or the work

– The study shows that the listed companies still have a lot of work to do regarding the ESG directives, or
at least when it comes to communicating this to the analysts that actively follow them, says Robert
Skölfman, CEO at Regi.

However, looking at longer cooperations, the analysts are more content. In longer cooperations analysts also
seem to believe that the ESG reporting is a more valuable complement to the assessment of the company. Six
out of ten analysts who covered the company for 6+ years believe the ESG reporting is a valuable complement to
the ongoing assessment of the company. Compared to four out of ten when analysts worked with the company for
less than 2 years.

Analysts who covered the companies longer are also more satisfied with the communication of ESG issues than
the analysts who covered the company for shorter than 2 years. Sustainability continues to be one of the most
relevant topics in 2022. The effects of working actively with it are both favorable for society and company profit.

The nominees for this years IR Nordic Markets will be announced the 9th of December.

About Regi
Regi Research & Strategy is a consulting company that put focus on development within selected industries.
Based on deep insight from research, the studies contribute to quality assurance and business development for
our clients in investor relations.


Robert Skölfman
+46 70 770 5385

Nicole Shahnazarian
Junior Project Manager