From the NIRI '25 Annual Conference in Boston
What We Learned from Roger Ferguson on “The Promise of Capitalism: Past, Present, and a Brighter Future”.
As promised, we’re back with another session recap from the NIRI 2025 Conference. This one felt different. It is less about tactics, more about perspective. It was a conversation that reminded us of sitting down with a wise grandfather: someone who’s seen cycles come and go, who doesn’t
get rattled by headlines, and who offers clarity when the world feels noisy.
The keynote session featured Roger W. Ferguson Jr., former Vice Chair of the Federal Reserve
and former President and CEO of TIAA, in conversation with Sarah Keohane Williamson, CEO of FCLT Global (a Think Tank), and a seasoned investor. Their discussion, titled “The Promise of Capitalism: Past, Present, and a Brighter Future,” explored the state of capitalism, public markets, and the evolving role of investor relations.
Below are excerpts from the interview based on our notes and memory. We’ve added some commentary for context and clarity, while preserving the core insights shared by the participants.
Has Capitalism Truly Won?
Roger began by acknowledging the triumphs of capitalism: the fall of the Berlin Wall, China’s economic transformation, and the proliferation of innovative companies. These milestones have
led to significant wealth creation and a reduction in global poverty.
However, he cautioned that capitalism’s success has also brought challenges, such as increasing income inequality and the concentration of wealth among a small elite. The COVID-19 pandemic further highlighted disparities, particularly between blue-collar and white-collar workers.
Is Inequality an Inevitable Outcome?
Drawing from history, Roger noted that periods of wealth creation often coincide with rising inequality. He observed that this pattern isn’t new; throughout history, wealth accumulation
has frequently led to societal imbalances, sometimes corrected by significant events like wars
or revolutions.
What’s the Current Economic Outlook?
When asked about the present economic climate, Roger described the Federal Reserve’s stance
as a “wait and see” approach, reflecting the complexities of today’s political and economic environment. He suggested that interest rates are unlikely to decrease rapidly and acknowledged concerns among global investors regarding dollar-based investments. However, he remained cautiously optimistic, emphasizing the need for measured responses to evolving conditions.
Are Public Markets Still Relevant?
Roger addressed the declining number of public companies, attributing it to the rise of private capital and the relative ease of operating private enterprises with fewer regulatory burdens. Despite this trend, he championed the importance of public markets, highlighting their role in ensuring transparency, accountability, and access to capital. He argued that public markets “keep companies honest” and that activism within these markets can drive positive change.
What Is the Role of Investor Relations Officers Today?
In discussing the role of Investor Relations Officers (IROs), Roger emphasized their critical position
as the bridge between companies and their investors. He encouraged IROs to engage directly with shareholders and the media to shape narratives proactively. He puts emphasis on their valuable responsibilities, including:
Providing analysts with clear and relevant metrics to assess opportunities.
Articulating a coherent and compelling corporate strategy.
Segmenting shareholders to tailor communications effectively.
Roger’s message was clear: IROs play a vital role in maintaining investor confidence
and should be empowered to lead conversations that align with long-term value creation.
Wrapping Up:
Even if some of the above sounds “back to basics,” hearing it from Roger was both validating and encouraging for the IR profession and ecosystem. His seasoned perspective serves as a reminder that, despite challenges, the fundamentals of capitalism and investor relations remain robust
and essential.
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