Two models, one question — where does the IR seat sit?
For ASX-listed companies below A$500m market cap, an internal IRO is often hard to justify. For larger entities, an internal team is standard. The interesting question is the band in between, and how the two models compare on cost, capability, and coverage.
The Orca view
The two models are not mutually exclusive. For most mid-cap entities, Orca runs the full IR function. For larger entities with an internal IRO, Orca runs as the bench — capacity, second-opinion, and out-of-hours coverage. The decision is not binary; it is where the work sits day-to-day.
Side by side
How embedded / outsourced ir and in-house ir compare on the dimensions that actually shape the decision.
| Axis | Embedded / outsourced IR | In-house IR |
|---|---|---|
| Capability bench | Senior across communications, disclosure, capital markets, design, digital | Typically one or two FTEs, narrower bench |
| Cost profile | Fixed monthly mandate fee, scaled to scope | Salary + on-cost, plus tooling and recruitment |
| Coverage hours | Seven-day on-call across markets | Business-hours, capped by FTE bandwidth |
| Continuity through transitions | Team continuity even when client team rotates | IRO departure leaves a capability gap |
| Confidentiality and embedding | Embedded, but external — must be carefully on-boarded | Native to the company |
| Best fit market cap | Pre-IPO through A$500m — and the bench for larger | Typically A$500m+ with sustained corporate activity |
Where each model wins
When embedded / outsourced ir is the right call
- →Market cap under A$500m, no internal IRO
- →Senior counsel needed without a full FTE budget
- →Need for capital-raise, deck, and digital execution capability under one roof
- →Coverage required outside business hours
When in-house ir is the right call
- →Market cap consistently above A$500m with high corporate-action cadence
- →Frequent in-person buy-side engagement requires a dedicated IRO
- →Strict policy that IR sits inside the corporate office
Frequently asked
What does an embedded IR mandate cost relative to a senior IRO salary?
A senior ASX IRO total package typically sits in the A$250-450k band. An embedded Orca mandate is priced on scope — most mandates land between a senior in-house salary and twice that, depending on cadence and corporate-action activity.
Can you sit alongside an internal IRO?
Yes — that is the bench model. The IRO runs the day-to-day, Orca handles capital raise comms, results decks, crisis response, and out-of-hours coverage.
Start a conversation
Tell us about your company and where you want the market to be. We will take it from there.