ARIR announces the 2022 VEKTOR results for more than 100 listed companies and the establishment of a methodology revision committee



  • 18 companies listed on the Bucharest Stock Exchange, on the Main Market and AeRO Market, obtained the maximum VEKTOR rating


  • For the first time, the evaluation of the companies on the AeRO market, part of the main index of the market, BETAeRO, was carried out


  • For 2023, ARIR set up a committee comprising 12 members (investors and analysts) that reviewed the VEKTOR methodology for 2023 for Main Market



Bucharest, January 30th, 2023 – ARIR (The Romanian Investor Relations Association), the promoter of the Investor Relations (IR) concept, publishes the VEKTOR results, the indicator of the communication with investors for listed companies. 80 companies on the Main Market and 31 companies on the AeRO Market (the ones included in BETAeRO) were evaluated, according to different methodologies, adapted to the expectations of the active investors in each of the two markets. The VEKTOR results for 2022 are available on the page dedicated to each issuer on the Bucharest Stock Exchange (BVB) website, and the aggregated data for all companies are available in the section dedicated to the VEKTOR indicator on ARIR website.

Daniela Șerban, President and Co-Founder ARIR:

“The VEKTOR indicator, unique in the regional markets, calculated by ARIR for the fourth time, has already drawn international attention and will increasingly meet the expectations of local and international investors. Corporate governance and investor communication are pillars of the sustainable development of the capital market and we are enjoying a growing interest of the companies listed on the Bucharest Stock Exchange to align with the best practices in the field. ARIR provides permanent assistance to companies interested in compliance, and we organize thematic webinars supported by specialists from the capital market and authorities. By forming the Committee in charge with revising the VEKTOR methodology, we are setting the basis for a closer dialog with investors and analysts.”

16 companies out of 80 companies evaluated from the Main Market obtained VEKTOR 10, based on a methodology comprising 12 criteria, which, last year, included criteria encouraging the increase of events dedicated to investors, including policies requested by investors, such as dividend policies, as well as the introduction of digital tools for interaction with the market. The average of the VEKTOR indicator for all companies is 4.3 (4.9 in 2021) and the average of the companies in the premium category is 8.5 (8.6 in 2021), the results showing a decrease at market level, considering the change in methodology compared to the previous year. As for the companies in the BET index, the average of the VEKTOR indicator for these companies is 9.4 (9.2 in 2021), thus an increase when compared to 2021.

For the first time, in what concerns the companies from BETAeRO, 2 companies out of 31 evaluated obtained VEKTOR 10 for the communication with investors. The average VEKTOR for companies in BETAeRO is 5.3.

For 2023, ARIR formed a committee comprising 12 members that reviewed the VEKTOR methodology for the Main Market. The members of the committee are:

  1. Adrian Tănase, CEO Bucharest Stock Exchange;
  2. Cristian Istrătescu, Entrepreneur & Capital and real estate market investor;
  3. Dan Dascăl, Deputy General Manager BT Asset Management;
  4. Daniela Șerban, ARIR President;
  5. Dragoș Manolescu, Deputy Manager OTP Asset Management;
  6. Ioana Pop, Head of Frontier Markets, Wood & Company;
  7. Irina Răilean, Head of Research, BT Capital Partners;
  8. Istvan Sarkany, Investor at BVB, Director of the “Investitori fara Frontiere” Group;
  9. Răzvan Mihăescu, Investor at BVB;
  10. Răzvan Raț, Deputy General Manager, BRK Financial Group;
  11. Răzvan Rusu, Portfolio Manager, Allianz Pensii;
  12. Valentin Cudric, Corporate Finance Director, TradeVille;

VEKTOR 2022 results:

The Main Market

The AeRO Market

The most fulfilled criteria by the companies on the Main Market, according to the VEKTOR 2022 methodology are: criterion 9 that requires the existence of a corporate governance section and criterion 10 that requires board of directors and executive management disclosure, criteria met by more than half of the companies evaluated. At the opposite end, only 23 companies out of 80 comply with criterion 7, which requires participation in conferences with investors and analysts.

The most fulfilled criteria by the companies from the AeRO market are: criterion 5 that requires the use of digital tools for the presentation of financial results and criterion 1 that requires contact details for IR, met by approximately 80% of companies. The criterion that was met by the smallest number of companies is criterion 6 that requires the organization of teleconferences with investors.

The review of the evaluation process and results of VEKTOR was carried out by Mazars, one of the largest audit and business consultancy companies in the world, present in approximately 100 countries and territories, which has 28 years of experience on the Romanian market.

The VEKTOR indicator was calculated by ARIR for the first time in 2019 and is published annually to evaluate the communication of listed companies with investors. The methodology was developed by ARIR, in collaboration with an extensive group of local and international specialists (financial analysts, IR professionals, consultants and professors), in line with the expectations of institutional and individual investors. More details on the VEKTOR 2022 criteria are available at

The Romanian Investor Relations Association – ARIR was established at the initiative of Daniela Șerban, in November 2018, together with the founding members: The Bucharest Stock Exchange (BSE), ALRO, Electromagnetica, Franklin Templeton Management – București, Hidroelectrica, Nuclearelectrica, Teraplast, Transelectrica and Tony Romani. The community was joined by: Electrica, OMV Petrom, Antibiotice, Purcari, Idea Bank, BRK Financial Group, Banca Transilvania, Transgaz, MedLife, Romcarbon, Farmaceutica REMEDIA, Autonom, IMPACT Developer & Contractor, 2Performant, One United Properties, Transport Trade Services, Patria Bank, Connections Consult, BRD – Groupe Société Générale, Rompetrol and Agista as Associate Members INNOVA Project Consulting, ENVISIA, RTPR, Mazars and Marsh Broker de Asigurare – Reasigurare and Dentons became Affiliate Members.

ARIR members are among the largest companies in Romania, which have in common the desire to implement the best practices of transparency, communication with investors and corporate governance.





About the Romanian Investor Relations Association (ARIR):


ARIR is the promoter of the Investor Relations (IR) concept in Romania and believes that by following standards of transparency, corporate governance and proactivity in communicating with investors, our members will benefit from added value, attract funding more easily, have the reputation and trust necessary for the continued development of their business. ARIR was founded in 2018 by listed companies, prospective listings, fund managers and IR professionals.


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