ARIR has published on BVB website the first VEKTOR results – measure of the communication of listed companies with investors


Bucharest, January 30, 2020 – The Romanian Investor Relations Association (ARIR), with the support of the Bucharest Stock Exchange (BVB), has published VEKTOR indicator for all listed companies on the Main Market. The indicator was calculated based on a methodology that comprises 15 criteria, in line with international best practices in Investor Relations (IR).

There were evaluated 78 companies that received marks from 0 (low communication) to 10 (excellent communication). Most of the companies met Criterion 2 (57 companies) which refers to the availability of contact details for the Investor Relations team and Criterion 12 (50 companies) which refers to the availability of stock price information on the issuer’s website.

Top performers in terms of communication with investors are:

Company Category Website Score
ALRO Premium 9.5
ELECTRICA Premium  9.5
OMV PETROM Premium 9.5
MedLife Premium 8.5

The average of VEKTOR indicator for all companies is 3.6.
The aggregated data for all companies are also available on the dedicated section of ARIR website.

The indicator is determined based on 15 criteria, including:

  • The existance & availability of the Investor relations team;
  • Disclosure on management information and remuneration policy;
  • Organising financial results conference calls;
  • The existence of Investor presentation;
  • Dissemination of press releases related to financial results;
  • Participation to investors conferences;
  • The availability of the financial results in an easy to process format;
  • Transcript or replay of the most recent results’ conference calls;
  • Availability of stock price information;
  • Information about analyst coverage;
  • Non-financial reporting.

The methodology was developed by ARIR members, financial analysts, IR professionals, academia and consultants. It will be revised annually in March. The analysis and evaluation of the publicly available information, of the website and investor relations (IR) section will be carried out between December 1-20, 2019 by ARIR and the Project Committee, consisting of 15 people (corporate governance consultants, IR professionals, academia, non-financial reporting consultants) in December 2019.

The evaluation process was reviewed in January by Mazars, one of the largest audit and consultancy companies in the world, present in 89 countries and territories, with 25 years experience on the Romanian market. The new identity of VEKTOR was determined following a rebranding process which ARIR carried out in partnership with Inoveo, branding and creation agency, present for 20 years in the market. Media partener is Radio România Actualități.

The assessment of the communication of the listed companies with investors will be done annually in December or, anytime, at the request of a listed company.


About Romanian Investor Relations Association (ARIR):

ARIR is a non-governmental and non-profit organization that was set-up to provide current and potential issuers a platform for the development of Investor Relations (IR) professionals and contribute to the implementation of best practices in investor communication and corporate governance. It was established in November 2018 and has as members listed companies, companies with potential to become listed companies, fund managers, IR professionals as well as consultants. The founding members are BVB, ALRO, Electromagnetica, Franklin Templeton Management – Bucharest Branch, Hidroelectrica, Nuclearelectrica, Teraplast, Transelectrica, Daniela Șerban, Cosmin Răduță and Tony Romani, while Electrica, OMV Petrom, Antibiotice, Idea Bank, BRK Financial Group and Banca Transilvania joined as Associate Members and INNOVA Project Consulting as Affiliate Member.

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