ARIR invites the capital market to contribute to the revision of VEKTOR methodology for evaluating the communication of listed companies starting with 2022


– The Romanian Investor Relations Association (ARIR) will review VEKTOR methodology for listed companies, together with the local and international capital market stakeholders. A revision of the methodology is needed in the third year of implementation considering the critical number of companies reached with scores above 9 out of 10. The criteria based on which VEKTOR indicator for 2022 will be calculated will be updated to follow the progress of the issuers from the last two years, in line with the international best practices in investor communication, as well as the expectations of institutional and individual investors.

ARIR invites the capital markets stakeholders – investors, consultants, representatives of listed companies – to contribute to VEKTOR indicator methodology and to submit proposals regarding the information that should be included to best reflect market needs and thus support the development of capital market. Proposals can be sent in September 2021 to ARIR team using the e-mail address On September 23rd, between 3.00 PM and 6.00 PM, ARIR is organizing an online public debate to discuss the proposals together with the stakeholders and gather opinions and suggestions. In order to participate in the debate, it is necessary to confirm your attendance at the following LINK.

Daniela Șerban, President & Co-founder ARIR:
“In the last two years we have noticed an incredible progress in terms of the transparency of listed companies and we were glad to see more and more companies obtaining the maximum score, with tenacity and professionalism. In 2020, 15 companies scored above 9, double compared with the first evaluation from 2019, and we expect the results to continue this trend for the current year. The update of the methodology is in line with our objectives set since the launch of VEKTOR, to support the implementation of international best practices in investors relations by local companies. The new methodology will be applicable for the 2022 evaluation, published in January 2023.”

ARIR will form a working group to develop a mini VEKTOR for companies listed on AeRO market, with the first evaluation taking place in 2022.

VEKTOR is the measure of communication of listed companies with investors and is published on the Bucharest Stock Exchange website (BVB) on the page of each issuer from the Main Market. It is currently calculated based on a methodology that includes 15 criteria, in line with international best practices in Investor Relations (IR), and the next evaluation will take place between 15th of November and 15th of December 2021. More details about VEKTOR indicator and the evaluation process can be found here

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, Purcari, Idea Bank, BRK Financial Group, Banca Transilvania, Transgaz, Biofarm, MedLife, Romcarbon, Farmaceutica REMEDIA, Autonom and Impact Developer & Contractor joined as Associate Members and INNOVA Project Consulting, ENVISIA, RTPR, Intercapital Invest, eVote and Mazars as Affiliate Members.


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