ARIR on everyone’s understanding


I receive more and more questions about what the Romanian Investor Relations Association (ARIR) does. 

It seems to be important, but it is not clear how it works. 

I agree that the stock exchange in general is not a subject that is fully understood by everyone, but especially when it comes to an intangible area like communication. In a developed market, where the stock exchange is the first source of funding for companies, they are very good at proactivity and transparency because they want to attract the attention of investors, because they are competing for their capital.

In our case, deficiencies come from history. With the great mass privatization of the 90s, when everyone over 18 years old received shares in various companies, the companies technically became (automatically) listed on the stock exchange. Basically, the companies did not choose to be listed, but many of them were privatized. Over time, of course, many have been delisted. And now I remember Dacia Pitești or Kandia Excelent. Others came to the stock exchange on their own initiative, the most recent being Aquila Romania, TTS (Transport Trade Services) and One United Properties.

Lately there is talk of the listing of Hidroelectrica, perhaps you have heard of the largest company in Romania, the largest energy producer in our country, it will be listed possibly this year or next after decades of discussions. If the offer is successful, each of us will be able to own part of this company.

Coming back to ARIR, we deal with best practices or how you can do it best in the field of communication with investors, at the intersection of finance, communication, marketing and legal. First of all, we look at what is happening outside, listed companies for decades. In Romania, for 3 years we have been publishing VEKTOR, through which listed companies are evaluated and scored, and the results are available on each company page, on the BVB website( ). 

 What does VEKTOR mean and what impact does it have on the decisions an investor can make? Shortly, we are talking about an indicator of communication with investors for companies listed on the stock exchange that measures the quality of communication with investors for companies listed on the main market since 2019, based on well-established criteria.

Starting this year, the indicator was also extended to companies active in the AeRO market, and the first evaluation will take place in December. The first results for the AeRO market will be published in January 2023.

We don’t stop here. An important step that ARIR took this year was the assumption of an agenda of legislative priorities that would contribute to the development of the capital market. We opened a dialogue and we enjoyed the openness of the authorities.

What at first seemed like an ambitious project with a difficult path, turned into a community with almost 40 members, companies listed on both the Regulated Market and the AeRO market, investment funds, bond issuing companies, ongoing of listings or consultants, which share the same goal: implementing the best practices of transparency, communication with investors and corporate governance.


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