ARIR publishes the VEKTOR methodology for companies listed on the Main Market


Bucharest,  March 23th, 2023 – ARIR (The Romanian Investor Relations Association), the promoter of the Investor Relations (IR) concept, publishes the new criteria for the VEKTOR indicator that evaluates the companies listed on the Bucharest Stock Exchange (BVB) from the perspective of the communication with investors. The VEKTOR methodology was defined by a committee comprised of 12 members, representatives of institutional investors, individual investors, brokers, analysts and representatives of the capital market institutions.

Following the discussions within the committee and the public debate with issuers and investors, there were defined 10 criteria based on which the listed companies will be evaluated starting this year. The main changes are related with the way of communication and interaction with investors during the financial results conferences and the bilingual availability of the information.

Daniela Șerban, President and Co-founder ARIR:

“These new criteria represent a step in the development of the Romanian capital market and encourage companies to align to best practices in investor relations.  We consider the periodic review of the criteria important, along with the visible progress made year by year by the companies present in the capital market and the increased expectations of the local and international investors in terms of being informed in an increasingly volatile business environment. We are honored that the VEKTOR indicator is more and more into the spotlight of the capital market professionals, some of whom have joined us in the evaluation committee.  At the same time, we appreciate the increasing involvement and professionalism of the teams responsible for investor relations within the companies listed on BVB. ”

The VEKTOR methodology for the Main Market includes 10 objective criteria, aligned with the best international practices in investor relations (IR), respectively:

  1. Financial results conference calls.
  2. Access for investors to conferences.
  3. Publication of the recording or transcript of the conference within the issuer’s website.
  4. Bilingual conferences – Romanian and English.
  5. Availability of the financial results in an easy to process format.
  6. Non-financial reporting.
  7. Presentation of the company’s management.
  8. Company’s policies – remuneration and dividends.
  9. Events dedicated to investors.
  10. Presentation for investors.


The VEKTOR’s evaluation from 2023 will start in December this year, the results will be published in January 2024 on the page of each issuer within the Bucharest Stock Exchange (BVB) website and the aggregated data for all companies will be available in the section dedicated to the VEKTOR indicator of the ARIR website.

VEKTOR’s methodology for the AeRO market remains unchanged and can be found here.

The members of the committee that reviewed the VEKTOR methodology are: Adrian Tănase, CEO of the Bucharest Stock Exchange; Cristian Istrătescu, Entrepreneur & Capital market and real estate investor; Dan Dascăl, Deputy General Manager of BT Asset Management; Daniela Șerban, ARIR President; Dragoș Manolescu, Deputy Director OTP Asset Management; Ioana Pop, Head of Frontier Markets, Wood & Company; Irina Răilean, Head of Research, BT Capital Partners; Istvan Sarkany, Investor at BVB, Administrator of the Investors Without Borders Group; Răzvan Mihăescu, Investor at BVB; Răzvan Raț, Deputy General Manager, BRK Financial Group; Răzvan Rusu, Portfolio manager, Allianz Pensii; Valentin Cudric, Director of Corporate Finance, TradeVille;

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. In 2022, the indicator was extended to companies active on the AeRO Market.

The Romanian Association for Investor Relations – ARIR was founded at the initiative of Daniela Șerban in November 2018 together with the founding members: Bucharest Stock Exchange (BSE), ALRO, Electromagnetica, Franklin Templeton Management – Bucharest, Hidroelectrica, Nuclearelectrica, Teraplast, Transelectrica and Tony Romani. The following joined the community: 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 for Insurance – Reinsurance and Dentons became Affiliated Members.

ARIR members are among the largest companies in Romania, which share the objective of implementing best practices of transparency, investor communication 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 businesses. ARIR was founded in 2018 by listed companies prospective  listing, fund managers and IR professionals.


Follow us on LinkedIn, Facebook and Instagram.




Distribuie articolul:

Leave a Reply

Your email address will not be published. Required fields are marked *

Urmărește ARIR pe LinkedIn

Află mai multe despre obiectivele și activitățile ARIR