How does corporate governance help attract capital and build investor confidence? And how has communication among companies listed on the Bucharest Stock Exchange evolved in recent years?
These were among the topics addressed by Daniela Maior, President and Co-founder of the Romanian Investor Relations Association (ARIR), at the “Good Governance as a Catalyst for Performance and Effective Boards” conference, organised by KPMG Romania and Ziarul Financiar in early October 2026.
The event brought together business leaders, regulatory representatives and corporate governance specialists to discuss board responsibilities, risk management, diversity in leadership and how Romanian companies can prepare for their next stage of growth.
Investor confidence is essential to accessing capital
In her remarks, Daniela Maior explained that the need for external financing often prompts companies to adopt corporate governance practices. Working with a bank introduces initial requirements for reporting and financial discipline, while attracting institutional investors calls for greater transparency and accountability.
“The requirements take on a new dimension when a company seeks funding through private equity, private debt or an IPO. For institutional investors, trust remains one of the key considerations in an investment decision. It is intangible yet essential, reflecting a company’s ability to execute its strategy and deliver on its commitments. Performance and good governance go hand in hand.”
VEKTOR: from three companies with a perfect score to more than 20
Daniela Maior also discussed the evolution of investor relations practices, highlighting the role of VEKTOR, the indicator developed by ARIR, in encouraging transparency and consistent communication with the market.
“There are two approaches to introducing new standards in the capital market: the carrot, based on incentives and recognition, and the stick, based on rules and sanctions. As a market, we have chosen the carrot approach: recognising companies that demonstrate good practices. (…)
“The VEKTOR assessment results provide a clear picture of the progress made across the capital market. In 2019, only three companies achieved a score of 10. Last year, that number exceeded 20.”
This progress is evident in practices such as quarterly investor calls, access to more detailed financial information and the publication of results in formats that support data analysis, such as Excel.
From one-way communication to genuine investor dialogue
Another significant development concerns how listed companies engage with the market.
“The most significant change I have observed in recent years is the shift from reactive, one-way communication, where companies simply provide information to investors, to genuine, two-way dialogue. Through dedicated investor relations teams, companies gather market feedback and develop a better understanding of investor expectations.”
Daniela Maior also highlighted the contribution of three companies that listed in 2021 – One United Properties, Transport Trade Services (TTS) and AQUILA – to advancing communication practices in the Romanian market.
“These companies brought fresh momentum to Romania’s capital market. They adopted a much more proactive approach to investor relations from the outset, helping to reshape communication practices even among companies that had been listed for 15-20 years.”
Discussions at the conference underlined the close connection between access to capital, the quality of management decisions, investor confidence and the way companies develop and implement their governance practices.
Read Ziarul Financiar’s coverage of the conference here.