In a capital market undergoing an important stage of development, investor relations is increasingly becoming an expression of trust, transparency and governance culture. Listed companies are beginning to view investor relations (IR) as a strategic function, connected to leadership, performance, sustainability and long-term communication.

Viewed as a whole, the history of the ARIR Gala winners tells the story of a market moving in the right direction: investor relations is gaining structure, consistency and visibility, while good practices are becoming benchmarks for an increasing number of companies. From the very beginning, the Gala was supported by Institutional Investor/Extel, a platform dedicated to internationally active institutional investors, as well as by a jury made up of capital market experts.

Between 2019 and 2025, the ARIR Gala brought to the forefront more than 150 recognitions awarded to companies, leaders, chief financial officers, investor relations professionals, teams and projects that contributed to the professionalization of the dialogue between issuers and investors. Moreover, the ARIR Gala recognized 38 distinct companies, a sign that good practices in investor relations are gradually beginning to expand across the market, from established issuers to entrepreneurial companies, financial institutions and players in full growth. Beyond names and categories, the track record shows how the market has matured: from awards dedicated to the best CEOs, CFOs, IROs and the best-performing companies in IR, toward an increasingly complex approach that includes annual reporting, ESG communication, IR websites, social media, dedicated investor events, innovation and consistency.

A map of good practices for the capital market

Year after year, the winners of the ARIR Gala outline a map of good practices in investor relations. From established companies to growing issuers, from executive leaders to communication teams and IR professionals, each recognition sends the same message: investor relations is a pillar of trust and an indicator of the maturity of a listed company.

The Romanian capital market is beginning to show more clearly that investor relations means strategy, dialogue and responsibility. And this progress, built through concrete examples and through the recognition of those who raise standards, is becoming one of the most important resources for the development of the market.

2019: the beginning of a structured conversation on professional IR practices

The first ARIR Gala marked the moment when good practices in investor relations began to be publicly recognized within a dedicated framework for Romania’s capital market. Organized by ARIR in collaboration with Institutional Investor, the inaugural edition brought to the forefront the vote of global investment professionals active in the Romanian capital market, through the Extel platform. The research included more than 500 votes, cast in categories such as Best CEO, Best CFO, Best Company in IR and Best IR Professional.

Banca Transilvania dominated the main categories of the inaugural edition, with Omer Tetik named Best CEO, George Călinescu Best CFO, Mihaela Nădășan Best IRO and Banca Transilvania Best Company for Investor Relations. At the same time, TeraPlast was voted Best Company in IR by retail investors, bringing, from the very first edition, an important perspective on how transparency, availability and the quality of communication are perceived by individual investors as well.

The 2019 edition laid the foundations for a direction that would consolidate in the following years: investor relations as a professional practice, assessed according to clear criteria such as the quality of investor meetings, the quality of roadshows, annual reporting, the website, webcasting and the proactivity of those in senior executive roles. From that moment on, the ARIR Gala began to function as a barometer of the progress of IR in Romania and as a stage on which listed companies could validate their progress in building trust with the market.

2020–2021: consolidating the foundation of a professional IR practice

The first editions of the ARIR Gala focused on the fundamental elements of investor relations: leadership, financial communication, the role of IR professionals and companies’ performance in their dialogue with the market.

In 2020 and 2021, the categories dedicated to the best CEOs, CFOs and IROs brought to the forefront leaders and professionals such as Johan Meyer (Fondul Proprietatea), Christina Verchere (OMV Petrom), Alina Popa (OMV Petrom), Marius Dan (Fondul Proprietatea), Ioana Bîrsu (Fondul Proprietatea), Mihaela Nădășan (Banca Transilvania), Adriana Marin (OMV Petrom) and Stéphane Fortin (BRD). During the same period, companies such as Fondul Proprietatea, OMV Petrom, Banca Transilvania, Electrica, Sphera Franchise Group, Transelectrica, BRD and Romgaz were recognized for their contribution to consolidating investor communication standards.

These editions shaped the foundation on which the subsequent evolution of the market was built: investor relations as an area of responsibility assumed by leadership, supported by specialized teams and validated through the trust of the investor community.

During the same stage, companies such as ALRO, TeraPlast, Antibiotice and BRK Financial Group were recognized through the vote of individual investors, a sign that the relationship with the market was beginning to include the perspective of the broader investor public increasingly visibly.

2022: expanding the conversation toward sustainability, public choice and financing

The year 2022 marked a stage of diversification in the themes associated with investor relations. In addition to the categories dedicated to leadership and companies with strong IR performance, the ARIR Gala brought to the forefront sustainability reporting, special awards for sustainability, the recognition of companies chosen by the public and distinctions dedicated to financing rounds carried out through the Bucharest Stock Exchange.

Companies such as OMV Petrom, BRD, ALRO, Romcarbon, TeraPlast, AROBS Transilvania Software, Fondul Proprietatea and One United Properties were among the winners in a year that showed investor relations was beginning to be connected to increasingly broad themes: impact, access to capital, public visibility and companies’ ability to communicate beyond financial results.

This expansion of the list of awardees reflects an important shift: investors look at the company as a whole, and effective communication requires clarity on performance, strategy, risks, responsibility and development prospects.

2023: ESG, listings and the consolidation of new standards

In 2023, the direction initiated in previous years continued with a clearer focus on ESG, public communication and market development. The Rising Star in ESG Communication category brought attention to companies such as Autonom, ALRO and OMV Petrom, while the recognitions for successful listings highlighted the role of the capital market as a mechanism for growth and visibility.

At the same time, traditional categories such as Best CEO for IR, Best CFO, Best Company in IR and Best IRO continued to provide benchmarks for good practice. Christina Verchere (OMV Petrom), Călin Ionescu (Sphera Franchise Group), Valentin Budeș (Sphera Franchise Group), Alina Popa (OMV Petrom), Zuzanna Kurek (Sphera Franchise Group) and Marius Dan (Fondul Proprietatea) were among the professionals and leaders recognized that year.

At this stage, investor relations began to gain an increasingly visible role in the way companies build their reputation in the market. IR becomes a space in which financial performance, the business story, governance and responsibility meet in a coherent dialogue with investors.

2024: the transition toward an integrated approach

The year 2024 marks one of the most important stages in the progress of the ARIR Gala and in the way investor relations is understood. Categories such as Best Annual Report, Best ESG Performance & Communication, Best IR Department, Best Company Representative in the Capital Market and Star of the Year in the Capital Market appear, showing a more structured and more complex approach to communication with the market.

Banca Transilvania, Sphera Franchise Group, OMV Petrom, DN AGRAR Group, Impact Developer & Contractor, Purcari Wineries, ALRO and Autonom were among the companies highlighted that year. In the area of leadership and representation, Christina Verchere (OMV Petrom), Omer Tetik (Banca Transilvania), Karoly Borbely (Hidroelectrica), Călin Ionescu (Sphera Franchise Group), George Călinescu (Banca Transilvania), Valentin Budeș (Sphera Franchise Group), Peter de Boer (DN AGRAR Group) and other market representatives were recognized for their contribution.

This edition shows that investor relations is beginning to be understood as an ecosystem. The annual report, ESG communication, the IR department, company representatives, executive leaders and constant interaction with the market become parts of the same trust-building structure.

2025: investor relations becomes a strategic program

In 2025, this evolution becomes more visible than ever. The Best IR Program category brought together companies such as OMV Petrom, Sphera Franchise Group, Hidroelectrica, BRD, Romgaz and Transgaz, confirming that investor relations has become a strategic function, integrated into the way listed companies tell their story, explain their performance and build their relationship with the market.

This category shows a change in perspective. Investor relations is beginning to be viewed as a coherent program, with clear objectives, channels, rhythm and responsibilities. Companies that invest in IR build stronger bridges between strategy and market perception, between financial results and trust, between business decisions and investor expectations.

The recognitions awarded to leaders complete the same direction. Christina Verchere (OMV Petrom), Omer Tetik (Banca Transilvania), Karoly Borbely (Hidroelectrica) and Răzvan Popescu (Romgaz) were among the winners of the Best CEO category, while Alina Popa (OMV Petrom), George Călinescu (Banca Transilvania), Valentin Budeș (Sphera Franchise Group) and Marian Fetița (Hidroelectrica) were highlighted in the Best CFO category.

At the same time, the role of investor relations professionals remains essential. Adriana Marin (OMV Petrom), Aurel Bernat (Banca Transilvania), Diana Mazurchevici (Banca Transilvania) and Zuzanna Kurek (Sphera Franchise Group) were recognized in the Best IRO category, while Aurel Bernat (Banca Transilvania) and Valentin Budeș (Banca Transilvania) were recognized as Best IR Representatives.

The new channels of investor dialogue

Also in 2025, BVB and OMV Petrom received recognition for Best IR Use of Social Media, Banca Transilvania for Best IR Event and Best IR Website, and Electrica for Best IR Innovation. These awards mark an important shift in the way companies relate to the investor community. Dialogue is expanding beyond traditional formats, while digital channels are becoming increasingly important for accessibility, clarity and connection.

The AeRO market brings new energy to IR

A relevant signal also comes from the AeRO segment, where DN AGRAR Group was named Best IR & Communication and Company of the Year, while Peter de Boer received the Rising Star distinction. Together with Emanuela Târnoveanu, recognized in the same category for Hidroelectrica, these awards speak about a new generation of companies and professionals contributing to the development of communication standards in the capital market.

For growing companies, investor relations can become an important differentiator. Clarity of communication, availability for dialogue and consistency in the information provided can support visibility, credibility and access to capital.

This evolution shows that things are beginning to move also at the level of companies that are gradually building their presence in the market. IR standards become aspirational, while good examples create benchmarks for the entire issuer community.

Consistency builds trust

The ARIR Special Recognition for Consistency in IR, awarded to Farmaceutica Remedia, brings to the forefront one of the most important values of investor relations: consistency.

Trust is built through a steady rhythm, predictable communication and the willingness to remain close to investors over time. Companies that maintain an open dialogue with the market convey stability and seriousness, and this contributes directly to investor perception. Consistency in IR shows that transparency is part of the company’s culture, while communication with investors becomes a long-term commitment.