ARIR members

Founding members


Adrian Tănase

The Romanian Stock Exchange Investor Relations Association (ARIR) has successfully fulfilled, since its inception, the objective of becoming a relevant community of the capital market in Romania. During the 4 years of intense activity, the Association grew at a fast pace and managed to gather around it professionals in the field of relations with investors from companies listed on the stock exchange. For the good development of our capital market, the promotion of the best practices in this field, in our country, is essential and we are pleased that ARIR, through all the projects carried out over time, has taken a significant step in this direction and managed to raise awareness of the importance of investor communication within listed companies. Certainly the presence of ARIR within the Romanian capital market ecosystem has a positive impact on the increase in the value of listed companies and our stock market.

The Bucharest Stock Exchange (BVB), the fundamental institution of the capital market, is the only securities market operator in Romania. The Bucharest Stock Exchange, a company listed on its own market since 2010, is part of the BVB Group which also includes the Central Depository, the institution responsible for registry and settlement operations in Romania, and in October 2019 the central counterparty CCP.RO, institution which will take over the function of clearing transactions with securities in Romania and which will contribute to the relaunch of the derivatives market.

BVB manages two distinct markets, the Regulated Market and the Multilateral Trading System, on which a variety of financial instruments such as shares, bonds, fund units, certificates, structured products, pre-emptive rights are listed.

Romania was promoted to Emerging Market status by the global index provider FTSE Russell in 2020. Starting June 20, 2022, 12 Romanian companies will be included in one of the FTSE Russell indices dedicated to emerging markets. These inclusions help increase the exposure of foreign institutional investors through significant investments.

The results recorded in 2021 confirm the potential of the Bucharest Stock Exchange in attracting funding. Thus, 23 new companies were listed on the BVB in 2021, attracting 234 million euros. Along with these, 27 companies have listed 33 issues of corporate bonds totaling 942 million euros to which are added the FIDELIS state securities issued by the Ministry of Finance in the amount of 875 million euros. 2021 was a record year in terms of the total value of transactions with all types of financial instruments and for the first time the threshold of 20 billion lei was exceeded. In 2022, 10 new companies were listed on the AeRO market and 11 bond listings took place, the total amount raised being 617 million Euros. The capitalization of listed companies reached 211 billion lei in the middle of the year, of which 141. billion lei represents the capitalization of Romanian companies.


Daniela Șerban 

Initiator and Founding Member, President, ARIR

They say the hardest thing is to sell an idea. ARIR started bravely, with an almost impossible mission that hung on a decision at every step, but it took firm shape with every member who said YES at the founders’ table. 

It established itself as a serious, professional and dynamic player by tripling the number of members in three years to almost 40 in a capital market that had already become emerging. Every discussion held about and within ARIR is a brick to the development of the capital market, the successes of the members are the successes of all and a plus brought to the Bucharest Stock Exchange. 

I am grateful to every person who believed in this idea and who is part of the community. We are still open to new valuable members who put transparency in their value set.


Electromagnetica is honored to be part of ARIR, an elite association of companies listed on BVB and beyond.

As active members, participating in most of the meetings and presentations, we supplemented our perspective and knowledge about the expectations of shareholders and possible investors, while having the opportunity to know in advance the expected changes in this field, at European and national level. We have the most visible progress especially in non-financial reporting (ESG).

Last but not least, membership in a prestigious association increases the visibility of Electromagnetica, contributing in this way to increasing confidence and attracting investors.

Electromagnetica is recognized as a manufacturer and supplier of LED lighting solutions, electric car charging stations, electricity distribution and measurement equipment and is oriented towards green energy production and technologies aimed at increasing energy efficiency.


Johan Meyer

Marius Dan
SVP/Senior Executive Director, Franklin Templeton
ARIR has become a robust platform where members share ideas, advice and resources. As founding members of ARIR, we are excited to collaborate with the other investor relations and capital markets professionals who have joined the association to build and grow a strong investor relations community and to have a stronger local capital market based on principles of corporate governance and transparency, with stakeholder communication as a core component.

Franklin Templeton is a global investment manager with assets under management of over 1.4 trillion USD and a history of over 75 years, which since September 2010 manages through the Bucharest branch, Fondul Proprietatea, an Alternative Investment Fund created in 2005 by the Government of Romania to ensure the financial resources necessary to compensate the people wrongfully expropriated by the communist regime.

President of the Board of Directors, ALRO
Ana-Maria IMBREA

Director of Investor Relations and Corporate Relations, ALRO

As one of the founding members of ARIR, ALRO has proven its faith in the organization’s vision and mission since its inception. ARIR has demonstrated a substantial contribution to the implementation of best practices in investor communication and corporate governance, and the VEKTOR methodology is an extremely useful tool for any listed company to assess and improve its investor communication. In recent years, ALRO has been an active member and benefited from improved communication with the investor and analyst communities through ARIR, becoming a more visible company in the capital market, while also being recognized for its achievements at ARIR’s annual events.

ALRO is one of the largest vertically integrated aluminum producers in Europe by production capacity.


Tony Romani

Co-Founder, ARIR & BoD Member

Partner & Investment Director,
Invenio Partners
Investment Fund

ARIR has professionalized the relationship with investors of listed companies, emphasizing its importance, defining its evaluation methods and directly increasing the value of companies and the Romanian stock market.

Associate Members

Christina Verchere

CEO, OMV Petrom

We are glad to be part of ARIR. Being among the first listed companies in Romania with an Investor Relations department, we have always tried to be pioneers in terms of communication and involvement on the capital market and to continuously develop our IR activities, and in ARIR we have found a reliable partner for this purpose and not only. The intense and constant efforts of ARIR in the more than three years since its establishment have generated multiple benefits both for the members of the association and for the entire Romanian capital market: the development and implementation of the VEKTOR indicator which led to the increase of standards in communication with investors, the improvement of dialogue with the authorities and with local capital market analysts and investors, promoting sustainable business practices, prompt access to news about relevant international legislative developments as well as various news and analyses, facilitating access to trainings for specialists in the field, etc. 

OMV Petrom is the largest energy company in Southeast Europe.

Valentin-Norbert Țăruș

Director General, Remedia

ARIR contributes to aligning the behavior of the Romanian market with European and international standards by implementing the best practices in communication with investors based on communication vectors. Supports the implementation of European directives in the field of ESG, ESEF, Remuneration Policy and Report, eVote AGM. It facilitates interaction with issuers in the capital market and the exchange of experience among members by organizing events, monthly meetings and consultations in working groups. ARIR can become an important player in the capital market regulation process at the national level, by promoting solutions to the public authorities in the field, based on the practical experience of the issuers.

Farmaceutica REMEDIA has a key role in the health sector in Romania, being specialized in distribution, integrated sales, marketing and medical promotion for pharmaceutical products. Encouraging innovation, from 2021 it is the first distributor of automation solutions for pharmacies, warehouses and hospitals in Romania, Bulgaria and the Republic of Moldova, in partnership with BD Rowa™.

Ioan Nani

ARIR membership facilitates our access to information and know-how regarding the capital market and the relationship with investors. This collaboration gives us the opportunity to meet and interact with investor relations professionals at home and abroad. By implementing the VEKTOR indicator, ARIR contributed to the application of the best practices in communication with investors and corporate governance, and with its evaluation we proved that our communication practices, transparency and responsibility are recognized.

ARIR is a facilitator in the relationship with capital market actors and service providers, constituting a single voice in the relationship with the authorities, which makes us better heard and better represented.

Antibiotice, the most important pharmaceutical company with Romanian capital, produces in Iași, on 8 production lines, 150 generic medicines for human use from 11 therapeutic classes, veterinary medicines, biocides and through a unique biosynthesis process in Romania, the active substance Nystatin – for which it is the world leader and international reference standard. The company’s continuous development and expansion on international markets were possible through investments and the implementation of quality standards, proving that even in Romania medicines can be manufactured to international standards.

ARIR este un facilitator în relația cu actorii din piata de capital și cu furnizorii de servicii, constituind o singură voce în relația cu autoritățile, ceea ce face să fim mai bine auziți și mai bine reprezentați.

Antibiotice, cea mai importantă companie farmaceutică cu capital românesc, produce la Iași, pe 8 fluxuri de fabricație, 150 de medicamente generice de uz uman din 11 clase terapeutice, medicamente veterinare, biocide și printr-un proces de biosinteză unic în România, substanța activă Nistatină – pentru care este lider mondial și standard de referință la nivel internațional. Dezvoltarea continuă a companiei și extinderea pe piețele internaționale au fost posibile prin investiții și implementarea standardelor de calitate, dovedind că și în România pot fi fabricate medicamente la standarde internaționale.

Iskander Abdibaitov 

Chief Officer Corporate Development, Rompetrol

KMG International has extensive international operations in European and Asian markets, covering the oil and gas value chain through trading and supply chain activities, refining, retail, industrial services and EPCM. We interact with a diversity of local and international stakeholders and are committed to implementing the best practices and standards of corporate governance, ESG and permanent communication, transparency with all our partners and shareholders.

We have 2 companies listed on the Bucharest Stock Exchange, and together with ARIR, we want to contribute significantly to the development of the local capital market.

The role of ARIR and the community created by this association brings added value to the business environment by promoting solid principles of corporate governance, exchange of expertise and a debate platform for current global themes.

Rompetrol Rafinare (RRC), a member company of KMG International, operates 2 refineries – Petromidia, the most modern refinery in Romania, and Vega – with a history of over 110 years, combining new oil processing technologies with the experience of a team of professionals. The supply of crude oil from Kazakhstan is carried out through the port of Midia, located in the vicinity of the industrial platform, which can receive ships of up to 150,000 tdw, or through the port of Constanta. The refinery has a marine terminal and rail and road facilities for loading/unloading products.

Avem 2 companii listate la Bursa de Valori București, iar alături de ARIR, ne dorim să contribuim semnificativ la dezvoltarea pieței de capital locale.

Rolul ARIR și al comunității create de această asociație aduce plus valoare mediului de business prin promovarea unor principii solide de guvernantă corporativă, schimb de expertiză și o platformă de dezbatere pentru temele globale actuale.  

Rompetrol Rafinare (RRC), companie membră a KMG International, operează 2 rafinării – Petromidia, cea mai modernă rafinărie din România, si Vega – cu o istorie de peste 110 ani, îmbinând noile tehnologii de procesare a petrolului cu experienţă unui echipe de profesionişti. Aprovizionarea cu ţiţei din Kazakhstan se realizează prin portul Midia, amplasat în vecinătatea platformei industriale, care poate primi vapoare de până la 150.000 tdw sau prin portul Constanţa. Rafinăria dispune de un terminal marin şi facilităţi de cale ferată şi auto pentru încărcarea / descărcarea produselor.

Eugen Comendant 

Chief Operating Officer, Purcari

The Romanian Stock Exchange Investor Relations Association has demonstrated since its foundation that it is an effective platform for evaluating and promoting the best international practices in the relationship with investors on the Romanian Capital Market. ARIR is a community of professionals operating in different industries, but who share the same visions of effective communication, transparency, governance and corporate ethics. This is where real action is taken to identify solutions to the problems that listed companies face in their day-to-day capital market activity.

Purcari Wineries Public Company Limited is one of the largest wine and brandy groups in the Central and Eastern Europe region, with over 1350 ha of vineyards under management and five production platforms in the Republic of Moldova and Romania.

Burak Yildiran 

Patria Bank is an active player in the capital market and we want to bring value through our strategy and actions. We are thus happy to be ARIR partners and we believe that our association supports both Patria Bank’s vision of improving the communication strategy with investors, as well as the commitment assumed towards Romanian entrepreneurs to offer them development opportunities beyond simple financing.

Patria Bank is a Romanian bank step-by-step with Romanian natural person and entrepreneur clients through the four specialized divisions: Individuals, Small Businesses (micro-enterprises), IMM and Agro Businesses.

Ion Sterian 

CEO, Transgaz

The decision to join ARIR supports our goals to offer investors a high degree of transparency, proactive communication and corporate governance according to the best practices in the field. Maintaining effective communication with investors and all other interested parties, improving Corporate Governance practices are strategic objectives of corporate communication.

SNTGN Transgaz SA is the technical operator of the National Natural Gas Transport System (SNT) and ensures the transport of over 90% of the natural gas consumed in Romania. Transgaz – a responsible company, a company of the future!

Nicolae Kovacs

CEO Agista

Agista is the first investment fund in Romania, with a focus on the AeRO market, which helps local SMEs to list on the stock exchange, finances and accelerates their growth through the capital market.

Agista is the first investment fund in Romania, with focus on the AeRO market, which guides local SMEs on the listing process on the stock exchange, finances and accelerates their growth through the capital market.

Affiliate Members

Professional members