Modernizing Investor Relations. How Do We Communicate Change?


Investor relations have experienced significant growth in recent years in Romania, supported by the efforts of ARIR (Romanian Investor Relations Association), the promoter of the Investor Relations (IR) concept.

During the 2023 Forum by ARIR, representatives from the most active listed companies discussed best practices in communicating with investors, what to communicate to them, and the means of communication, in a dedicated panel entitled “Modernizing Investor Relations. How Do We Communicate Change?”. The main conclusions drawn by IR professionals were:

  • Effective communication with investors goes beyond providing financial information and operational results.
  • Communication is an ongoing process that involves conveying a clear and coherent vision of the company’s strategy.
  • Communication means transparency regarding risks and opportunities, as well as prompt responses to investors’ questions and concerns.

Key messages conveyed by representatives of listed companies in the Investor Relations panel:

Liviu Vatavu, Head of Legal and Governance at Antibiotice, emphasized that they were among the first companies to implement corporate governance provisions for public companies since the regulation’s inception in 2012. They quickly adapted to the market context during the pandemic and integrated tools that allowed them to continue operations at the same pace as before.

“We had to adopt certain habits, tools to integrate remote work and communicate with investors through online platforms. These practices continue, and it’s interesting that they prove to be beneficial even at present.”

Jean Dumitrescu, Investor Relations Director at AQUILA, stated that communication strategy with investors is a key element they adopted. As a Romanian entrepreneurial company about to celebrate its 30th year of activity and listed a year and a half ago, they adopted a mixed communication approach, addressing both institutional and individual investors.

“Investors’ expectations are closely tied to transparency and communication. We have adopted tools to present our strategy to investors in the best possible way, a strategy based on acquisitions and organic growth, with accelerated long-term growth. Our history and results from recent years demonstrate the fruits of this strategy.”


Teodora Dănilă, Head of ESG & Investor Relations at IMPACT Developer & Contractor, highlighted that IMPACT, a company with a long history listed on the BVB for over 25 years, witnessed a significant increase in communication with investors through virtual meetings and one-on-one discussions, thanks to their adaptation to online communication methods.

“In the context of exceptional macroeconomic conditions, investors demand more transparency and clarity. In recent years, we have managed to align ourselves with online communication, which was not common for us before, and we started to communicate more. We can have meetings with investors, one-on-one discussions, simpler and faster, without traveling hundreds of kilometers. As a result, we have noticed an increase in the number of meetings with investors and a higher level of interest.”


Eugeniu Baltag, Investor Relations Manager at Purcari, stressed the importance of constant and proactive activities in Investor Relations. Despite the challenges of the pandemic, the company remained flexible and present in the market to communicate changes and managed to double its turnover since listing.

“The war in Ukraine was a challenge for us, given that two-thirds of the company’s operations are in the Republic of Moldova. With the Russian invasion, we did not stop using Zoom; we maintained continuous communication, and this made a difference in the market. The expansion of the company into Bulgaria was one of the successes of the last year, and such news was communicated more smoothly. Investor Relations (IR) activity is ongoing, with Purcari being among the listed companies on the Bucharest Stock Exchange (BVB) that organize dedicated teleconferences for institutional and individual investors.”

Gabriel Țecheră, Corporate Governance & IR Director at Transport Trade Services, Gabriel Țecheră, Corporate Governance & IR Director at Transport Trade Services, highlighted the impact of effective communication in Investor Relations on the fair value of the company in the market. The company was among the top performers that recorded stock price increases in 2023.

“Each of our reports carries a message. If we convey it effectively, the market responds accordingly. We have turned Investor Relations efforts into the most powerful communication tool. We do not limit ourselves to a single channel, but important information always appears first on the Bucharest Stock Exchange platform.”


International studies show that effective communication with investors can bring a 10% upside to a company’s value, while the lack of communication can lead to a downside of up to 20%. The conclusion of the discussion at the Forum by ARIR is that efficient and transparent communication is the key to building and maintaining strong relationships with investors, and companies that have taken a proactive approach in this direction are reaping the benefits.

The video recording can be watched here.


Forum by ARIR 2023

The event brought together high-level representatives from the capital market in Romania, representatives of listed companies, and representatives from the Government, the Financial Supervisory Authority (ASF), and the Bucharest Stock Exchange (BVB). The video recording of the event can be watched here.


The strategic partners of the Forum by ARIR are: Bucharest Stock Exchange (founding member of ARIR), Banca Transilvania (associated member of ARIR), IMPACT Developer & Contractor (associated member of ARIR), BRK Financial Group (associated member of ARIR), Romcarbon (associated member of ARIR), Nuclearelectrica (founding member of ARIR), Antibiotice (associated member of ARIR), and Mazars (affiliated member of ARIR).

The main partners of the event are: Raiffeisen Bank International, Transelectrica, Purcari Wineries, and S&P Global.

Media partners: Radio România Actualități, Agerpres, BIZ, DC Media Group, Energynomics, Feel the Markets, Financial Intelligence, Financial Market, IR Magazine,, The Diplomat Bucharest, Money, Piața Financiară, Internetcorp, Nine O’ Clock.

Monitoring partner: Klarmedia.

The members of ARIR are among the largest companies in Romania, sharing the common objective of implementing the best practices in transparency, investor communication, and corporate governance.



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