The dialogue between management and investors – essential to stimulate interest in the shares of a company


Efficient communication and dialogue between investors and the management of listed companies are essential elements for the development of the capital market and for the increase of the interest of the local and international investors in issuers listed on the Bucharest Stock Exchange (BVB). In recent years, the Romanian Investor Relations Association (ARIR) has made efforts to improve communication practices, providing constant support to community members in implementing best practices regarding transparency, corporate governance, and proactive communication with investors. These efforts facilitate companies’ access to financing, contribute to building a solid reputation, increase the visibility, and generate investor confidence, all of which are crucial for the development of the business.


Remus Dănilă, Head of Investor Relations & Business Development, Bucharest Stock Exchange:

The investor landscape is diverse, with differences between the relation with the individual investors (retail) and that with the institutional investors (both local and foreign). In the case of foreign investors, there is a perception that their interest in companies listed on the BVB has stagnated in recent years, partly influenced by geopolitical factors which have led to categorizing the Romanian capital market as having a higher risk. However, we are making efforts to strengthen our international presence and identify new directions to attract foreign investors’ interest.

The communication channels with investors are expanding and evolving, with increasing emphasis on social networks, as well as the emergence of new types of dedicated events, such as “Investor Day,” which aim to establish a direct communication channel with individual investors. Additionally, there have been initiated projects that aim to improve dialogue with individual investors and stimulate their interest and participation in the market. For example, a Facebook group has been created where investors can address questions to issuers, and the responses are made public. Moreover, the Bucharest Stock Exchange launched the BVB Research platform, a source of fundamental analysis reports on listed companies, informative and educational materials about capital markets, and data about ESG ratings for listed companies. We aim to attract individual contributors who can share their investment experience and knowledge and create another direct communication channel between issuers and individual investors.


Communication channels continue to evolve, and the market still has significant potential for growth in terms of the participation of individual investors, the level of interest, and international visibility. Despite the progress made in recent years regarding communication with investors, there is still room for improvement. Developing new information channels may be the key to achieving better and more efficient communication between investors and issuers.


The dialogue between investors and the management of listed companies plays a crucial role in attracting and maintaining investor interest. By promoting open and transparent communication, companies can strengthen their reputation, develop solid relationships with investors, and stimulate business growth. Innovation and continuous improvement of communication strategies will reinforce the dialogue between investors and management and contribute to the overall development of the Romanian capital market.


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