VEKTOR – measure of the communication of listed companies with investors


The Romanian Investor Relations Association (ARIR), with the support of the Bucharest Stock Exchange (BVB), will publish VEKTOR starting January 2020 for all listed companies on the Main Market. The indicator will be calculated based on a methodology that comprises 15 criteria, in line with international best practices in Investor Relations (IR).
VEKTOR indicator will have values between 0 (low communication) and 10 (excellent communication). It will be displayed for every listed company profile on the BVB website, for the first time in the second part of January 2020. The aggregated data for all companies will be available on the dedicated section of ARIR website.
The indicator is determined based on 15 criteria, including:
– The existence & availability of the Investor relations team;
– Disclosure on management information and remuneration policy;
– Organizing financial results conference calls;
– The existence of Investor presentation;
– Dissemination of press releases related to financial results;
– Participation to investors conferences;
– The availability of the financial results in an easy to process format;
– Transcript or replay of the most recent results’ conference calls
– Availability of stock price information;
– Information about analyst coverage;
– Non-financial reporting.

The methodology for calculating the indicator was revised at the beginning of the year, after ARIR took over the project from BVB previously named „The Whitebook on Communication of Listed Companies”. The new identity of VEKTOR was determined following a rebranding process which ARIR carried out in partnership with Inoveo, branding and creation agency, present for 20 years in the market.
The analysis and evaluation of the publicly available information, of the website and investor relations (IR) section will be carried out between December 1-20, 2019 by ARIR and the Project Committee, consisting of 15 people (corporate governance consultants, IR professionals, academia, non-financial reporting consultants). The evaluation process will be reviewed between January 1-15, 2020 by Mazars, one of the largest audit and consultancy companies in the world, present in 89 countries and territories, with 25 years experience on the Romanian market.
The methodology was developed by ARIR members, financial analysts, IR professionals, academia and consultants. It will be revised annually in March and the assessment of the communication of the listed companies with investors will be done annually in December, or anytime at the request of a listed company.


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