sustaining growth, goVErnance and liquidity in a transforming capital markets landscape
Forum by ARIR | June 13th, 2025 | Sheraton Bucharest Hotel, Platinum Hall
ABOUT
ARIR, the only association specialized in Investor Relations in Romania, representing a community of companies listed on the Bucharest Stock Exchange (BVB), is organizing the seventh edition of the ARIR Annual Forum on June 13h, with a high-level presence.
Join us at the Forum by ARIR 2025 to explore the latest trends and advancements in Investor Relations (IR) & Reporting practices within an ever-changing business and legislative landscape. Engage with listed companies’ management, gain valuable insights, and gain new connections to elevate your investor communication and improve corporate governance.The Forum by ARIR aims to discuss newest trends and legislative changes with impact on Investor Relations functions, such as Omnibus and ESG regulations, Board Diversity Objectives, newest changes to Law 24/2017 regarding listed companies, as well as the IR profession. Meet key stakeholders in the capital markets: Bucharest Stock Exchange, listed companies, companies interested to be listed, investors, analysts and media.
Agenda
| TIMESLOT | AGENDA |
| 9:00 am- 10:00 am | Introductory remarks
Panel – Financing the Romanian companies though the capital market
|
| 10:00 am- 10:20 am | Keynote intervention – Patrick de Cambourg, Chairman of the EFRAG Sustainability Reporting Board |
| 10:20 am – 11:00 am | Panel – International expansion of the activities of companies listed on the Bucharest Stock Exchange and M&A
|
| 11:00 am – 11:15 am | Keynote intervention – Luc Vansteenkiste, Chairman EuropeanIssuers |
| 11:15 am –11:45 pm | Coffee Break |
| TIMESLOT | AGENDA |
| 11:45 am – 12:05 pm | Guest presentation – European Equity Capital Markets Update and Trends in Investor Access
|
| 12:05 pm – 12:40 pm | Panel – Improving company liquidity and expansion of the investor base
|
| 12:40pm – 1:00 pm | Keynote intervention – Miroslaw Kachniewski, President of the Management Board, Polish Association of Listed Companies (SEG) |
| 1:00pm-1:30pm | Guest presentation – Cristian Dumitrache, Xposed |
| 1:30 pm – 2:30 pm | Lunch Break |
| 2:30 pm – 4:00 pm | Workshop – Implementation of the Bucharest Stock Exchange’s Corporate Governance Code – Olga Niță, Filip and Company |
FOrum by arir SPEAKERS
Daniela Maior (Șerban)
ARIR PRESIDENT
About Daniela Maior
Following 17 years’ experience in the capital markets, Daniela set up a consultancy service 5 years ago that continues to build on her skills of helping companies to become successfully listed on the stock market. She supports clients to constantly grow their market value with millions of € a year, through best practice investor relations! She works with top prospective listed companies in getting their best valuations at the IPO.
Was selected by the European Bank for Reconstruction and Development as the most experienced professional to lead the first Investor Relations and Liquidity Programme in the world to take place in Romania. The project aim was to deliver a tailored IR Strategy with focus on improving liquidity for 3 selected listed companies.
Her expertise in the capital markets, including at the Bucharest Stock Exchange, was crucial in initiating and leading ARIR, the Romanian Investor Relations Association, attracting more than 90% of market capitalization companies on the Bucharest Stock Exchange in less than 5 years.
In her daily life, Daniela is involved in financial & entrepreneurial education initiatives, supporting women in business, but also mentoring young professionals. She also holds PhD in Finance.
Patrick de Cambourg
CHAIR OF THE EFRAG SUSTAINABILITY REPORTING BOARD
About Patrick de Cambourg
Patrick de Cambourg is the Chair of the EFRAG Sustainability Reporting Board since November 2022.
Between 2015 and November 2022, he was President of the Autorité des normes comptables (ANC), the French accounting standard-setting Public Authority. As such, he was also a member of the Boards of Autorité des marchés financiers (AMF), Autorité de contrôle prudentiel et de Résolution (ACPR), CNOCP and a member of the Haut Conseil de Stabilité Financière.
Patrick was a member of the EFRAG Financial Reporting Board and chaired the EFRAG Project Task Force on preparatory work for the elaboration of possible EU non-financial reporting standards from September 2020 until April 2022.
Patrick, a graduate from Sciences Po Paris, holds degrees in public and business law and has a Bachelor of Arts. As chartered accountant and auditor, he spent his entire career within the Mazars Group, successively as junior, manager, partner and senior partner (1983-2014). Since late 2014, he is Honorary President of the Mazars Group.
Luc Vansteenkiste
CHAIRMAN EUROPEANISSUERS
About Luc Vansteenkiste
Luc Vansteenkiste is the Chairman of EuropeanIssuers and an active member of the Sustainability Reporting Board of EFRAG. He holds a Master in Chemical Engineering from the University of Louvain. He established his career with Recticel, where he became CEO in 1991 and later Vice President in 2010.
In addition to serving as Chairman of the Employer’s Federation of Belgium (FEB) from 2002 to 2005, he is currently President of Mona, of the Platform of Financing of Enterprises of Febelfin, and member of the board of SVK . Luc Vansteenkiste also has been the Chairman of Sioen, Smartphoto, Telindus, Lannoo and was member of the board of Delhaize, BNPP-F, Ter Beke, Bois Sauvage, CBR and BATC.
Having been active in the economic reconversion Marshall Plan of the Walloon Region, his main focus is the promotion of entrepreneurship and job creation, which is why he endorses a stable and balanced regulatory framework.
Radu Hanga
PRESIDENT OF THE BOARD OF BUCHAREST STOCK EXCHANGE
About Radu Hanga
Is the Chairman of the Board of Bucharest Stock Exchange (BVB) since 2020. He has over 25 years of experience in the financial markets, holding several positions on the Boards of Directors of listed companies and being the 2015 and 2020 President of the Association of Asset Managers in Romania.
Mirosław Kachniewski
PRESIDENT OF THE MANAGEMENT BOARD, POLISH ASSOCIATION OF LISTED COMPANIES (SEG)
About Mirosław Kachniewski
Before joining SEG he was employed at Polish Securities and Exchange Commission, where his main duties were focused at coordination of international cooperation, analyses, as well as information and education policies. Earlier he was an advisor to the Minister of Privatization responsible for negotiations of Poland’s membership in the OECD in the field of foreign direct investment. Former employee of Warsaw School of Economics (International Finance Department), graduate of Foreign Trade Faculty of this school. Author of many economic publications relating mostly to functioning of capital markets, liberalization of capital movements, transborder financial services, integration of EU financial market. Board Member of EuropeanIssuers, previously was serving many important duties at International Organization of Securities Commissions (IOSCO).
Liviu Vatavu
HEAD OF LEGAL AND GOVERNANCE ANTIBIOTICE
About Liviu Vatavu
Liviu Vatavu is currently the Legal Director of Antibiotice. The main activities it deals with are: providing legal advice to the company’s structures, protecting intellectual property rights, drawing up Internal Codes and Regulations and monitoring their compliance, drawing up and/or endorsing contracts, representing the company in the courts of law.
Jean Dumitrescu
INVESTOR RELATIONS DIRECTOR AQUILA
About Jean Dumitrescu
He is a professional with over 20 years of experience in the financial-operational field, FMCG distribution, logistics and transport, and target management, working since 2006 in the largest leading company in integrated distribution and logistics services for the consumer goods market in Romania and the Republic of Moldova, AQUILA. Within AQUILA, he coordinated the financial department for 14 years, holding the position of Financial Director, and is currently Director of Investor Relations within the same company. Also, between 2001-2004 he was financial controller, Exploration and Production Division: international exposure within Rompetrol, and between 2004-2006 within ING Bank he held the position of Corporate Relations Manager.
Raluca Kasap
HEAD OF INVESTOR RELATIONS ELECTRICA
About Raluca Kasap
Raluca Kasap is the Head of Investor Relations at Electrica, where she established the department 11 years ago and has since continuously developed and refined the company’s communication with investors and capital markets. Prior to this role, she worked in entrepreneurship and project management, leading international projects in dynamic and multicultural environments. At Electrica, Raluca oversees the dialogue between investors and company management, consistently promoting transparency, honesty, and proactivity in capital market communications. In her current mandate, she aims to actively contribute to the digital transformation of the investor relations field and to support ARIR members in implementing best practices in IR communication, as evaluated through the VEKTOR indicator. This focus allows her to leverage both her educational background in IT and her experience in securing and maintaining Electrica’s top VEKTOR score for the fourth consecutive year.
Răzvan Butucaru
PARTNER FINANCIAL SERVICES & ADVISORY LEADER, FORVIS MAZARS
About Răzvan Butucaru
Răzvan Butucaru, together with his team of passionate professionals, offers support for the critical moments that define the success of a business. Răzvan is currently leading the financial services and advisory group within the Romanian office which comprises a variety of business lines such as deals advisory, risk & corporate governance consulting, financial services regulatory and IFRS desk. Prior to joining the firm in 2014, Răzvan started his career in a Big 4 company and subsequently worked in the banking sector for a large regional financial services group. In the financial services sector, Răzvan worked with some of the largest companies in CEE (e.g insurance companies, banks, investment funds etc), and offered them high-quality services, delivered by a team of specialists who have the global, regional, and local regulatory knowledge and technical expertise to provide a broad range of solutions in a truly integrated fashion. He has been involved in many projects dedicated to the banking & capital markets practice and he offers guidance on regulation and compliance, risk management, and finance-related aspects. Răzvan holds a BSc from The Bucharest Academy of Economic Studies, majoring in Banks and Stock Exchange from the Faculty of Finance, Insurance, Banks and Stock Exchange alongside an MSc from the same university majoring in Internal audit within the financial services sector. He is a member of the Chamber of Financial Auditors of Romania (CAFR), a fellow member of the Association of Chartered Certified Accountants (ACCA), and other professional bodies (e.g. IIA).
Daniel Naftali
SENIOR VICE PRESIDENT AND DEPUTY PORTFOLIO MANAGER FONDUL PROPRIETATEA
About Daniel Naftali
Daniel Naftali is currently a Senior Vice President and Deputy Portfolio Manager at Fondul Proprietatea. Effective July 1, 2025, he will assume the role of Portfolio Manager at Fondul Proprietatea.
Daniel joined Franklin Templeton in 2010, having entered the financial services industry in 2004. He holds a bachelor’s degree in Finance and Banking from the Academy of Economic Studies in Bucharest and an M.Sc in International Securities, Investment, and Banking from the ICMA Centre at the University of Reading, United Kingdom. Daniel is a CAIA Charterholder and a full member of the local association of valuators (ANEVAR).
Peter de Boer
CEO DN AGRAR GROUP
About Peter de Boer
Peter de Boer is a graduate of the Faculty of Law and Business Administration at Leiden University, The Netherlands, as well as the financial evaluation and modeling course at CFI Corporate Financial Institute. He has been part of the DN AGRAR team since 2019, as a Strategic Corporate Financial Manager and Investor Relations Manager. Thanks to experience Peter is in charge of leading the administrative departments of the group of DN AGRAR companies and is responsible for establishing and implementing Human Resource strategies, as well as the strategy of digitization of the companies within the group. The implementation of an ERP system and management software for agriculture. From the perspective of the relationship with the investors of DN AGRAR, Peter is responsible for maintaining effective, constant, and transparent communications, ensuring a long-term partnership with them.
Radu Mustață
CHIEF COMMERCIAL OFFICER, MARSH MCLENNAN, CEE CENTRAL ENERGY & POWER LEADER, CEE CENTRAL
About Radu Mustață
Radu Mustata is a business development and sales expert with over15 years in the insurance and risk management sectors.
As Chief Commercial Officer for Marsh McLennan in Central CEE,
Radu drives commercial growth by integrating Marsh McLennan’s
diverse strengths.
Previously, he served as Sales Director and Deputy Sales Director
at Marsh Romania, managing large corporate accounts and strategic
initiatives in energy and financial services. Holding a Master’s
degree in Finance & Banking from Transilvania University, Radu
is skilled in B2B sales, data analysis, and risk management.
A recognized public speaker on energy and power risk topics, he is
committed to expanding Marsh McLennan’s market presence
across Central and Eastern Europe.
Mihai Purcarea
PRESIDENT AND CEO, BRD ASSET MANAGEMENT
About Mihai Purcarea
Mihai Purcarea is the President and CEO of BRD Asset Management, the largest investment management companies in Romania. Previously, he served as Chief Investment Officer at Erste Asset Management and over the past 20 years, Mihai has been involved in managing some of the largest investment funds in Romania, with investments in dozens of local and international companies. Mihai holds an MBA from the City University of Seattle, is a Chartered Financial Analyst (CFA), holds a Certificate in ESG Investing, and completed a postgraduate diploma in Board Practice at Henley Business School.
He is a board member of the CFA Society Romania, the Romanian Association of Fund Managers (AAF), and a lecturer in the Effective Board Director programs delivered by Envisia.
Olga NIță
PARTNER, FILIP & COMPANY
About Olga Niță
Olga Niță is a partner at Filip & Company, specializing in capital markets, mergers and acquisitions, corporate law, and financial services. Her experience includes transactions on both debt and equity capital markets in Romania, M&A projects, financing transactions, legal due diligence, corporate governance, and general corporate consultancy for private companies and publicly listed companies. With extensive experience in managing complex corporate transactions, Olga has provided strategic advice to both sellers and buyers, being involved in some of the most significant transactions that have taken place on the Romanian market in recent years, contributing significantly to their success.
Daniela Aldescu
ARIR EXECUTIVE DIRECTOR
About Daniela Aldescu
Daniela is an experienced professional, with over 10 years of experience and demonstrated track record in capital markets, strategy, and communication, working for one of the largest listed companies in Romania – OMV Petrom and Electrica. For over 5 years she has been coordinating the operational activity of ARIR, collaborating with the 40 members of the organization. In her role as an IR professional, she was responsible for ensuring efficient and transparent reporting to the capital market, defining and managing the message to investors, and ensuring the company’s visibility and investor accessibility to the company’s management. She interacted with over 100 local and international investors and coordinated the organization of events dedicated to them, supporting management in conveying the company’s message. She is also Partner in a micro VC that supports start-ups in early stage.
Vlad Obreja
ARIR HEAD OF PUBLIC AFFAIRS
About Vlad Obreja
Vlad is a public affairs professional with a legal background that has joined the ARIR team in 2023. He has been part of ARIR’s endeavors of contributing to an improved regulatory framework of the local capital market on various topics, such as gender balance in listed companies’ management structures, capital increases and financial reporting.In his previous experiences, he has accumulated know-how in public communication and NGO management, as well as external relations.
Gabriel-Andrei Țecheră
CORPORATE GOVERNANCE & IR DIRECTOR OF TTS -TRANSPORT TRADE SERVICES
About Gabriel-Andrei Țecheră
Currently, Gabriel – Andrei Țecheră holds the position of Corporate Governance & IR Director within the company TTS-Transport Trade Services. Graduated in engineering from the Politehnica University of Bucharest and MBA from Case Western Reserve University in Cleveland, OH.
Siegfried Neumüller
EXECUTIVE DIRECTOR, EQUITY CAPITAL MARKETS, RAIFFEISEN BANK INTERNATIONAL
About Siegfried Neumüller
Siegfried started his career at the Vienna Stock Exchange in 1999, where he was heading the listing and index department. In 2005 he joined Raiffeisen’s Equity Capital Markets Team in Vienna starting with a focus on Central-and Eastern Europe including the Romanian market. Since then, he was involved in numerous ECM transactions across CEE and Western Europe.
Tomislav Pasalic
SENIOR EQUITY SALES, ODDO BHF
About Tomislav Pasalic
Tomislav started his banking career in Bank für Arbeit und Wirtschaft AG (BAWAG) in 2002 in the Interanational Division as Relationship Manager for financial institutions. In 2006 he joined the Equity Sales team of Raiffeisen Group with a strong focus on institutional investors located in CEE and was involved in all parts of equity placements (IPO, SPO & ABB). From February 2025 Raiffeisen`s equity sales and equity research team partnered with the French Investment Bank ODDO BHF.
Cristian Dumitrache
BUSINESS PROFILING CONSULTANT, LEARNING EXPERT AND FOUNDER OF XPOSED
About Cristian Dumitrache
With over 20 years of experience in training and consultancy, Cristian is one of the few experts in Romania who combines physiognomy, microexpressions, voice analysis, and neurolinguistics to improve business communication. He works with teams from over 10 countries, in 3 different languages, helping professionals better understand the behaviors and motivations of their clients. At this event, you’ll discover how to “read” people from the very first moment – for authentic connections and better results in client relationships.
Diana Mazurchievici
DIRECTOR OF ESG INTEGRATION & INVESTOR RELATIONS, BANCA TRANSILVANIA
About Diana Mazurchievici
Diana Mazurchievici brings over eight years of experience in the banking industry, with a strong focus on sustainability, investors relations, and capital markets. Since 2022, she has led the ESG Integration and Investor Relations department, where she is responsible for shaping the bank’s investor engagement strategy, both in the ECM and DCM areas, and embedding ESG principles into long-term planning and financing frameworks.
An Executive MBA graduate of the Maastricht School of Management, Diana has played an important role in expanding the bank’s access to international debt capital markets. Notably, she has coordinated the execution of two bond programmes listed on the Dublin Stock Exchange, including the development of a sustainable bond framework that underpins the bank’s commitment to responsible growth, funding diversification and fostering wider relationships with international financial institutions.
Eliza Gereanu
SENIOR EXPERT, MINISTRY OF FINANCE
About Eliza Gereanu
Eliza-Elena Gereanu is a Senior Expert within the Directorate General for International Financial Relations of the Romanian Ministry of Finance. With over 17 years of high-level experience in international financial relations, she has held leadership and advisory roles in both the public and private sectors, including at the European Commission, the EU Delegation in the Central African Republic, Bucharest City Hall, and in renewable energy. Eliza has represented Romania in complex negotiations with international financial institutions such as the World Bank, IMF, EIB, and EBRD, and at OECD, G20, and G7 forums. Her work spans strategic policy coordination, capital market development, legislative harmonization, blended finance. She has led efforts in public finance reform, investment climate enhancement, and bond issuance. Eliza holds an Executive MBA from the WU Executive Academy and is fluent in English, French, and Italian.
Cristian Petre
EQUITY PORTFOLIO MANAGER, NN PENSII
About Cristian Petre
Cristian Petre holds the role of Equity Portfolio Manager for NN Pensii since 2018 and has an experience of over 17 years in investments.
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7th edition of Forum by ARIR
Sustaining Growth, Governance and Liquidity in a Transforming Capital Markets Landscape
Sheraton Bucharest Hotel, Platinum Hall
DATE: JUNE 13TH, 2025