Nuclearelectrica and OMV Petrom Leading in Terms of the Vektor Indicator

Romania’s major energy companies are listed on the stock exchange, this being an important criterion for credibility and transparency in relation to investors, customers or line of business. The project dedicated to Vektor indicator is unique in Europe and companies should listen more to what investors say.

The results of the first evaluation of listed companies’ communication with investors, Vektor indicator, show that Antibiotice, Banca Transilvania and Nuclearelectrica are the companies that have obtained the maximum score in terms of communication with investors, being followed by ALRO Slatina, Bursa de Valori Bucuresti, OMV Petrom, Electrica, Farmaceutica Remedia, Fondul Proprietatea and MedLife.

The research, which took one year, was based on a methodology that included 15 criteria, in line with the best international practices in relation to investors (IR). In this context, 78 companies were evaluated, which received a score from 0 (low communication) to 10 (excellent communication). Most companies have fulfilled the Criterion 2 (57 companies), which refers to the availability of contact details for the Investor Relations team and Criterion 12 (50 companies), which refers to the provision of information about the price of shares in the issuer’s website.

The methodology was developed by ARIR members, financial analysts, IR professionals, consultants and professors. It will be reviewed annually in March, but changes in the indicator can be made continuously, at the request of companies. The evaluation process was reviewed in January by Mazars, one of the largest audit and consulting companies in the world, present in 89 countries and territories, with an experience of 25 years on the Romanian market.

ARIR is a non-governmental and non-profit organization that was set-up in November 2018 to provide current and potential issuers a platform for the development of Investor Relations professionals and contribute to the implementation of best practices in investor communication and corporate governance.

The founding members of the Association are BVB, ALRO, Electromagnetica, Franklin Templeton Management – Bucharest Branch, Hidroelectrica, Nuclearelectrica, Teraplast, Transelectrica, Daniela Serban, Cosmin Raduta and Tony Romani, while Electrica, OMV Petrom, Antibiotice, Idea Bank, BRK Financial Group and Banca Transilvania joined as associate members and Innova Project Consulting as affiliate member.


Vektor – measure of the communication of listed companies with investors

VEKTOR indicator has values between 0 (low communication) and 10 (excellent communication).

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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