VEKTOR -measure of the communication of listed companies with investors

VEKTOR 2020

VEKTOR methodology comprises 15 criteria, in line with international best practices in Investor Relations and was updated to include the feedback received from listed companies and the expectations of institutional and individual investors. VEKTOR methodology is revised yearly by an extended group of local and international specialists: financial analysts, IR professionals, consultants and academia.

SCHEDULE:
1

14 -31 May

Release for public consultation

2

June 1 – November 20

Compliance

3

November 21 – December 15

Evaluation

4

January 2021

Release and implement the results

* on ARIR & BVB websites pages

1

Release for public consultation

14 -31 May

2

Compliance

June 1 – November 20

3

Evaluation

November 21 – December 15

4

Release and implement the results

January 2021

* on ARIR & BVB websites pages

PRINCIPLES:
  1. The methodology is published for public consultation until 31st of May.
  2. Listed companies have 6 months during 2020 to comply with the criteria.
  3. The assessment will be done by ARIR between November 21st and December 15th, 2020.
  4. The final score, ranging from 0 (low communication) to 10 (excellent communication) will be displayed on each listed company profile, on  bvb.ro website and aggregated on ARIR website by latest end of January 2021.
  5. The methodology will be revised annually in the period March -April and the assessment will be done annually in November- December, or anytime at the request of a listed company.
  6. In case the maximum rating (10) is granted to more than 1/3 of the listed companies on the Regulated Market, the criteria imposed will be revised even if is not in the proposed schedule, for an upgrade of the requirements to a new level.
  7. The proposed methodology is looking for an assessment based on objective and clear criteria that includes provisions related to: Investor relations office, Corporate Governance, disclosure, engaging IR approach, interactive IR tools, analyst coverage, Non-financial reporting.
  8. ARIR, together with the Bucharest Stock Exchange and working group members, will provide support throughout the process for maximum compliance.

 

VEKTOR 2019

VEKTOR RESULTS 2019

KEY CHARACTERISTICS OF THE NEW METHODOLOGY:

The new assessment criteria aim at promoting implementation of best practices in investor relations and compliance with the Bucharest Stock Exchange Corporate Governance Code, in line with the expectations of institutional and individual investors.

The scope of the new assessment methodology, as a project managed by the Romanian Investor Relations Association, is focusing on promoting pro-active investor relations practices, leaving aside the content accuracy of regulatory-enforced obligations. The assessment will include only public available information.

PRINCIPLES:
  1. The proposed methodology was launched for public consultation during April 2019.
  2. Listed companies have at least 6 months during 2019 to comply with the new methodology.
  3. The first assessment will be done by ARIR between 1-20 December 2019.
  4. The final score, ranging from 0 (low communication) to 10 (excellent communication) will be displayed on each listed company profile, on  bvb.ro website and aggregated on ARIR website by latest end of January 2020.
  5. The methodology will be revised annually in March and the assessment will be done annually in December, or anytime at the request of a listed company.
  6. In case the maximum rating (10) is granted to more than 1/3 of the listed companies on the Regulated Market, the criteria imposed will be revised even if is not in the proposed schedule, for an upgrade of the requirements to a new level.
  7. The proposed methodology is looking for an assessment based on objective and clear criteria that includes provisions related to: Investor relations office, Corporate Governance, disclosure, engaging IR approach, interactive IR tools, analyst coverage, Non-financial reporting.
  8. ARIR together with the Bucharest Stock Exchange and working group members will provide support throughout the process for maximum compliance.

 

WHO WE ARE?

Romanian Investor Relations Association (ARIR) is a non-governmental and non-profit organization that was set-up in November 2018 with the purpose to provide current and potential issuers a platform for the development of Investor Relations (IR) professionals and contribute to the implementation of best practices in investor communication and corporate governance. The founding members of the association are Bucharest Stock Exchange, Romanian listed companies, those with potential to become listed companies, fund managers and Investor Relations (IR) professionals.

WHAT WE DO?

ARIR strategy is based on 5 key directions having the following objectives:

  • Evaluation – Assessment of investors’ perception related to listed companies;
  • Presentation – Improvement of companies’ presentation;
  • Regulations – Monitoring the legislative framework and supporting members’ opinions;
  • Communication – Strengthening links with investor and analyst communities;
  • Recognition – Promoting companies that implement best practices.