The Romanian Investor Relations Association (ARIR) announced that it had received favorable approval from the Ministry of Labour and Social Protection to introduce in COR (Classification of Occupations in Romania) two new occupations: Investor Relations Specialist and Investor Relations Director.
ARIR initiated this process in 2019 and conducted a detailed analysis regarding the need to introduce the two professions in COR. Therefore, there were identified more than 500 companies for which it is recommended to have such a position within the organization (companies listed on stock exchange on the Regulated Market, companies listed on AERO, companies with listed bonds, multinationals present in Romania, listed on international markets) and another 2.000 unlisted companies with more than 10 shareholders. All of them would need a person in the organisation to manage the relation with its shareholders, the financial results reporting and the communication with the stakeholders.
Daniela Șerban, ARIR President & Co-Founder: ”We are proud by the result of this action. It is a success and a step forward for the entire capital market. Two years after the set-up of ARIR, we confirm the importance of the investor relations professionists and the potential for professional development in the local capital market. The presence of an investor relations specialist within an organisation contributes to the company’s attractiveness, to the improvement of transparency and corporate governance, which ultimately leads to attracting new investors and capital for growing. All of this determine the develpment of the company, creation of jobs and, in the end, economic growth.”
Ana-Maria Imbrea, Vice-president ARIR, Director of Investor and Corporate Relations Department, ALRO: ”Another successful initiative of ARIR that emphasizes the importance of the role and activity of investor relations professionals for the Romanian capital market. We welcome the introduction in COR by the Ministry of Labor of the two professions and we believe that this decision is a big step forward in attracting professionals, developing this field and aligning with international best practices.”
This step was possible with the support of the Financial Supervisory Authority, the Bucharest Stock Exchange, ALRO, Antibiotice, Biofarm, Franklin Templeton Management – Bucharest Branch, OMV Petrom, TeraPlast and other ARIR members.
The need to introduce the profession of Investor Relations Specialist became even more important once Romania was promoted in September 2020 in the category of emerging capital markets, from the category of frontier markets, by the international evaluation agency FTSE Russell. Thus, the Romanian capital market entered a new stage of development as this promotion represents an international recognition of the progress and shows the attractiveness of the local market for international investors. Therefore, the investor relations activity gets an essential role in this process as the attention of sophisticated institutional investors will be directed more towards companies with good corporate governance and recognized abilities in the investor relations area.