Published on: 2026-09-09
Source: Moscow Exchange –
An important disclaimer is at the bottom of this article.
On September 7, 2026, the annual Russian IR forum “IR Code: Stress Test”, organized by the Moscow Exchange, concluded its work in Moscow.
The forum participants included nearly 600 delegates, among them top executives of Russian public companies, investor relations directors of issuers, consultants, representatives of the Ministry of Finance and the Bank of Russia, as well as specialized associations and unions.
The main topic of the forum was building a trust architecture with investors. The speakers agreed that the chief asset becomes the predictability of the business’s future performance: a quality two-way dialogue can add additional value to the business valuation by reducing the risk premium; investors need information in any market circumstances, they can accept bad news but not silence. The success of the financial communications function is measured not by capitalization, which depends on many external factors, but by the alignment of management forecasts with analyst consensus and multi-component metrics — the quality and timeliness of responses to investors’ and analysts’ questions, the capacity of feedback from the market, the expansion of analytical coverage, and the accuracy of the market’s perception of the business.
As part of the forum, a ceremonial awarding of the winners of the IR MOEX “Market Chooses” prize took place, established by the Moscow Exchange in 2025 with the aim of encouraging and promoting public companies that support the most constructive and fruitful dialogue with investors.
The awards were given to issuers who clearly and accessibly explain their results and business strategy, as well as openly answer questions about their activities and future plans.
Natalia Loginova, Director of the Department for Working with Issuers at the Moscow Exchange:
“The Moscow Exchange IR Forum is a space for discussing what is truly important right now in working with investors. Disclosure is not just an obligation to the regulator. Compliance with regulatory requirements does not yet guarantee a high quality of communication. The main indicator of how open a company is, is its voluntary dialogue with investors. A document can be published on time and formally comply with all standards, but investors may still find it difficult to understand what happened, why it happened, and how it will affect the business. We see that the role of IR is changing today. Quality IR can add a premium to the company’s valuation, while poor communication takes it away by reducing trust and inflating the business’s risk factors.”
Winners in the categories of the Moscow Exchange IR Award were determined in three categories depending on the company’s capitalization: up to 40 billion, from 40 to 200 billion, and over 200 billion rubles.
Winners IR-awards MOEX ““The market chooses”:
The best top manager for investors
Maxim Gritskevich, PJSC “DOM.RF” (a company with a capitalization of over 200 billion rubles);
Mark Kurtser, MCPO “MD Medical Group” (companies with a capitalization of 40–200 billion rubles);
David Martirosov, PJSC “GC “BAZIS” (companies with a market capitalization of up to 40 billion rubles).
Best IR Manager
Tatyana Dykova, PJSC “GMK Norilsk Nickel” (a company with a capitalization of over 200 billion rubles);
Yuri Marinichev, PJSC “Positive Group” (companies with a capitalization of 40–200 billion rubles);
Dmitry Kolesnik, PJSC “GC “BASIS” (companies with a capitalization of up to 40 billion rubles).
Best IR Communication
PJSC “DOM.RF” (companies with a capitalization of more than 200 billion rubles);
PJSC “Ozon Pharmaceuticals” (companies with a market capitalization of 40–200 billion rubles);
PJSC “VI.ru” (companies with a capitalization of up to 40 billion rubles).
Retail investor choice
Yana Larionova, PJSC “Sberbank” (IR director of a company with a capitalization of over 200 billion rubles);
Dmitry Kovalenko, PJSC “Ozon Pharmaceuticals” (IR director of a company with a capitalization of 40–200 billion rubles);
Maria Yazyeva, PJSC “Corporate Center ICS 5” (IR director of a company with a market capitalization of up to 40 billion rubles).
The complete list of winners and laureates of the award is posted at link.
The assessment of the effectiveness of interaction with investors was conducted based on the quality of information disclosure, the breadth of communication and information dissemination, and active and proactive work with investors across various communication channels. The results of a survey of institutional investors, who provided feedback on 87 companies, including five private ones, were also taken into account. To ensure the assessment reflects the broadest possible perspective of the investment community, the methodology’s development and updating involve a partner of the award – the Smart-Lab portal, which actively engages with retail investors.
The study is supplemented by the inclusion in the assessment of values from the Moscow Exchange violation index and expert evaluation at the Moscow Exchange annual reports competition. The methodology is available on the website Moscow Exchange.
Moscow Exchange is the largest Russian exchange, the only multifunctional platform in Russia for trading stocks, bonds, derivatives, currency, money market instruments, and commodities. The Moscow Exchange Group includes the central depository and the clearing center, which acts as the central counterparty in the markets, allowing Moscow Exchange to provide clients with a full range of trading and post-trading services.
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