Success of Georgia’s economy depends on ability of private sector to attract funds from investors

Business Materials 17 December 2020 17:24 (UTC +04:00)
Success of Georgia’s economy depends on ability of private sector to attract funds from investors

BAKU, Azerbaijan, Dec.17

By Tamilla Mammadova – Trend:

The joint project of the EU and the WB - ‘Georgia Financial Inclusion and Accountability’, in partnership with the National Reforms Support Foundation in Accounting, Reporting and Auditing (RSF), held a virtual award ceremony to announce the winners of the ‘Best Annual Report and Transparency Award’ (BARTA), Trend reports via Georgian media.

This annual award aims to encourage compliance with new reporting regulations, foster healthy competition between companies, and improve the overall standard of corporate reporting as part of the country’s quest to build up investor trust and confidence at local and international levels.

The award ceremony was held on December 16. There were 18 nominee companies, and the competition was presided over by an international panel of judges. The selection process was carried out taking into account various points such as brand, customer reputation, know-how and goodwill that drive corporate value.

The winners in each of the 4 award categories, announced are as follows:

Large Financial Companies – JSC TBC Bank
Large Non-Financial Companies – JSC Nikora Trade and JSC Telasi (Joint)
Small Companies – Georgian Leasing Company LLC
Honorary Award – JSC MFO Crystal

BARTA was first launched in December 2019 to address the challenges in quality and transparency of corporate reporting of Georgian companies.

In 2019, the competition was only open to companies listed on the Georgian Stock Exchange (GSE) A and B listing, as well as those admitted to trading, this year it was open to all public interest entities (PIEs), which included all listed companies (A and B listing), admitted to trading companies, banks, insurance companies and others.

"The European Union congratulates Georgia for visible progress in the financial sector. Now, following the recent experience of larger companies, also the smallest ones are entering the forefront of financial reporting and transparency. This is good for business, for investors and Georgia's overall economic development,” said Sigrid Brettel, Head of Cooperation of the European Union Delegation to Georgia.

"The success of Georgia’s economy increasingly depends on the ability of the private sector to attract funds from investors at home and abroad. Investors, in turn, are looking for higher levels of transparency, which is why I believe that initiatives such as BARTA are so important to further develop the Georgian business environment and boost investor confidence in Georgia,” said Sebastian Molineus, World Bank Regional Director for the South Caucasus.


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