25.May .2020 17:00

Board of the NBG to be comprised of 9 members – the draft bill

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The Parliament of Georgia is considering a draft law prepared by the Ministry of Finance, which envisages increase of number of members of the National Bank Board by 2 members up to 9.

According to the bill, one of the members of the board still will be the president of the NBG. However, the number of vice-presidents will be three. However, Board will be considered authorized, if minimum number of board members will be determined by 5 instead of existing 4.

According to the bill's explanatory note, the goal is to improve corporate governance.

Today, the NBG Board is comprised of 5 members. Three of them are members of the executive branch.
Board members are:

• Koba Gvenetadze - Chairman of the Board of the National Bank of Georgia, President;
• Archil Mestvirishvili - Member of the Board of the National Bank of Georgia, Vice President;
• Papuna Lezhava - Member of the Board of the National Bank of Georgia, Vice-President;
• Robert Singletari - Member of the Board of the National Bank of Georgia;
• Nikoloz Kavelashvili - Member of the Board of the National Bank of Georgia.

To remind, there have been two vacancies in the NBG Board for more than a year, but the Parliament has not approved them yet.