12.Dec .2019 11:53

Nominees for The Best Annual Report and Transparency Award to be Announced on December 17

Nominees for The Best Annual Report and Transparency Award to be Announced on December 17
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Nominees for The Best Annual Report and Transparency Award are now known. The winners in three nominations out of 16 candidates will be announced on December 17.

The winner was revealed through the evaluation consisting of two stages: initial screening and detailed assessment of selected companies by the panel comprised of local and international experts.

The nominees are:

Financial Institutions
• JSC TBC Bank
• JSC Bank of Georgia
• JSC Liberty Bank
• JSC VTB Bank Georgia
• JSC Crystal

Large Non-financial Institutions (over 500 employees)
• JSC Silknet
• JSC Telasi
• LLC Tegeta Motors

Small Non-financial Institution (up to 500 employees)
• JSC Georgian Beer Company
• JSC Nino
• JSC Bambis Narti
• LLC Georgian Leasing Company
• JSC Tbilisi Tea Packing Factory
• JSC Lisi Lake Development
• JSC Isani - Cartu
• LLC M2 Commercial Assets

The award will be handed over to those companies listed on the Georgian Stock exchange, which submit financial and management reports prepared in accordance with the best international practice.

The award was launched within the framework of the World Bank– European Union joint Project – Financial Inclusion and Accountability by the National Reforms Support Foundation for Accounting, Reporting and Auditing.

The Best Annual Report and Transparency Award is the first award supporting new culture of annual reporting. Development of the Georgian economy largely depends on the capability of the private sector to attract domestic as well as foreign investments. Georgia came the seventh in the World Bank’s Global Doing Business rating, however its capital market requires growth and more incentives for development. This award aims to facilitate capital market development, improve investment environment and foster right economic decision-making through improving financial and management reporting.

Transparent financial and management information eases selection of a reliable partner for businesses, banks, state and investors, simultaneously allowing users to observe company development and decide whether to buy its shares on the market or not.

Partners of the event are: World Bank, National Reforms Support Foundation for Accounting, Reporting and Auditing, Georgian Stock Exchange, National Bank of Georgia, European Bank for Reconstruction and Development, Parliament of Georgia, Service for Accounting, Reporting and Auditing Supervision, Pension Fund, Independent Directors Association, ISET etc.