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“Transparency Is an Important Precondition for the Development of the Securities Market” – NBG

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BM.GE
27.10.20 15:00
623
The joint project of the World Bank and the European Union for Financial Inclusion and Accountability in Georgia is announcing a competition in cooperation with the National Reforms Support Foundation (RSF). The annual competition aims to improve the quality of reporting and transparency.

The competition was held in Georgia for the first time last year, and this year, unlike in 2019, it will be open to all persons of public interest, including all companies of A and B listing categories, including commercial firms, banks, insurance companies, and others.

The National Bank of Georgia states that reliable information about companies is essential for achieving sustainable economic growth. Salome Skhirtladze, Head of the NBG Capital Market Department, explains that increasing transparency will attract investment.

"Transparency is one of the most important preconditions for the development of the securities market. For the investor to be able to make an informed investment decision, it is important to have timely and reliable financial and non-financial information about companies. In this regard, in 2020 we made very significant changes in the legislation on securities, updated requirements regarding the transparency of issuers. With our requirements, we have become even closer to other countries and have the best international experience. This applies to both the financial and non-financial side.
The purpose of the World Bank competition is to provide some incentive to the market to further refine the publicity and quality of corporate information, both in financial parts and in the annual report, which discloses company information, including corporate governance, business risks, and strategies, "Skhirtladze said.