The Parliament of Georgia is reviewing amendments to the Organic Law on the National Bank (NBG) that would transfer the authority to determine board members’ additional remuneration from Parliament to the National Bank itself. Under current legislation, enacted in September 2015, Parliament has been responsible for setting these payments.
The updated draft law specifies that the National Bank Board will set the additional remuneration for its members. According to Article 10, the amount cannot be lower than the average salary at the National Bank, ensuring a baseline for fair compensation. The draft emphasizes that the board itself, rather than lawmakers, will make these determinations.
The NBG Board comprises nine members, including four executives, the President and three Vice-Presidents, while the remaining five hold non-executive positions. Current asset declarations indicate that the President earns an annual salary of GEL 349,000, Vice-Presidents - GEL 294,000 each, and non-executive members receive over GEL 130,000 annually.
Proponents of the amendment argue that granting the National Bank the authority to determine its own board remuneration will increase institutional independence and efficiency. The draft law is currently under parliamentary consideration, with lawmakers expected to review its implications for governance and transparency before adoption.
