News: Business is Obliged to Public Financial Information
In June, 2017 the Parliament of Georgia has adopted the Law on Accounting, Reporting and Audit, according to which majority of the private companies are obliged to conduct the IFRS quality audit and make the information public. Today, only a small part of private companies publish their financial information. The Reform will be headed by […]
News: Audit Committee and Its Meaning
Since 2016, the Georgian legislation has more and more amendments, the aim of the changes is to implement the best practice of the corporate governance in the Georgian legislation. One of them is the Audit Committee. What is the Audit Committee and what is its meaning for the corporate governance standards? The following article covers […]
News: Legal Basis of Accountable Enterprise in Georgia
Establishment, operation, internal administration and state control over the accountable enterprises, same as public companies or open joint-stock companies, differs from the ordinary closed joint-stock company. This distinction is derived from the Georgian legislation, which is in line with the international practice in this field. Please, see the link below for the article: www.bm.ge
Corporate News: Corporate Governance and Risk Management
Risk-taking is a fundamental driving force in business and entrepreneurship, the cost of risk management failures is still often underestimated, both externally and internally, including the cost in terms of management time needed to rectify the situation. Corporate governance should therefore ensure that risks are understood, managed, and, when appropriate, communicated. The following article reviews […]
News: The Deposit Insurance Agency will be Directed by Otar Dzidzikashvili
Former head of pension reform service Otar Dzidzikashvili was appointed as the head of the Deposit Insurance Agency. The deposit insurance system will be launched on January 1, 2018. According to the Law of Georgia on Deposit Insurance System, which was adopted by the Parliament in May 2017, the head of the of the Deposit […]
Corporate News: Establishment of a Better Standard of Corporate Governance Using the Preemption Right on the Shares
On May 4, 2017, number of amendments and changes were introduced to the Georgian Law on Entrepreneurs, which establishes new standards of the relations between capital-type companies’ partners, which in turn affects the corporate management peculiarities. Please, see the link below for the article:www.bm.ge
Corporate News: Access to Market, Finance and Knowledge
Half of the surveyed small and medium-sized companies consider accessing into the market as the main challenge, remaining 40% consider that the main problem is access to finance and only 10% consider accessing to knowledge as the main barrier. There are lots of writing about small and medium businesses in Georgia and abroad. Economists, politicians, […]
Corporate News: Modern Corporate Covernance Systems
The modern corporate governance system is familiar with the three systems that are typical for both – Anglo-American and Romano-Germanic law. In particular, there is a one-tiered, two-tiered and a mixed system. Please, see the link below for the article: www.bm.ge
Corporate News: Independent Directors Association’s Members Meeting
On 5th December, 2017, Independent Directors Association’s members meeting was held at the hotel “Ambassadori”. The meeting was attended by Mr. T. Gvalia, Mr. S. Ternes, Mr. G. Glonti, Mr. V. Kipiani, Mr. I. Kovzanadze, Mr. K. Baindurashvili, Mr. S. Gvalia, Mr. G. Naskidashvili and Mr. G. Keshelashvili. Mr. T. Gvalia talked about the activities […]
Corporate News: Information Disclosure and Legislation
The existence of a comprehensive corporate governance system is inconceivable in terms of closing essential information about the company. Potential investors’decision making processis largely linked to the proper and full information about the company’s activities. Please, see the link below for the article: www.bm.ge