National Reforms Support Foundation for Accounting, Reporting and Auditing with the support of the European Union - World Bank joint project on Financial Inclusion and Accountability announces in fall 2019 the competition aimed for the GSE listed companies.
The success of Georgia’s economy will depend in large part on the ability of the private sector to attract investors from home and abroad. Georgia boasts an enviable 6th place in the World Bank’s global Doing Business rankings. But Georgia’s capital markets, including the Georgian stock market, are underdeveloped and need mechanisms and incentives to stimulate their growth. The Best Annual Report and Transparency Award is being launched by the National Reforms Support Foundation (RSF), with support from the European Union, the World Bank, the Georgian Stock Exchange (GSE), the National Bank of Georgia, the European Bank for Reconstruction and Development (EBRD) and others, to promote better reporting practices by companies listed on the GSE by awarding those listed companies that have the highest quality of reporting. High quality reporting practices, that conform with regulation and emerging global best practice, are intended to better inform and protect Georgian investors and encourage them to invest in Georgian listed companies. This will help the GSE grow by attracting new listings and investors.
Evaluation Process
The awards will be based on a 3-step evaluation comprising initial screening, detailed evaluation of shortlisted companies, and finally a panel of judges, comprising local and international experts, to decide on the award winners. The initial screening will involve identifying companies listed on the GSE that are compliant with current financial reporting requirements as demonstrated by their having an unqualified/clean audit report and submit their annual report to SARAS on time, which are published at www.reportal.ge. Companies that pass this initial screening will then be contacted and advised that they are short listed for the award. Award winners will be determined based on an evaluation of their management reporting, corporate governance statement, non-financial information (NFI) reporting-in accordance with Article 7 of the Law of Georgia On Accounting, Reporting and Auditing - and other (e.g., publication of reports on their website, timeliness of submission of annual report and quality of presentation of financial statements). In so doing the awards act to encourage compliance with legal requirements. Each company will be scored out of 100 / 100% in categories as shown in the table below.
Timetable of Key Dates
Companies should take note of the schedule of key dates, including the deadline for submission of the required information, as follows:
- Publicly announce the award scheme – September 2019
- Reports to be submitted and published by companies on reportal.ge – 31 October 2019
- Initial screening / shortlisting of enterprises with clean / unqualified audit reports – November 2019
- Notify shortlisted companies – 15 November 2019
- Evaluation – November/December 2019
- Award ceremony event – 17 December 2019 (please register above)
The list of shortlisted nominees for 2019 Award:
Financial Institutions:
- TBC Bank JSC
- Bank of Georgia JSC
- Liberty Bank JSC
- VTB Bank Georgia JSC
- MFO Crystal JSC
Non-financial companies with 500+ employees
- Silknet JSC
- Telasi JSC
- Tegeta Motors LLC
Non-financial companies with up to 500 employees
- Georgian Beer Company JSC
- Nino JSC
- Bambis Narti JSC
- Georgian Leasing Company LTD
- Tbilisi Tea Packing Factory JSC
- Lisi Lake Development JSC
- Isani-Kartu JSC
- M2 Commercial Assets LTD
See the link: www.rsfaward.ge