On March 25-25, 2021 Corporate Governance Workshop will be held in Rooms Hotel in Tbilisi. Event donor and organizer is European Bank of Reconstruction and Development, EBRD; co-organizers are Velox Capital Advisors and Independent Directors Association, whose member Sascha Ternes is one of the workshop speakers.



Day 1


Subject Presenter/Discussant


Course outline by Mariam

Question: What do we hope to get out of the course?

Mariam Megvinetukhutsesi, Velox Capital

Session 1


The Independent Directors Association

The role of independent directors and supervisory boards

Supervisory boards and crisis management

  • How they work? Different roles?

-        Role in risk management/crisis management?

-        Role in strategic planning?

  • Role of independent directors?

Discussion issues

  • Groups’ experience of independent directors?
  • Role in Georgian boards?
  • Would they have helped during covid? Can they help now?
Sascha Ternes, Independent Directors Association
11:00-11:15 Coffee  

Session 2


Recent changes in Georgian Corporate Governance

-        Summary of recent changes

  • Supervisory boards
  • Internal controls
  • Transparency
  • Protection of minorities

-        EU and Association Agreement

-        Global Context

-        Capital Markets


-        What are the biggest changes that the participants have experienced?

-        Are there opportunities that come out of this?

George Welton, GeoWell

Day 2

Session 3

11:00 – 11:45

Corporate governance and overall legal structure in Georgia

-        Main legal framework of CG in Georgia

-        Main elements of CG

  • Board Structure & responsibilities
  • Overview of what the following elements usually contain?

-        Company charter

-        Code of ethics

-        Internal audit

  • Disclosure requirements for SARAS and NBG – for different types of companies

-        Financial

-        Non-financial disclosures

  • Minority protections

-        Minority rights

-        Conflict of interest

-        Related party transactions

Discussion Topics

  • In the Covid context, are there specific areas where their company would benefit from advice or would have benefited?
  • Are there any areas where it is useful to go beyond the requirements of the law in terms of transparency and disclosure?
  • Have you been affected by EU rules to expand systems – like environment, or production standards etc?
  • Do you have minority shareholders or are they investors/shareholders in other companies? What challenges does that create?
  • Do the participants have any experience having to think about related party transactions, conflict of interest etc?

What would they expect to do to give confidence to new partners – IFIs, potential investors?

George Jugheli Investors Council

Mariam Megvinetukhutsesi, Velox


11:45 – 12:00


Session 4

12:00 – 12:30

Capital Markets

-        Different kinds of financing

-        Different sources of financing

  • IFIs
  • Private Equity
  • Capital markets


-        Other than cost and speed, what are the main questions that people consider when looking at financing?

Experience of IFI financing?

Mariam Megvinetukhutsesi, Velox Capital

Session 5

12:30 – 13.00

Georgian Fixed Income Market update and its development potential Galt and Taggart or TBC Capital TBD

Session 6

13:00 – 13:15

Closing Remarks Mariam Megvinetukhutsesi