The Inauguration Event of the newly established Independent Directors Association took place on 10th June 2016.

The presentation was attended by the country's leading companies’ owners and managers, international financial institutions’ representatives and non-governmental organizations.

The Independent Directors Association’s Board Members Mr. Viktor Kipiani and Mr. Tariel Gvalia, as well as the Business Ombudsman and Secretary of the Economic Council of the Government of Georgia Mr. Giorgi Gakharia, EBRD Director for Caucasus, Moldova and Belarus Mr. Bruno Balvanera and the Chairman of the budget and finance committee of the Georgian Parliament Prof. Irakli Kovzanadze gave welcome speeches during the event.

The Association is created to represent, promote and support independent Supervisory Board Members in Georgia, who are appointed by Companies for enhancing the standards of corporate governance by using his or her knowledge, skills and experience. The Board of the Independent Directors Association consists of Mr. Tariel Gvalia, Mr. Mamuka Machavariani, Dr. h.c Sascha Ternes, Mr. Gigi Glonti and Mr. Victor Kipiani.

In February 2016, the Parliament of Georgia enacted certain key changes tothe Law on Entrepreneurs and Law on Securities Market (valid from 15th May 2016), which requires involvement of at least one independent member in the supervisory board of “accountable entities”. The main purpose of this legislation is to enhance culture and standards of the corporate governance with more transparency and efficiency in running Georgian companies.

After the presentation a reception was held in honor of the guests, during which the visitors exchanged views about the implementation process of higher corporate governance standards in Georgia.

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