Winners of Best Annual Report and Transparency Award announced

Companies trading on the Georgian Stock Exchange (GSE) who have the highest quality of reporting were awarded yesterday with the Best Annual Report and Transparency Award including JSC TBC Bank, JSC Telasi, Georgian Leasing Company LLC and JSC Crystal.

The purpose of the Best Annual Report and Transparency Award is to promote better reporting practices by companies which are listed on the GSE. 

Photo: National Bank of Georgia.

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,” reports the official website of the award.

There were 16 shortlisted nominees for the 2019 award, including financial institutions, non-financial companies with more than 500 employees and non-financial companies up to 500 employees.

The selection process was conducted using a robust methodology that emphasized, among other things, the provision of non-financial information which addresses intangible assets such as brand, customer reputation, know-how and goodwill that drive corporate value.” says the World Bank.

Photo: National Bank of Georgia.

Winning companies by categories are:

• Large Financial Institutions – JSC TBC Bank
• Large Non-Financial Institutions (with 500 or more staff) – JSC Telasi
• Small Companies (with less than 500 staff) – Georgian Leasing Company LLC
• Honorary Award – JSC Crystal

President of the National Bank of Georgia Koba Gvenetadze said that the size of the capital market (financial market used for long-term assets, which are those with maturities of greater than one year) is still a major challenge, activity in the debt securities market has increased significantly.

Photo: National Bank of Georgia.

In the last five years, the size of the local treasury and corporate securities market has increased about 14 times, representing an annual growth of 31 per cent and 69 per cent, respectively,” said President of the National Bank of Georgia Koba Gvenetadze.

This year, nominations were accepted from companies trading on the Georgian Stock Exchange (GSE). In 2020, unlisted companies will be also accepted as a nominee.

Photo: National Bank of Georgia.

Hopefully other companies can learn from these winners. Friendly competition will drive the overall quality of reporting upwards. In other words, ‘a rising tide lifts all boats,” said Executive Chairman of RSF Giorgi Tabuashvili.

The Best Annual Report and Transparency Award is 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, and the European Bank for Reconstruction and Development (EBRD).