A total of seven Georgian companies out of 18 nominated won awards for the Best Annual Report and Transparency Award (BARTA) earlier today.
The annual award was launched in December 2019 as a joint project of the European Union and World Bank ‘Georgia Financial Inclusion and Accountability', in partnership with the National Reforms Support Foundation in accounting, Reporting and Auditing (RSF).
The BARTA aims to ‘encourage compliance with new reporting regulations, foster healthy competition between companies, and improve the overall standard of corporate reporting to build up investor trust and confidence at local and international levels.’
The process of selection was conducted with a ‘robust methodology’ including the ‘provision of non-financial information which addresses intangible assets such as brand, customer reputation, know-how and goodwill, which drive corporate value.’ Image: BARTA poster.
The honorary award and best sustainability report categories were added to the BARTA this year.
With a new focus on sustainability, we hope to see even more companies reporting better, more reliable information about sustainability – both in terms of their impact on people and the environment, as well as the impact of possible risks to the company and climate risks. All of this is good for business and investors and Georgia’s economic development,” Head of Cooperation of the European Union Delegation to Georgia, Sigrid Brettel, said.
World Bank Regional Director for the South Caucasus Sebastian Molineus stated that company transparency and quality reporting are ‘important foundations for Georgia’s economic development.’
The BARTA award this year was open to all public interest entities (PIEs), which includes all A and B listing companies, including trading companies, banks, insurance companies and others.