Winners of Best Annual Report and Transparency Award 2021 announced
The honorary award and best sustainability report categories were added to the BARTA this year. Photo: Nino Alavidze/Agenda.ge.
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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 winners in each of the seven award categories of 2021 are as follows:
- Winner Large Financial Institutions – JSC Bank of Georgia
- Honorary Award for Large Financial Institutions - JSC MFO Crystal
- Winner Large Non-Financial Institutions – JSC Telasi
- Honorary Award for Large Non-Financial Institutions - JSC Silknet
- Small and Medium Companies – JSC TBC Leasing
- Honorary Award for Small and Medium Companies – JSC MFO MBC Capital
- Best Sustainability Report – JSC TBC Bank
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.
Bank of Georgia (BoG) has launched an investment platform on its mobile banking application which offers ‘affordable access to investing in US equities for the first time’ in Georgia.
Georgia ranks 29th of 194 counties in the Business Bribery Risk Index 2021, while in 2020 the country ranked 28th in the list, Trace International reports.
World Bank Vice President for Europe and Central Asia (ECA) Anna Bjerde has stated that many reforms particularly in human capital development and formation of a more green and digitised recovery will be ‘very promising for Georgia in the years to come.’
The European Union and World Bank joint project ‘Georgia Financial Inclusion and Accountability’ in partnership with the National Reforms Support Foundation in Accounting, Reporting and Auditing (RSF), held a virtual award ceremony yesterday to announce the winners of the ‘Best Annual Report and Transparency Award’ (BARTA).