B A R T A
THE BEST ANNUAL
REPORT AND TRANSPARENCY
The World Bank–European Union joint project – Georgia Financial Inclusion and Accountability, in partnership with the National Reforms Support Foundation in Accounting, Reporting and Auditing (RSF) announces expanded annual competition for high quality reporting and transparency.
The competition is now being expanded to cover significantly more companies. While in 2019 it was open only to companies listed on the Georgian Stock Exchange (GSE) A and B listing, in 2020 it is open to all public interest entities (PIEs), which include all listed companies (A and B listing), companies admitted to trading, banks, insurance companies, etc. All listed companies will be automatically scored, provided they meet the eligibility criteria, but other PIEs, including those admitted to trading, must self-nominate.
Potentially about 162 companies could join the contest and be duly scored (in 2019 the number of participants was only16).
The number of self-nominated companies will be limited to the first 20 eligible companies’ applications received after 12:00 PM, October 1, 2020, but before November 15, 2020 (the deadline as per Saras.gov.ge webpage regulation under the Law of Georgia on Accounting, Reporting and Auditing).
To be eligible companies will need to submit management, corporate governance and non-financial reports as parts of their annual reports.
A new award for the Best Integrated Report will be included in the 2020-year contest.
An integrated report is a concise communication about how an organization's strategy, governance, performance and prospects, lead to the creation of value over the short, medium and long term. Many of the world’s leading companies are publishing integrated reports, which mark a major innovation in reporting.
Evaluation process consists of 3 stages, including initial selection and screening, detailed evaluation of selected companies, and finally, identification of winners by a panel of judges, comprising local and international experts.
The award is only open to companies that are classified as a ‘public interest entity’ (PIE). PIEs that are listed companies (stock exchange listing A and B categories) and that meet current financial reporting requirements, as evidenced by the unmodified audit report and timely submission of the annual report to the Accounting, Reporting and Auditing Service (SARAS) (October 2010) at , will be notified that they have met the initial selection criteria and will be automatically subject to evaluation. In effect these companies are automatically nominated. All other companies classified as ‘public interest entities’ (PIEs) must apply themselves using the ‘Registration’ button above. These companies, just like listed PIEs, must meet current financial reporting requirements, as evidenced by an unmodified audit report and the timely submission of an annual report to the SARAS. In effect these companies are self nominees.
All other PIEs not included in the GSE’s A and B listings, have to file applications themselves. However, like the listed PIEs, they are to meet the effective financial reporting requirements, confirmed by unqualified audit opinion and timely submission of the annual report to SARAS.
Those companies that comply with the requirements need to self-nominate themselves by e-mailing an electronic copy of their annual report to RSF. A complete list of PIEs, including ones outside the GSE listing and that can self-nominate, is given in the respective section of the site.
Note: All banks, financial institutions, insurance companies and state-owned enterprises (SOEs) are classified as PIEs. In addition, they are reminded that they will also need to comply with their respective regulator’s reporting deadlines to be eligible for participation in the contest.
SCORING OF POINTS
(Financial and Non-Financial PIEs with more than 500 staff)
Small and Medium Companies
(PIEs with less than 500 staff)
Award winners will be determined based on an evaluation of their management reporting, corporate governance statement, non-financial information (NFI) prepared in accordance with Article 7 of the Law of Georgia on Accounting, Reporting and Auditing and the other factors(e.g. publication of reports on their website, timely filing of annual report and quality of presented financial statements). Therefore, a condition for taking part in the contest is compliance with the legal requirements.
Panel members with the assistance of local consultants will assign the scores to companies in every category. Each company will be scored out of 100% according to components shown in the table above.