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  • 2021 | BARTA

    2022 # COMPANIES CATEGORY CATEGORY RANK TOTAL 1 TBC Bank JSC Large Financial Companies (Winner) 1 88.6 2 Bank of Georgia JSC Large Financial Companies (Winner - Best Sustainability Report) 2 83.0 3 TBC Leasing JSC Small and Medium Companies (Winner) 1 74.3 4 MFO Crystal JSC Large Financial Companies (Honorary) 3 71.1 5 Georgian Railway JSC Large Non-Financial Companies (Winner) 1 64.8 6 Liberty Bank JSC Large Financial Companies 4 61.0 7 MFO MBC Capital Small and Medium Companies (Honorary) 2 59.3 8 JSC Lisi Lake Development Small and Medium Companies (Honorary - Best Sustainability Report) 3 55.6 9 Telasi JSC Large Non-Financial Companies 2 55.4 10 United Airports of Georgia LLC Small and Medium Companies 4 41.7 11 Georgian Leasing Company LTD Small and Medium Companies 5 38.5 12 Georgian Beer Company JSC Small and Medium Companies 6 37.1 13 Evex Hospitals JSC Large Non-Financial Companies 3 34.5 14 Georgia Real Estate JSC Small and Medium Companies 7 30.7 15 Green Insurance Georgia JSC Small and Medium Companies 8 30.1 16 Metro Euphoria Hotel Batumi JSC Small and Medium Companies 9 27.0 Management Reporting (40% of total score for Large Financial Institutions and Large Non-Financial Institutions, 50% of total score for Small Companies) A Gorporate Governance Reporting (20% of total score for Large Financial Institutions and Large Non-Financial Institutions, 20% of total score for Small Companies) B Non-Financial Information Reporting (20% of total score for Large Financial Institutions and Large Non-Financial Institutions, 10% of total score for Small Companies) C Other Transparency Measures (20% of total score for Large Financial Institutions and Large Non-Financial Institutions, 20% of total score for Small Companies) D

  • 2020 | BARTA

    2020 # COMPANIES CATEGORY CAGTEGORY RANK TOTAL 4 Georgian Leasing Company LLC Small and Medium Companies (Winner) 1 40.2 5 MFO Crystal JSC Large Financial Company (Honorary Award) 4 68.1 6 Bank of Georgia JSC Large Financial Company 2 79.3 7 Liberty Bank JSC Large Financial Company 4 48.1 8 Nikora JSC Large Non-Financial Company 3 47.3 9 TBC Leasing JSC Small and Medium Companies 2 39.3 10 Georgia Real Estate JSC Large Non-Financial Company 4 33.9 11 Tegeta Motors LLC Large Non-Financial Company 5 33.5 12 MFO MBC Capital JSC Small and Medium Companies 3 33.5 13 Georgian Beer Company JSC Small and Medium Companies 4 33.3 14 Silknet JSC Large Non-Financial Company 6 31.6 15 Evex Hospitals JSC Large Non-Financial Company 7 29.0 16 United Airports of Georgia LLC Small and Medium Companies 5 26.5 17 Georgia Property Management Group LLC Small and Medium Companies 6 26.1 18 Metro Euphoria Hotel Batumi JSC Small and Medium Companies 7 20.0 2 Nikora Trade JSC Large Non-Financial Company (Joint Winner) 2 50.6 1 TBC Bank JSC Large Financial Institution(Winner) 1 80.4 3 Telasi JSC Large Non-Financial Company (Joint Winner) 3 51.9 Management Reporting (40% of total score for Large Financial Institutions and Large Non-Financial Institutions, 50% of total score for Small Companies) A Gorporate Governance Reporting (20% of total score for Large Financial Institutions and Large Non-Financial Institutions, 20% of total score for Small Companies) B Non-Financial Information Reporting (20% of total score for Large Financial Institutions and Large Non-Financial Institutions, 10% of total score for Small Companies) C Other Transparency Measures (20% of total score for Large Financial Institutions and Large Non-Financial Institutions, 20% of total score for Small Companies) D

  • 2021 | BARTA

    BARTA 2021 WINNERS ANNOUNCED The Best Annual Report and Transparency Award (BARTA ) ceremony was held today in Tbilisi. BARTA Award Ceremony in partnership with the European Union (EU) and the World Bank (WB) took place at 10:00 am on TV-show Business Morning. World Bank and European Union Announce Winners for 2022 Best Annual Report and Transparency Award TBILISI, December 14, 2022 – The Best Annual Report and Transparency Award (BARTA) ceremony was held today in Tbilisi, the fourth occasion for celebration of this award since its establishment under the joint World Bank and European Union project Georgia Financial Inclusion and Accountability, which was launched in partnership with the Accounting Reform’s Stakeholders’ Foundation (RSF). MORE BARTA 2021 WINNERS ANNOUNCED The Best Annual Report and Transparency Award (BARTA ) ceremony was held today in Tbilisi. BARTA Award Ceremony in partnership with the European Union (EU) and the World Bank (WB) took place at 10:00 am on TV-show Business Morning. Georgia’s Transparency Oscars: Encouraging healthy competition to advance accountability The Oscars conjure up images of glamorous actors and actresses, paparazzi, and fashion on the red carpet. But in Georgia, a different kind of Oscars is creating its own buzz and generating real impact on Georgia’s business culture and investment potential. MORE 1

  • 2021 | BARTA

    2021 # COMPANIES CATEGORY CATEGORY RANK TOTAL 1 Bank of Georgia JSC Large Financial Companies (Winner) 1 87 2 TBC Bank JSC Large Financial Companies (Best Sustainability Report) 2 86.9 3 MFO Crystal JSC Large Financial Companies (Honorary Award) 3 74 4 TBC Leasing JSC Small and Medium Companies (Winner) 1 65.7 5 Telasi JSC Large Non-Financial Companies (Winner) 1 63.6 6 Silknet JSC Large Non-Financial Companies (Honorary Award) 2 62.3 7 Liberty Bank JSC Large Financial Compan ies 4 61.5 8 VTB Bank Georgia JSC Large Financial Companies 4 61.5 9 Georgian Railway JSC Large Non-Financial Companies 3 57.9 10 MFO MBC Capital JSC Small and Medium Companies (Honorary Award) 3 55.1 11 Georgian Leasing Company Ltd Small and Medium Companies 3 47.8 12 Tegeta Motors LLC Large Non-Financial Compan ies 4 46.8 13 Evex Hospitals JSC Large Non-Financial Compan ies 5 38.7 14 Lisi Lake Development JSC Small and Medium Companies 4 38.6 15 Georgian Beer Company JSC Small and Medium Companies 5 36.7 16 Metro Euphoria Hotel Batumi JSC Small and Medium Companies 6 32.7 17 United Airports of Georgia LLC Small and Medium Companies 7 32.1 18 Georgia Property Management Group LLC Small and Medium Companies 8 25.6 Management Reporting (40% of total score for Large Financial Institutions and Large Non-Financial Institutions, 50% of total score for Small Companies) A Gorporate Governance Reporting (20% of total score for Large Financial Institutions and Large Non-Financial Institutions, 20% of total score for Small Companies) B Non-Financial Information Reporting (20% of total score for Large Financial Institutions and Large Non-Financial Institutions, 10% of total score for Small Companies) C Other Transparency Measures (20% of total score for Large Financial Institutions and Large Non-Financial Institutions, 20% of total score for Small Companies) D

  • 2019 | BARTA

    2019 1 TBC Bank JSC Large Financial Companies (Winner) 1 81.1 2 Bank of Georgia JSC Large Financial Companies 2 78.4 3 MFO Crystal JSC Large Financial Companies (Honorary Award) 3 67.5 4 Telasi JSC Large Non-Financial Companies (Winner) 1 66.2 5 VTB Bank Georgia JSC Large Financial Companies 4 65.8 6 Georgian Leasing Company LTD Small and Medium Companies (Winner) 1 59.5 7 Liberty Bank JSC Large Financial Companies 5 57.7 8 Lisi Lake Development JSC Small and Medium Companies 2 55.2 9 Tegeta Motors LLC Large Non-Financial Companies 2 47.8 10 Georgian Beer Company JSC Small and Medium Companies 3 44.5 11 Silknet JSC Large Non-Financial Institution 3 44.1 12 M2 Commercial Assets LTD Small and Medium Companies 4 42.2 13 Bambis Narti JSC Small and Medium Companies 5 24.2 14 Tbilisi Tea Packing Factory Small and Medium Companies 6 19.5 15 Isani-Kartu JSC Small and Medium Companies 7 18.3 16 Nino Small and Medium Companies 8 12.7 OVERALL RANK COMPANIES CATEGORY CAGTEGORY RANK TOTAL Management Reporting (40% of total score for Large Financial Institutions and Large Non-Financial Institutions, 50% of total score for Small Companies) A Gorporate Governance Reporting (20% of total score for Large Financial Institutions and Large Non-Financial Institutions, 20% of total score for Small Companies) B Non-Financial Information Reporting (20% of total score for Large Financial Institutions and Large Non-Financial Institutions, 10% of total score for Small Companies) C Other Transparency Measures (20% of total score for Large Financial Institutions and Large Non-Financial Institutions, 20% of total score for Small Companies) D

  • AWARDS EVENT | BARTA

    ბ ა რ ტ ა 2 0 2 1 B A R T A 2 0 2 1 ბ ა რ ტ ა 2022 B A R T A 2022 ბ ა რ ტ ა 2 0 2 0 B A R T A 2 0 2 0 ბ ა რ ტ ა 201 9 B A R T A 2019

  • HOME | BARTA

    B A R T A THE BEST ANNUAL REPORT AND TRANSPARENCY AWARD REGISTRATION The European Union and the World Bank, in partnership with the National Accounting, Reporting and Auditing Reform Support Fund (RSF), have announced the opening of the 2022 Annual Report and Transparency Award (BARTA) . The aim of this competition is to increase the quality of reporting and transparency of Georgian companies. Given European and global developments, in particular the steps taken towards the introduction of sustainability reporting, this award has an even more important role to play. ​ BARTA was established in 2019 as part of a joint project of financial engagement and accountability between the EU and the World Bank , after the European Union (EU) launched a fundamental review of corporate financial statements. In April 2021, the European Commission initiated the Corporate Sustainability Reporting Directive (CSRD) in support of the EU's transition to a sustainable economy. As a result sustainability reporting in the EU will assume equal importance to financial reporting. Meanwhile we can expect the same globally as the IFRS Foundation looks set to develop International Sustainability Reporting Standards . ​ This year BARTA is open to all companies that are public interest entities (PIEs), including companies in the A and B listing categories, banks, insurance companies, etc. All companies listed on the exchange will automatically participate in the evaluation if they satisfy eligibility criteria, namely an unqualified audit opinion and timely submission of all mandatory reporting applicable to the company’s category. Other companies classified as PIEs, including commercial firms, will need to apply. ​ ​The deadline for companies to submit is October 31, 2022 . ​ As part of the BARTA’s gradual evolution to reflect the emergence of sustainability reporting, the 2022 competition will have two awards for sustainability reporting. Reports must be based on a generally recognized framework, such as the Global Reporting Initiative , and be included within the Annual Report. SCORING OF POINTS Large Copmanies (Financial and Non-Financial PIEs with more than 500 staff) 40 20 20 20 Management Report Corporate Governance Report Non-financial statement Other Transparency Measures 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 2021) at www.reportal.ge , 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. EVALUATION PROCESS Small and Medium Companies (PIEs with less than 500 staff) 50 20 10 20 Management Report Corporate Governance Report Non-financial statement Other Transparency Measures 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 of JUDGES ​ 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. STAGES (including key deadlines) 1 Publicly announce the Launch of 2022 Award 2 List of all eligible PIEs including those to self-nominate posted on the 2022 Award website 3 Reports to be submitted by companies to SARAS ready for publication 4 Reports to be published on www.reportal.ge by SARAS, other PIEs to self-nominate – 31 October 2022 5 Listed PIEs advised of initial selection – by 15 November 2022 6 Detailed evaluation - November-December 2022 7 Award ceremony event (virtual) - December 2022

  • 2021 | BARTA

    2021 # COMPANIES CATEGORY TOTAL Management Reporting (40% of total score for Large Financial Institutions and Large Non-Financial Institutions, 50% of total score for Small Companies) A Gorporate Governance Reporting (20% of total score for Large Financial Institutions and Large Non-Financial Institutions, 20% of total score for Small Companies) B Non-Financial Information Reporting (20% of total score for Large Financial Institutions and Large Non-Financial Institutions, 10% of total score for Small Companies) C Other Transparency Measures (20% of total score for Large Financial Institutions and Large Non-Financial Institutions, 20% of total score for Small Companies) D

  • 404 | BARTA

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  • PANEL OF JUDGES | BARTA

    PANEL OF JUDGES The international panel of judges comprises experts from Georgia and overseas as follows: Paul Thompson ​ RSF Board Advisory Group and Director, European Federation of Accountants and Auditors for SMEs ​ Belgium (Chair) Giorgi Tabuashvili ​ Former Deputy Minister of Finance of Georgia and Executive Chairman RSF, Georgia Giorgi Rusiashvili ​ Deputy Director ​ RSF, Georgia Irina Gordeladze ​ Senior Governance Consultant World Bank ​ Georgia Sophia Kolbaia ​ Manager, PwC ​ Ireland Nino Kurdiani ​ Acting Chief Executive Officer / Chief Financial Officer Georgian Stock Exchange Georgia Erik Vermeulen ​ Professor Tilburg University ​ The Netherlands Tariel Gvalia ​ ​ Board Member RSF, Independent Directors Association ​ Georgia ​ Branko Ljutic ​ Partner in Charge SFAI Montenegro ​ Montenegro Elizabeth-Nutsa Davitashvili ​ Principal Banker European Bank for Reconstruction and Development Georgia Edward Vakhtangishvili ​ Head of Supervision Department LEPL Insurance State Supervision Service of Georgia Georgia Giorgi Nakashidze ​ Investment and Pension Funds Supervision National Bank of Georgia Georgia Philip Jungen ​ Chief Operating Officer yes.com , Chairman of the Supervisory Board German Red Cross Pension Fund ​ Germany Jean-Frederic Paulsen ​ Vice-Chairman Investment Board, Pension Agency of Georgia ​ Georgia Eka Gegeshidze Professor School of the Business and Administrative Science The University of Georgia ​ Georgia ​ Erekle Pirveli ​ PhD Professor Caucasus University ​ Georgia Nino Samkharauli ​ Chief Legal Counsel at Georgian stock exchange ​ Georgia

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