Best Annual Report and Transparency Award - 2019

23 December 2019

Annual Reporting

Best Annual Report and Transparency Award 2019

The "Best Annual Report and Transparency Award - 2019" Official Ceremony was held on Tuesday, 17^th of December at National Library, within the framework of the World Bank – European Union joint Project – Financial Inclusion and Accountability, in partnership with CCIFG member, the National Fund for Support of Reforms in Accounting, Reporting and Auditing.

The Best Annual Report and Transparency Award is the first award supporting new culture of annual reporting. Development of the Georgian economy largely depends on the capability of the private sector to attract domestic as well as foreign investments. Georgia came the seventh in the World Bank’s Global Doing Business rating, however its capital market requires growth and more incentives for development. This award aims to facilitate capital market development, improve investment environment and foster right economic decision-making through improving financial and management reporting.

The award was handed over to those companies listed on the Georgian Stock exchange, which submitted financial and management reports prepared in accordance with the best international practice.

Transparent financial and management information eases selection of a reliable partner for businesses, banks, state and investors, simultaneously allowing users to observe company development and decide whether to buy its shares on the market or not.

Partners of the event were: World Bank, European Union, National Fund for Support of Reforms in Accounting, Reporting and Auditing, Georgian Stock Exchange, National Bank of Georgia, European Bank for Reconstruction and Development, Parliament of Georgia, Pension Fund, Association of Independent Directors etc.

These organizations jointly hosted the award ceremony, where recognized experts were invited from various countries. The event was attended by managers of businesses, financial institutions, large corporations and high-level representatives of international organizations, embassies and audit and consulting firms.

The Award boast a distinguished international panel of judges – expert and independent – and a robust methodology. The emphasis is on the provision of non-financial information (NFI). The financial information is already checked by auditors but NFI – such as information on environmental, social and governance (ESG) matters or a narrative review of activities – is typically not. And yet in the modern digital age most companies derive most value from assets not shown in their financial statements. Intangible assets such as brand, customer reputation, knowhow and goodwill are not captured in the financial statements but can get reported as part of NFI.

The Award nominees were announced at the Award website: https://sites.google.com/view/rsf-award/home, and three award categories were as follows: