Koba Gvenetadze, Governor of the National Bank of Georgia, attended a presentation of the new Report on the Observance of Standards and Codes (ROSC) prepared within the joint program of the World Bank and the International Monetary Fund, with the support of the EU. The report reviews in detail the complete transformation of Georgia’s legislative framework and its full compliance with the best Corporate Governance (CG) practices after the entry into force of the Association Agreement between the EU and Georgia in 2016.

 

Governor Gvenetadze spoke about the CG reforms of the NBG implemented over the past 4 years. He also focused on the important actions taken to develop the capital market.

 

 

"We are confident that the establishment of proper corporate governance standards across the country will help enhance market transparency and project a better image of Georgian companies, while providing them with expanded capacity to attract local and foreign investment, which obviously has a positive impact on the national economy and society at large. The National Bank of Georgia reviewed the Report on the Observance of Standards and Codes (ROSC), which commends the corporate governance environment in Georgia and the actions taken by the National Bank of Georgia in this regard. There are definitely some comments that the Bank will definitely consider and integrate in the future. We think that at this stage a good environment has been created for companies to introduce a sound corporate governance culture. In the future, the reports filed by the companies will show what changes will be needed and so the NBG will act accordingly,"- said Koba Gvenetadze.