Corporate Governance Discussed at Conference Held in Tech Park Georgia

The FINANCIAL — Tech Park Georgia hosted the conference on the issues related to the Corporate Governance.

The Conference was initiated by the European Bank for Reconstruction and Development (EBRD), the Ministry of Economy and Sustainable Development of Georgia and the Independent Directors Association. Deputy Minister of Economy and Sustainable Development of Georgia, Irma Kavtaradze, the EBRD Director for Caucasus, Moldova & Belarus Bruno Balvanera and the IDA representative, Sascha Ternes delivered the speeches for the audience. 

The Conference focused on the amendments to the Law on Entrepreneurs implemented this and previous years. The amendments aim at strengthening of the corporate governance principles, protection of the rights of the minor shareholders and the establishment of the Independent Directors institution. This process will facilitate attracting of investments and development of the small shareholders in relevant markets, according to Ministry of Economy and Sustainable Development of Georgia.

Irma Kavtaradze, the Deputy Minister of Economy and Sustainable Development, noted that this step is a significant factor for Georgia and the existing enterprises will be able to meet modern standards.

“As a result of these changes, corporate governance principles became stronger in, which, in turn, contributed to attracting more investment into the enterprises, while small shareholders interests are even more protected today.  The IDA will facilitate implementation of the corporate governance practices at the enterprises and allow the companies to see the benefits of the corporate governance principles introduction,” – Irma Kavtaradze stated.

As it was noted at the Conference, the company is interested in knowing the assessment of its activities by the sector that is not a part of the institution. As the EBRD Director, Bruno Balvanera said, the Conference was dedicated to the introduction of the IDA activities to the wide public. 

“Today we bring together the IDA beneficiary companies here, and, at the same time, here are the people who are not the members of this family yet. However, their vision of the issue has a huge impact on our company’s decisions and goals. We believe that the EBRD can bring great values to Georgia and the representatives of the sectors who are not the members of this company but are able and welcomed to establish their own values and join the IDA, which will be profitable for our company, as well as for them,” – Bruno Balvanera stated.