TBILISI, February 28, 2025-The World Bank today recognized companies for outstanding corporate reporting and transparency as part of the 6th "Best Annual Report and Transparency Award" (BARTA) ceremony. The BARTA awards aim to encourage companies to adopt best practices, ultimately leading to a more transparent and competitive business environment.
"Transparency and quality reporting enhance corporate accountability and help to strengthen investor confidence," said Rolande Pryce, World Bank Regional Director for the South Caucasus. "Growing Georgia's economy increasingly depends on mobilizing private sector investments, domestically and internationally. Through BARTA, the World Bank helps make Georgia more business- and investor-friendly, key ingredients for sustainable economic growth."
The selection process, presided over by a panel of international judges, employed a robust methodology emphasizing non-financial information, such as the development, performance, position and impact of the companies' activities, as well as the companies' accountability and transparency. This initiative encourages companies to comply with reporting regulations and improve the overall quality of corporate reporting.
In partnership with the World Bank, the National Bank of Georgia, the Insurance State Supervision Service of Georgia, and the Accounting Reforms Stakeholders' Foundation, BARTA celebrated companies in 9 award categories, along with the new Best Newcomer category.
The winners are as follows:
- Winner Large Financial Companies (500+ staff): JSC TBC Bank
- Honorary Award for Large Financial Companies: JSC MFO Crystal
- Winner Large Non-Financial Companies: JSC Georgian Railway
- Honorary Award for Large Non-Financial Companies: JSC Silknet
- Winner Small and Medium Companies (less than 500 staff): JSC TBC Leasing
- Honorary Award for Small and Medium Companies: JSC MFO MBC Capital
- Winner Best Sustainability Reporting (Large Financial Companies): JSC Bank of Georgia
- Winner Best Sustainability Reporting (Large Non-Financial Companies): Tegeta Motors LLC
- Winner Best Sustainability Reporting (Small and Medium Companies): JSC ProCredit Bank Georgia
- Honorary Award for Best Newcomer: Basis Bank JSC
This year, for the second time, BARTA was open to all first category (large) companies and groups in addition to all companies that are public interest entities (PIEs), including companies in the A and B listing categories.
BARTA, launched in 2019 within the European Union - World Bank partnership, addresses challenges in the quality and transparency of corporate reporting among Georgian companies. Since 2024, the initiative is supported by the World Bank's Enhancing Accounting, Auditing, and Sustainability Reporting Program (EAASURE) regional program implemented by the Centre for Financial and Sustainability Reporting Reform.
To ensure that the BARTA initiative remains relevant and aligned with the evolving reporting landscape, it will be further developed and adapted to reflect emerging regulatory and industry developments.
