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PRESS RELEASEDecember 15, 2023

World Bank’s Best Annual Report and Transparency Award Winners Announced on 5th Anniversary Ceremony

TBILISI, December 15, 2023 – The 5th Best Annual Report and Transparency Award (BARTA) ceremony was held in Tbilisi today, celebrating companies that excel in their reporting practices and transparency. The event, which took place in partnership of the World Bank, the Insurance State Supervision Service of Georgia, and the Accounting Reforms Stakeholders’ Foundation, aimed to promote compliance with new reporting regulations, foster healthy competition between companies, and enhance the overall standard of corporate reporting. Launched in 2019 under the joint World Bank and European Union project Georgia Financial Inclusion and Accountability, BARTA is a part of a concerted effort to address challenges in the quality and transparency of corporate reporting among Georgian companies.

“BARTA is an important initiative that highlights Georgia's dedication to creating a business and investor friendly environment,” said Miguel Sanchez, the World Bank Program leader for Sustainable Growth, Finance, and Institutions. “The competition plays a crucial role in enhancing the overall standard of corporate reporting. We are proud to be part of this joint project and look forward to its continued success in the coming years.”

Presided over by a distinguished international panel of judges, the BARTA 2023 ceremony showcased winning companies in nine nominations. The selection process was conducted using a robust methodology that emphasized, among other things, the provision of non-financial information which addresses intangible assets, such as brand, customer reputation, know-how and goodwill. This initiative encourages companies to meet the requirements for participation in the competition, thereby promoting compliance with reporting regulations and improving the overall quality of corporate reporting.

The winners in each of the 9 award categories announced this year, are as follows:

  • Winner Large Financial Companies (with 500 or more staff) – JSC TBC Bank
  • Honorary Award for Large Financial Companies – JSC MFO Crystal
  • Winner Large Non-Financial Companies – JSC Silknet
  • Honorary Award for Large Non-Financial Companies – JSC Georgian Railway
  • Winner Small and Medium Companies (with less than 500 staff) – JSC TBC Leasing
  • Honorary Award for Small and Medium Companies – JSC MFO MBC Capital
  • Winner Best Sustainability Reporting – JSC Bank of Georgia
  • Honorary Award for Best Sustainability Reporting – JSC Lisi Lake Development
  • 5th Anniversary Award for the Most Improved Reporting – LLC United Airports of Georgia

This year, for the first 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.

Over the next years, the BARTA reward scheme will be further developed, and the selection and evaluation process will be adapted to reflect emerging regulatory and industry developments, such as the introduction of mandatory sustainability reporting for European companies. This ensures that the BARTA initiative remains relevant and aligned with the evolving reporting landscape.

Learn more about BARTA



In Tbilisi:
Irma Gegechkori
In Washington:
Amy Stilwell


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