The World Bank has recognized companies for their excellence in corporate reporting and transparency at the 6th "Best Annual Report and Transparency Award" (BARTA) ceremony held in Tbilisi. The awards aim to encourage best practices among companies, fostering a transparent and competitive business environment.
Rolande Pryce, World Bank Regional Director for the South Caucasus, stated, "Transparency and quality reporting enhance corporate accountability and help to strengthen investor confidence." She emphasized that Georgia's economic growth increasingly relies on mobilizing private sector investments both domestically and internationally. Through BARTA, the World Bank seeks to make Georgia more attractive to businesses and investors, which are essential for sustainable economic growth.
The selection process was overseen by a panel of international judges who focused on non-financial information such as development, performance, position, impact of activities, accountability, and transparency. This initiative encourages compliance with reporting regulations and aims to improve the overall quality of corporate reporting.
In collaboration with partners including the National Bank of Georgia, the Insurance State Supervision Service of Georgia, and the Accounting Reforms Stakeholders’ Foundation, BARTA celebrated winners across nine award categories along with a new Best Newcomer category.
The winners included JSC TBC Bank for Large Financial Companies (500+ staff), JSC Georgian Railway for Large Non-Financial Companies, JSC TBC Leasing for Small and Medium Companies (less than 500 staff), JSC Bank of Georgia for Best Sustainability Reporting in Large Financial Companies, Tegeta Motors LLC for Best Sustainability Reporting in Large Non-Financial Companies, JSC ProCredit Bank Georgia for Best Sustainability Reporting in Small and Medium Companies. Basis Bank JSC received an Honorary Award for Best Newcomer.
This year marked the second time BARTA was open to all first-category large companies as well as public interest entities (PIEs), including those in A and B listing categories.
Launched in 2019 within the European Union - World Bank partnership framework, BARTA addresses challenges related to corporate reporting quality and transparency among Georgian companies. Since 2024, it has been 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 keep pace with changes in regulatory requirements and industry standards, BARTA will continue to evolve its approach towards promoting effective corporate reporting practices.