The Presentation and the discussion were organized by the Budget and Finance, the Sector Economy and Economic Policy and the Legal Issues Committees and the Union of Independent Directors and the BEC.
“The role of the independent directors in the corporate management for maintenance and enhancement of sustainability of Georgian financial sector is paramount. It is the last trend – the most important and interesting for the last decade and every critical situation reveals that crucial role of the directors in corporative administration. The recent developments in Georgia prove that the independent director plays the crucial role serving the basis for any corporation, shareholder or the founder of the company, especially in the financial sector. It is particularly important for me as about 10 years ago I was the Chair of the Commission of the European Bank developing the corporate management policy for Eurasia. About 12 countries were engaged in these processes and this policy was mandatory for the companies and the banks where the European Bank was the shareholder”, - I. Kovzanadze noted.
This meeting aims at demonstration of importance of the independent directors in the Supervisory Boards of the corporations, he stated.
According to A. Okhanashvili, such dialogue is universally interesting as it facilitates to development of the discussions. “The more opinions are exchanged, the better is ensured higher engagement of the society and parties concerned. It facilitates to effective solution of the issues”.
The meeting aims at consideration of the role of the independent directors in corporate management, its essence, general principles and modern standards with engagement of MPs, executive authorities and interest groups to facilitate to improvement of the corporate management law and practice in Georgia.
The member of the Union of Independent Directors, Tariel Gvalia spoke about the modern standards of corporate management. The Doctor of Law, member of the Board of the UID, Victor Kipiani spoke about the corporate management in legislation of Georgia.
The Head of the Corporate Management and Oversight Policy of the National Bank, Teona Kontridze spoke about “Corporate management requirements for the financial institutions: mandatory and voluntary norms”.
The opinions were expressed by the IFC corporate management expert, Boris Janjalia.
As noted, the healthy corporate management is one of the challenges of the modern business in Georgia.
The parties considered independent members in the Board as the necessary precondition for qualified functioning of the Supervisory Board.
The meeting was attended by MPs, executive authority and representatives of the Regulators, field experts, international organizations, NGOs, private and public sectors.