World Bank Recognizes Top Companies for Excellence in Corporate Transparency at 6th BARTA Awards

"Transparency and quality reporting enhance corporate accountability and help to strengthen investor confidence," stated Rolande Pryce, World Bank Regional Director for the South Caucasus.

The World Bank has honored outstanding corporate reporting and transparency at the 6th annual "Best Annual Report and Transparency Award" (BARTA) ceremony. The awards, designed to promote best practices in corporate disclosure, aim to foster a more transparent and competitive business environment in Georgia.

"Transparency and quality reporting enhance corporate accountability and help to strengthen investor confidence," stated 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 for the awards was overseen by an esteemed panel of international judges who evaluated companies based on a rigorous methodology. This approach focused on non-financial information, including corporate development, performance, position, impact, and overall accountability. The initiative supports compliance with reporting regulations and elevates corporate disclosure standards across Georgia.

Partnerships and Expansion

BARTA is organized in collaboration with the National Bank of Georgia, the Insurance State Supervision Service of Georgia, and the Accounting Reforms Stakeholders’ Foundation. This year, the initiative celebrated achievements in nine award categories and introduced a new Best Newcomer category.

2024 BARTA Award Winners:

• 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

For the second consecutive year, BARTA was open to all first-category (large) companies and groups, as well as companies classified as public interest entities (PIEs), including those listed in the A and B listing categories.

Commitment to Ongoing Development

BARTA was launched in 2019 as part of the European Union-World Bank partnership to address challenges in corporate reporting quality and transparency. Since 2024, the initiative has been supported by the World Bank's Enhancing Accounting, Auditing, and Sustainability Reporting Program (EAASURE), implemented by the Centre for Financial and Sustainability Reporting Reform.

To remain relevant in the evolving corporate disclosure landscape, BARTA will continue to adapt, integrating new regulatory and industry developments to enhance corporate accountability and sustainability reporting in Georgia.