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Private sector and human-resource development in Georgia

· Companies file more reliable information about their profits;

· Companies increase the transparency and quality of corporate disclosure.

PoG

PCAA

MoF

· 6 months

· Ongoing

· With the technical assistance of the WB;

· In consultations with NSCG and GSIA.

· National Securities commission of Georgia (NSCG) requires reporting companies to prepare their financial accounts in compliance with the International Accounting Standards (IAS).

· IAS is enforced (Objective 9);

· There are adequate accounting standards (Objective 8);

· Incentives for paying bribes/Hiding profits are reduced (Objective 11);

· The level of corruption is reduced (Objective 10);

· Transparency of corporate disclosure is increased (Objective 12);

· Reliability of financial disclosure is increased (Objective 28);

· Corporate governance practice is improved (Objective 17).

· Reporting companies prepare their financial accounts in compliance with the International Accounting Standards;

· Companies file more reliable information about their profits;

· Companies increase the transparency and quality of corporate disclosure.

NSCG

MoF

· 3 months

· Ongoing

· In consultations with GSIA.

· National Anti-Corruption Bureau of Georgia (NACB) conducts the assessment of the activities carried out by the tax administrations.

· The level of corruption is reduced (Objective 10);

· Transparency of corporate disclosure is increased (Objective 12);

· Reliability of financial disclosure is increased (Objective 28);

· Corporate governance practice is improved (Objective 17).

· Index of corruption is lowered;

· Companies file more reliable information about their profits;

· Companies increase the transparency and quality of corporate disclosure.

NACB

· Ongoing

· With the technical assistance of the WB.

· Georgian Securities Industry Association (GSIA) should conduct training courses, seminars, workshops, etc. amongst shareholders, company directors and members of supervisory boards on the best practices of corporate governance;

· NSCG enforces the corporate governance standards.

· Educational campaign is conducted (Objective 27);

· Shareholders have sufficient knowledge about their rights (Objective 26);

· Entrenched culture of abusive self-dealing is lessened (Objective 16);

· Shareholders' meetings are held regularly (Objective 29);

· The role of supervisory boards is increased (Objective 35);

· Corporate governance practice is improved (Objective 17).

· Majority of company directors and members of supervisory boards, as well as interested shareholders take part in training courses;

· NSCG conduct quarterly/annual audits of JSCs;

· Shareholders' meetings are held annually;

· Supervisory boards' meetings are held on a quarterly basis.

NSCG

GSIA

· 1 year

· Ongoing

· With the financial and technical assistance of the USAID.

· Prepare and adopt the regulations for Pension Funds;

· Prepare and adopt the regulations for Mutual Funds.

· Legislation for financial intermediaries is adopted (Objective 23);

· Financial intermediaries are well-developed (Objective 21);

· Large domestic institutional investors are present at GSE (Objective 20);

· Larger volumes of capital resources are directed to GSE (Objective 18);

· There is a competition at GSE (Objective 22);

· There is a strong market for corporate control (Objective 30).

· Private Pension Funds start functioning in the country;

· Mutual Funds start functioning in the country;

· Large domestic institutional investors take part in trading at GSE;

· Volume of trades at GSE is increased substantially;

· Number of participants in trading at GSE is increased;

· Investment funds take active role in the work of supervisory boards/shareholders meetings.

PoG

MoF

NSCG

GSE

· 1 year

· With the technical assistance of the WB.

· Adopt the investment compensation schemes;

· Strengthen the bankruptcy system;

· Adopt the rules for takeovers.

· Adequate legislation for investor protection is adopted (Objective 24);

· Financial intermediaries are well-developed (Objective 21);

· Large domestic institutional investors are present at GSE (Objective 20);

· Larger volumes of capital resources are directed to GSE (Objective 18);

· There is a competition at GSE (Objective 22);

· There is a strong market for corporate control (Objective 30).

· Investment compensation schemes are in place;

· Regulations for the bankruptcy system are in place;

· Rules for takeovers are in place;

· Large domestic institutional investors take part in trading at GSE;

· Volume of trades at GSE is increased substantially;

· Number of participants in trading at GSE is increased;

· Investment funds take active role in the work of supervisory boards/shareholders meetings.

MoF

NSCG

GSE

· 1 year

· With the technical assistance of the WB.

· Assign an adequate Inspection, Investigation and Enforcement power, including the criminal prosecution authority to the National Securities Commission of Georgia (NSCG);

· Increase the budgetary support of the NSCG;

· Make the NSCG accountable to the President of Georgia;

· Develop the code of ethics for NSCG;

· Develop the program to supervise Self‑Regulatory Organizations (SROs);

· NSCG installs the market surveillance and stock watch system.

· Power of the NSCG is increased (Objective 40);

· Budgetary support of the NSCG is increased (Objective 37);

· Accountability of the NSCG is increased (Objective 36);

· Code of ethics for the NSCG staff is developed (Objective 38);

· Program to supervise Self‑ Regulatory Organizations (SROs) is developed (Objective 39);

· The NSCG does function in an effective manner (Objective 39);

· Regulations are enforced in an effective manner (Objective 42);