Tbilisi hosted conference Key Benefits and Advantages for Corporations” on July 5.
Independent Directors Association and the European Bank for Reconstruction and Development (EBRD) jointly organized the conference with the support of the Ministry of Economy and Sustainable Development of Georgia.
Irma Kavtaradze, Deputy Minister of Economy and Sustainable Development, Bruno Balvanera, EBRD Director for Caucasus, Moldova and Belarus and Sascha Ternes, Board Member of Independent Directors Association have opened the conference. The conference’s main speaker was Gian Piero Cigna, Senior Counsel EBRD, who discussed Independent Directors‘ role in raising corporate management standards.
The event was also attended by the guests from the governmental and business sector, as well as representatives of the National Bank of Georgia, EBRD and international organisations.
Independent Directors Association was established in Georgia in April 2016 to promote and support Independent Supervisory Board Members. The aim of the Association is to improve board effectiveness and contribute to better corporate governance in local enterprises.
In May 2016 changes have taken effect in the Georgian Law on Entrepreneurs and the Law on Securities Market, introducing the legal requirement for Accountable Entities to have at least one Independent Director on its Supervisory Board.