Corporate Governance Country Assessment : Georgia

Since its establishment in 1999, the National Securities Commission of Georgia (NSCG) has been successful in reducing the volume and number of trades taking place outside the stock exchange. It has also taken important steps to increase transparenc...

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Main Author:	World Bank
Format:	Pre-2003 Economic or Sector Report
Language:	English en_US
Published:	Washington, DC 2013
Subjects:	ACCESS TO INFORMATION ACQUISITIONS AUTHORIZED CAPITAL BANKRUPTCY BENEFICIAL OWNER BOARD MEMBER BOARD MEMBERS BONDS BOOK VALUE CATEGORIES OF COMPANIES CHARTER CHARTERS CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER CLASS ACTION COMMERCIAL BANK COMMERCIAL BANKS COMMODITIES COMMON POLICY COMMON SHARES COMPANY COMPANY MANAGEMENT CONFLICTS OF INTEREST CORPORATE CONTROL CORPORATE DECISIONS CORPORATE DIRECTORS CORPORATE GOVERNANCE CORPORATE GOVERNANCE REGIME CORPORATE ORGANIZATIONS CORPORATE OWNERSHIP CORPORATIONS ACT COURT DAMAGES DEBT DISCLOSURE REQUIREMENTS DISSENTING SHAREHOLDERS DIVIDENDS DUE DILIGENCE ENTREPRENEURS ESTATE FINANCIAL ASSETS FINANCIAL DISCLOSURE FINANCIAL REPORTS FINANCIAL STATEMENT FINANCIAL STATEMENTS FIRMS GDP GROUP OF SHAREHOLDERS INDEPENDENT AUDIT INDEPENDENT OVERSIGHT INDIVIDUAL INVESTORS INSIDER INFORMATION INSIDER TRADING INSTITUTIONAL INVESTORS INTERESTED PARTIES INTERNATIONAL DEVELOPMENT INVESTIGATION JOINT STOCK COMPANIES JOINT STOCK COMPANY LARGE SHAREHOLDERS LEASING LEGAL DUTIES LIMITED LIMITED LIABILITY LIMITED LIABILITY COMPANIES LIQUIDATION LIQUIDITY MANAGERS MERGERS MINORITY SHAREHOLDERS OFFERINGS OWNERSHIP STRUCTURE OWNERSHIP STRUCTURES PERSONS PREFERENTIAL SHARE PRIVATE ENTITIES PUBLIC DISCLOSURE REGULATORY AGENCY REGULATORY FRAMEWORK RIGHTS OF SHAREHOLDERS SECURITIES LAW SECURITIES LAWS SHARE CAPITAL SHARE OPTION SHARE OWNERSHIP SHAREHOLDER SHAREHOLDER MEETINGS SHAREHOLDER PROTECTIONS SHAREHOLDERS SHAREHOLDERS RIGHTS SINGLE SHAREHOLDER STAKEHOLDER STAKEHOLDERS STATE ENTERPRISES STATUTORY REMEDIES STOCK CORPORATIONS STOCK EXCHANGE STOCK EXCHANGES SUBSCRIPTION TAKEOVER TAKEOVER LAW TENDER OFFER TENDER OFFERS TOTAL MARKET CAPITALIZATION TRANSPARENCY UNION
Online Access:	http://documents.worldbank.org/curated/en/2002/03/6732728/georgia-report-observance-standards-codes-rosc-corporate-governance-country-assessment http://hdl.handle.net/10986/14505

id	okr-10986-14505
recordtype	oai_dc
spelling	okr-10986-145052021-04-23T14:03:16Z Corporate Governance Country Assessment : Georgia World Bank ACCESS TO INFORMATION ACQUISITIONS AUTHORIZED CAPITAL BANKRUPTCY BENEFICIAL OWNER BOARD MEMBER BOARD MEMBERS BONDS BOOK VALUE CATEGORIES OF COMPANIES CHARTER CHARTERS CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER CLASS ACTION COMMERCIAL BANK COMMERCIAL BANKS COMMODITIES COMMON POLICY COMMON SHARES COMPANY COMPANY MANAGEMENT CONFLICTS OF INTEREST CORPORATE CONTROL CORPORATE DECISIONS CORPORATE DIRECTORS CORPORATE GOVERNANCE CORPORATE GOVERNANCE REGIME CORPORATE ORGANIZATIONS CORPORATE OWNERSHIP CORPORATIONS ACT COURT DAMAGES DEBT DISCLOSURE REQUIREMENTS DISSENTING SHAREHOLDERS DIVIDENDS DUE DILIGENCE ENTREPRENEURS ESTATE FINANCIAL ASSETS FINANCIAL DISCLOSURE FINANCIAL REPORTS FINANCIAL STATEMENT FINANCIAL STATEMENTS FIRMS GDP GROUP OF SHAREHOLDERS INDEPENDENT AUDIT INDEPENDENT OVERSIGHT INDIVIDUAL INVESTORS INSIDER INFORMATION INSIDER TRADING INSTITUTIONAL INVESTORS INTERESTED PARTIES INTERNATIONAL DEVELOPMENT INVESTIGATION JOINT STOCK COMPANIES JOINT STOCK COMPANY LARGE SHAREHOLDERS LEASING LEGAL DUTIES LIMITED LIMITED LIABILITY LIMITED LIABILITY COMPANIES LIQUIDATION LIQUIDITY MANAGERS MERGERS MINORITY SHAREHOLDERS OFFERINGS OWNERSHIP STRUCTURE OWNERSHIP STRUCTURES PERSONS PREFERENTIAL SHARE PRIVATE ENTITIES PUBLIC DISCLOSURE REGULATORY AGENCY REGULATORY FRAMEWORK RIGHTS OF SHAREHOLDERS SECURITIES LAW SECURITIES LAWS SHARE CAPITAL SHARE OPTION SHARE OWNERSHIP SHAREHOLDER SHAREHOLDER MEETINGS SHAREHOLDER PROTECTIONS SHAREHOLDERS SHAREHOLDERS RIGHTS SINGLE SHAREHOLDER STAKEHOLDER STAKEHOLDERS STATE ENTERPRISES STATUTORY REMEDIES STOCK CORPORATIONS STOCK EXCHANGE STOCK EXCHANGES SUBSCRIPTION TAKEOVER TAKEOVER LAW TENDER OFFER TENDER OFFERS TOTAL MARKET CAPITALIZATION TRANSPARENCY UNION Since its establishment in 1999, the National Securities Commission of Georgia (NSCG) has been successful in reducing the volume and number of trades taking place outside the stock exchange. It has also taken important steps to increase transparency and disclosure. However, the assessment highlighted a series of weaknesses in Georgia's corporate governance regime and practices. Combined efforts are needed to strengthen shareholders rights, protect minority shareholders, improve disclosure and transparency, treat stakeholders fairly, and ensure that managing directors and supervisory board members abide by their duties and responsibilities. The reform program should include a component to strengthen the capacity of the NSCG, including its budget, human resources, skills, and powers of intervention. It is recommended that the NSCG establish a website to make information on publicly traded companies easily available. Efforts should also be made to strengthen the enterprise registers which hold important documents such as company charters. Such information should also be centralized and available online. It is necessary to strengthen the accounting and auditing profession to ensure the development of reliable audited financial reports. It is recommended to initiate a series of measures to increase the ownership of Georgia's corporate governance rules and regulations by issuers. One means of fulfilling this objective is through the preparation of a voluntary national code of best practice in corporate governance. Complementing this approach, an institute of directors should be set up to train corporate directors and disseminate best practice in board procedures. 2013-07-23T21:47:03Z 2013-07-23T21:47:03Z 2002-03-01 http://documents.worldbank.org/curated/en/2002/03/6732728/georgia-report-observance-standards-codes-rosc-corporate-governance-country-assessment http://hdl.handle.net/10986/14505 English en_US Report on the Observance of Standards and Codes; CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Pre-2003 Economic or Sector Report Economic & Sector Work Europe and Central Asia Georgia
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	English en_US
topic	ACCESS TO INFORMATION ACQUISITIONS AUTHORIZED CAPITAL BANKRUPTCY BENEFICIAL OWNER BOARD MEMBER BOARD MEMBERS BONDS BOOK VALUE CATEGORIES OF COMPANIES CHARTER CHARTERS CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER CLASS ACTION COMMERCIAL BANK COMMERCIAL BANKS COMMODITIES COMMON POLICY COMMON SHARES COMPANY COMPANY MANAGEMENT CONFLICTS OF INTEREST CORPORATE CONTROL CORPORATE DECISIONS CORPORATE DIRECTORS CORPORATE GOVERNANCE CORPORATE GOVERNANCE REGIME CORPORATE ORGANIZATIONS CORPORATE OWNERSHIP CORPORATIONS ACT COURT DAMAGES DEBT DISCLOSURE REQUIREMENTS DISSENTING SHAREHOLDERS DIVIDENDS DUE DILIGENCE ENTREPRENEURS ESTATE FINANCIAL ASSETS FINANCIAL DISCLOSURE FINANCIAL REPORTS FINANCIAL STATEMENT FINANCIAL STATEMENTS FIRMS GDP GROUP OF SHAREHOLDERS INDEPENDENT AUDIT INDEPENDENT OVERSIGHT INDIVIDUAL INVESTORS INSIDER INFORMATION INSIDER TRADING INSTITUTIONAL INVESTORS INTERESTED PARTIES INTERNATIONAL DEVELOPMENT INVESTIGATION JOINT STOCK COMPANIES JOINT STOCK COMPANY LARGE SHAREHOLDERS LEASING LEGAL DUTIES LIMITED LIMITED LIABILITY LIMITED LIABILITY COMPANIES LIQUIDATION LIQUIDITY MANAGERS MERGERS MINORITY SHAREHOLDERS OFFERINGS OWNERSHIP STRUCTURE OWNERSHIP STRUCTURES PERSONS PREFERENTIAL SHARE PRIVATE ENTITIES PUBLIC DISCLOSURE REGULATORY AGENCY REGULATORY FRAMEWORK RIGHTS OF SHAREHOLDERS SECURITIES LAW SECURITIES LAWS SHARE CAPITAL SHARE OPTION SHARE OWNERSHIP SHAREHOLDER SHAREHOLDER MEETINGS SHAREHOLDER PROTECTIONS SHAREHOLDERS SHAREHOLDERS RIGHTS SINGLE SHAREHOLDER STAKEHOLDER STAKEHOLDERS STATE ENTERPRISES STATUTORY REMEDIES STOCK CORPORATIONS STOCK EXCHANGE STOCK EXCHANGES SUBSCRIPTION TAKEOVER TAKEOVER LAW TENDER OFFER TENDER OFFERS TOTAL MARKET CAPITALIZATION TRANSPARENCY UNION
spellingShingle	ACCESS TO INFORMATION ACQUISITIONS AUTHORIZED CAPITAL BANKRUPTCY BENEFICIAL OWNER BOARD MEMBER BOARD MEMBERS BONDS BOOK VALUE CATEGORIES OF COMPANIES CHARTER CHARTERS CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER CLASS ACTION COMMERCIAL BANK COMMERCIAL BANKS COMMODITIES COMMON POLICY COMMON SHARES COMPANY COMPANY MANAGEMENT CONFLICTS OF INTEREST CORPORATE CONTROL CORPORATE DECISIONS CORPORATE DIRECTORS CORPORATE GOVERNANCE CORPORATE GOVERNANCE REGIME CORPORATE ORGANIZATIONS CORPORATE OWNERSHIP CORPORATIONS ACT COURT DAMAGES DEBT DISCLOSURE REQUIREMENTS DISSENTING SHAREHOLDERS DIVIDENDS DUE DILIGENCE ENTREPRENEURS ESTATE FINANCIAL ASSETS FINANCIAL DISCLOSURE FINANCIAL REPORTS FINANCIAL STATEMENT FINANCIAL STATEMENTS FIRMS GDP GROUP OF SHAREHOLDERS INDEPENDENT AUDIT INDEPENDENT OVERSIGHT INDIVIDUAL INVESTORS INSIDER INFORMATION INSIDER TRADING INSTITUTIONAL INVESTORS INTERESTED PARTIES INTERNATIONAL DEVELOPMENT INVESTIGATION JOINT STOCK COMPANIES JOINT STOCK COMPANY LARGE SHAREHOLDERS LEASING LEGAL DUTIES LIMITED LIMITED LIABILITY LIMITED LIABILITY COMPANIES LIQUIDATION LIQUIDITY MANAGERS MERGERS MINORITY SHAREHOLDERS OFFERINGS OWNERSHIP STRUCTURE OWNERSHIP STRUCTURES PERSONS PREFERENTIAL SHARE PRIVATE ENTITIES PUBLIC DISCLOSURE REGULATORY AGENCY REGULATORY FRAMEWORK RIGHTS OF SHAREHOLDERS SECURITIES LAW SECURITIES LAWS SHARE CAPITAL SHARE OPTION SHARE OWNERSHIP SHAREHOLDER SHAREHOLDER MEETINGS SHAREHOLDER PROTECTIONS SHAREHOLDERS SHAREHOLDERS RIGHTS SINGLE SHAREHOLDER STAKEHOLDER STAKEHOLDERS STATE ENTERPRISES STATUTORY REMEDIES STOCK CORPORATIONS STOCK EXCHANGE STOCK EXCHANGES SUBSCRIPTION TAKEOVER TAKEOVER LAW TENDER OFFER TENDER OFFERS TOTAL MARKET CAPITALIZATION TRANSPARENCY UNION World Bank Corporate Governance Country Assessment : Georgia
geographic_facet	Europe and Central Asia Georgia
relation	Report on the Observance of Standards and Codes;
description	Since its establishment in 1999, the National Securities Commission of Georgia (NSCG) has been successful in reducing the volume and number of trades taking place outside the stock exchange. It has also taken important steps to increase transparency and disclosure. However, the assessment highlighted a series of weaknesses in Georgia's corporate governance regime and practices. Combined efforts are needed to strengthen shareholders rights, protect minority shareholders, improve disclosure and transparency, treat stakeholders fairly, and ensure that managing directors and supervisory board members abide by their duties and responsibilities. The reform program should include a component to strengthen the capacity of the NSCG, including its budget, human resources, skills, and powers of intervention. It is recommended that the NSCG establish a website to make information on publicly traded companies easily available. Efforts should also be made to strengthen the enterprise registers which hold important documents such as company charters. Such information should also be centralized and available online. It is necessary to strengthen the accounting and auditing profession to ensure the development of reliable audited financial reports. It is recommended to initiate a series of measures to increase the ownership of Georgia's corporate governance rules and regulations by issuers. One means of fulfilling this objective is through the preparation of a voluntary national code of best practice in corporate governance. Complementing this approach, an institute of directors should be set up to train corporate directors and disseminate best practice in board procedures.
format	Economic & Sector Work :: Pre-2003 Economic or Sector Report
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Corporate Governance Country Assessment : Georgia
title_short	Corporate Governance Country Assessment : Georgia
title_full	Corporate Governance Country Assessment : Georgia
title_fullStr	Corporate Governance Country Assessment : Georgia
title_full_unstemmed	Corporate Governance Country Assessment : Georgia
title_sort	corporate governance country assessment : georgia
publisher	Washington, DC
publishDate	2013
url	http://documents.worldbank.org/curated/en/2002/03/6732728/georgia-report-observance-standards-codes-rosc-corporate-governance-country-assessment http://hdl.handle.net/10986/14505
_version_	1764427541643264000

Corporate Governance Country Assessment : Georgia

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