SARAS representatives attended the sixth BARTA awards ceremonyFor the past six years, BARTA has been promoting the transparency of corporate reporting, the implementation of sustainable development standards and the strengthening of confidence in the business community in Georgia

At the sixth Best Annual Report and Transparency Award (BARTA) ceremony, the World Bank recognized companies with outstanding corporate reporting and transparency practices. BARTA aims to encourage companies to adopt best practices, leading to a more transparent and competitive business environment.

A key highlight of this year’s event was a panel discussion covering topics such as recent trends in corporate reporting, the importance of sustainability reporting and its impact on the business environment, as well as the challenges Georgian companies face in aligning with global and European standards. 

Tornike Dzagnidze, Head of the Department of Auditing and Professional Education Supervision at SARAS, participated in the panel discussion. He spoke about BARTA’s role in improving reporting standards and fostering transparency. Additionally, he addressed the need to refine the regulatory framework, the importance of companies’ readiness to meet new requirements, and the steps SARAS is taking to enhance sustainability reporting practices. 

In partnership with the World Bank, the National Bank of Georgia, the Insurance State Supervision Service of Georgia, and the Beneficiaries Fund of Accounting Reform, BARTA recognized winners in nine categories, as well as a new category for the Best Debutant Company. 

The selection process was conducted under the leadership of an international jury using a rigorous methodology that emphasizes non-financial information and evaluates key aspects such as transparency and accountability. This initiative supports companies in complying with reporting regulations and improving the overall quality of corporate reporting. 

BARTA was established in 2019 through a partnership between the European Union and the World Bank to help Georgian companies overcome challenges related to corporate reporting quality and transparency. Starting in 2024, the initiative is supported by the World Bank’s regional program, Enhancing Accounting, Auditing, and Sustainability Reporting (EAASURE), implemented by the Center for Financial and Sustainability Reporting Reform.