The aim of this event was to demonstrate the importance of independent directors on the supervisory boards of corporations as a means of improving corporate management law and practice in Georgia.

The Chairman of the Budget and Finance Committee, Mr Irakli Kovzanadze, and that of the Legal Issues Committee, Mr Anri Okhanashvili, opened the meeting and addressed the attendees.

According to Mr Kovzanadze, ‘the role of an independent director in corporate management for maintaining and enhancing the sustainability of Georgia’s financial sector is paramount. This trend has been the most important and interesting over the past decade, and every critical situation reveals that directors play a crucial role in corporate administration.’

Mr Victor Kipiani, a partner at MKD and a member of the Board of the Independent Directors’ Association, then spoke about various issues concerning corporate governance legislation in Georgia as well as current prospects for further developing the Independent Directors' Association. ‘Presenting this matter before such an important audience is the right moment to underline the progress that has already been made, and even more importantly to identify new means of further reinforcing this institution both in law and in practice,’  Mr Kipiani noted during his speech.

Mr Tariel Gvalia, a member of the Independent Directors’ Association; Ms Teona Kontridze, the National Bank of Georgia’s Head of Corporate Management and Oversight Policy; and Mr Boris Janjalia, an IFC corporate management expert, also took part in the discussions.

The other participants included MPs, executive authority representatives, regulators, experts, international organizations, NGOs, and representatives of the private and public sectors.