The financial inclusion organization “Crystal” was announced as a winner of BARTA 2023 – the Best Annual Report and Transparency competition for the fifth time in a row, in the category of a large financial company.
Being held in Georgia since 2019, the interest towards the Best Annual Report and Transparency Award (BARTA) keeps steadily increasing. It’s worth noting that “Crystal” has been participating in the competition ever since the day of its foundation. This year, the winners were selected by an international jury out of 29 applicants.
“Transparent financial reporting is a valuable source of information for investors about specific companies. The document clearly presents the financial institution’s values, metrics, governance quality, financial sustainability standards and investment potential. Therefore, it has a key impact on the investment decision. At the same time, transparent financial reporting is crucial for building trust with customers and strengthening the company’s reputation. Obviously, in the process of Georgia’s approximation with the European Union, the importance of high-standard, transparent financial reporting will become even more important”, – states Crystal’s Chief Executive Officer, Ilia Revia.
BARTA is a joint initiative of the World Bank and the European Union, implemented in partnership with the National Reforms Support Foundation in Accounting, Reporting and Auditing. The annual award is intended to enhance the quality of reporting and transparency among the Georgian companies, to facilitate compliance with new regulations, to foster healthy competition between the local players, and to improve the overall standard of corporate reporting as part of the quest to build up investor trust and confidence at local and international levels. A recognition earned for sustainable and transparent reporting contributes to strengthening trust and establishing an open, transparent communication with those interested in the company’s activities.