The sitting of the Sector Economy and Economic Policy Committee
The Committee considered with the II reading the drafts on Entrepreneurs; and Securities Market, introduced by the Deputy-Economic Minister, Irma Kavtaradze. The draft aims at re-regulation of the norms of the preferred purchase right of the shareholders in the law on Entrepreneurs and conferring the preferred purchase right to the rest of the partners upon sale of the share by the partner in limited companies.
The draft also envisages compliance of the rule of composition of the Audit Committee with international standards and improvement/specification of certain issues in the law. The remarks and comments expressed at the I reading are shared. The draft defines the Audit Committee as the sub-committee of the Board of Trustees of the Public Interest Person to be composed with the members of Board of Trustees solely. At that, at least one member shall be an independent person to be elected as the Chair of the Committee. The draft regulates the preferred purchase right of the share by the partner. The transitional provisions provide that the hereof regulation shall apply to the limited companies registered after enactment of the change.
The Audit Committee shall be chaired by the independent person as stipulated under the law on Entrepreneurs. The changes envisage the right on information about salaries and other incomes of the accountable Directors or members of Board of Directors and members of Board of Trustees conferred to any shareholder of the enterprise admitted to the stock exchange for trade.
The draft envisages obligation of inspection of such deals by the external auditor or certified accountant with participation of the persons concerned and the value of which constitutes 10% or over of the assets of the accountable enterprise or a smaller amount under the Articles thereof. I. Kavtaradze made elucidations and answered the questions. The Committee supported the drafts.
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Tbilisi, April 13, 2022 - Visa became a part of the Grace Hopper Award Program in Georgia, founded by the USAID Economic Security Program in Georgia, in partnership with TBC Bank and UN Women.
Engaging as a supporter organization in the Grace Hopper Award Program is another step forward for Visa in its efforts of supporting women, innovations and also, contributing to development of an equal society. Empowering women in the information and communication technology (ICT) industry is especially important in terms of breaking stereotypes and overcoming challenges that women are facing nowadays. Visa believes that development of the ICT industry in Georgia itself is one of the most important driving forces in the modern economic advancement, as innovative technologies play a crucial role in the reality of rapidly growing demand on digitalization.
“One of our top priorities is to spotlight and address women who face challenges and ensure they get the support needed, thus we are committed to provide equal opportunities for everyone based on professional competencies and leadership skills. Within the program we support ICT Champion category, and I believe that the winner we choose will receive our strong support, special prize and become a member of our big network.” – noted Diana Kiguradze, Visa Regional Manager for Caucasus region.
Bearing the name of a prominent American computer scientist and computer programming pioneer Grace Hopper, whose legacy continues to inspire many, this program recognizes the contribution of women that lead to positive changes in the information and communication technology (ICT) industry. The program is supported by Gender Equality Council of the Parliament of Georgia, UGT and Majorel Georgia.
To apply for the nominations and fill out the application, please visit www.ictwomen.ge Applications will be accepted from April 8 to May 8, the finalists will be revealed on May 30, and an award ceremony will be held on June 10.
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About Visa Inc.
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories each year. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.ge
