A Memorandum of Cooperation related to sustainability reporting was signed

A Memorandum of Cooperation was signed between the Georgian supervision agencies and non-governmental sector. The Memorandum aims to cooperate on issues related to sustainability reporting. 

The following Parties signed the Memorandum:  

• National Bank of Georgia;
• Civil Development Agency/Global Compact Network Georgia; 
• Sustainable Development Institute; 
• SARAS.

According to the Memorandum, the Parties will cooperate in developing a legislative framework for sustainability reporting and implementing best practices. 

The objectives set out in the Memorandum will facilitate the fulfillment of the dynamic approximation obligations under the Association Agreement with the European Union. 

To achieve the purpose of this Memorandum, the Parties, for approval, shall translate into Georgian the following documents:

• Corporate Sustainability Reporting Directive;
• International Standard on Sustainability Reporting developed by IFRS Foundation;
• Non-Financial Reports audit standard developed by IFAC.

In addition, under the Memorandum, the Parties will develop sustainability reporting guidelines on the basis of the standards, explore, share and implement best international practices, participate in working groups, conduct trainings, disseminate information to raise awareness and conduct other socially beneficial activities.