Governance Policy: For Whom It Is Mandatory
For public issuers, the most concrete Georgian standard for developing a governance policy is given by the Georgian law on the securities market: an accountable enterprise is an issuer of public securities founded under the law on entrepreneurs. It is precisely this circle that the mandatory rules on the audit committee, governing duties and conflicts of interest cover. The issuer likewise secures equal treatment and the availability of information under the procedure set by the National Bank, so the policy text should be kept aligned with the bank's acts.
The comply-or-explain model of the British corporate-governance code is not Georgian law and cannot carry the page: an issuer’s governance policy must begin with the imperative requirements of Georgian law. Note that the National Bank may set differentiated or additional requirements, and certain categories of issuers may be exempted from individual requirements in light of the cost of compliance.