Reform in Georgian State Electrosystem
Georgian State Electrosystem is the first state-owned enterprise to be reformed, and where the process of corporatization has begun in order to bring the corporate governance system in line with international standards.
The first step in this direction was selection of the Supervisory Board members. 174 candidates participated in the competition, 5 members of the Supervisory Board were selected to serve 3-year terms: Leontina Galdava, Jorg Matthies, Zurab Bekaia, Teona Makalatia and Ekaterina Shavgulidze. The Supervisory Board is composed of non-executive members, which indicates the transparency and impartiality of the process.
In the near future, GSE will set up compensation, audit, nomination, investment and risk management committees to work in accordance with the provisions approved by the Board.The Supervisory Board will also approve various policies and an updated code of ethics, which is a prerequisite for the further development of the company.
The main task of the reform is to create a strong and independent management system so that the Georgian State Electrosystem can attract financial resources to both local and foreign financial markets without state assistance.