Corporate Social Responsibility_2014

PUBLICITY

La Large Companies Do Dominating CSR Ac Activities in Georgia

Companies Practicing CSR are Good Corporate Citizens

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Read on p. 5

News Making Money

22 December, 2014

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BP Spent USD 17 Million on Small Business Development in Georgia

CSR Reputation Ranking 2014

The FINANCIAL

AGH: “CSR is about Action, Not Talk” The FINANCIAL

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orporate Social Responsibility does not mean one-handed charity campaigns for Alliance Group Holding (AGH). AGH considers CSR to be an integral part of its management. Its internal

policy is based on respect for human rights, gender equality, environmental protection, transparency and responsibility. Restoration works on Jegeta Mountain in Western Georgia are the latest project which the company has been carrying out.

Continued on p. 10

Do Not Drive Drunk!

The FINANCIAL

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op boutique winery Schuchmann Wines is starting a new campaign under the name “Do Not Drive Drunk” within the framework of Corporate Social Responsibility (CSR). At the same time the company is planning to continue in 2015 with all the CSR campaigns that it started in previous years. Schuchmann Wines spends about GEL 10,000 on CSR activities annually.

“Having a glass of Schuch-

mann wine with one’s dinner is always a perfect idea but not before driving,” said Nutsa Abramishvili, General Director of Schuchmann Wines Georgia. “As a wine company we feel a sense of responsibility for our society in terms of encouraging them not to drink drive.

We are disturbed by the increased numbers of car accidents in the country and so started thinking about how to contribute to preventing car accidents in Georgia.

Continued on p. 8

VTB Bank Georgia to Open 10 New Branches in 2015 The FINANCIAL

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TB Bank Georgia has grown its assets by 25% in 2014. The Bank has already announced 100 job vacancies and plans to open 10 new branches in 2015. Wellknown for its active support of Georgian sport, the Bank is involved in culture and education as part of its CSR activities. The Bank chooses to sup-

port long-term social projects, focused on investing in the better future of the nation.

“The whole year has been very successful for VTB Bank Georgia. We have maintained a growing trend. Assets grew

by GEL 20 million. That is 25% more compared to the previous year. In most cases VTB Bank Georgia during 2014 was growing faster than the market.

Continued on p. 6

Geocell and the National Library Initiate Digital Photo Narrative

BP

and its co-venturers’ support under the Community Development Initiative (CDI) has resulted in over 550 small business projects and up to 700 people being employed. Since 2003 BP and its co-venturers have already spent USD 17 million under the Community Development Initiative, one of the components of which envisages providing support for small business development.

The FINANCIAL See on p. 8

“Together let’s create a digital photo narrative” - with this message the National Library of Parliament of Georgia and Geocell launched a project with the aim of collecting photographic material scattered across the different regions of Georgia, and digitalizing it all for archiving purposes.

Continued on p. 19

Did the Patriarch cause a baby boom in Georgia?

By LASHA LANCHAVA ISET

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n October 2007, responding to the problem of very low birthrates in the country, Ilia II. of Georgia, the Catholicos-Patriarch of All Georgia, announced that he would personally baptize any third and subsequent child born to Orthodox families from that time onwards.

Continued on p. 2

Corporate Governance To Help Georgian Companies Attract Foreign Investors See on p. 4

CURRENCIES Dec 20 1 USD 1.9156 1 EUR 2.3495 100 RUB3.1568 1 TRY 0.8212

Dec 13 1.8315 2.2771 3.3426 0.8038

ICC Expanding its CSR Programme for 2015 The FINANCIAL

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CC Georgia (International Chamber of Commerce) is expanding its Corporate Social Responsibility (CSR) programme for 2015. ICC will develop employee programmes that its members, with a focus on small and medium size businesses, will be able to implement within their CSR activities.

“More specifically for 2015 in terms of projects for ICC Georgia, we will continue cooperating with our members to develop their community day programmes (such as Dechert Georgia’s Service Day for the Environment), as well as developing a healthcare programme for our member companies for their employees and continue our training programmes and work with our members to implement a CSR Charter within their companies,” Nicola Mariani, Co-Head of the CSR Commission of ICC Georgia and International Resident Partner of Dechert Georgia LLC, told The FINANCIAL. Continued on p. 3

IRAO - Strengthening its Positions on Georgian Insurance Market

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RAO Insurance Company, a member of VIENNA INSURANCE GROUP (VIG), will be focused on strengthening its positions on market as far as increasing its market share, moreover enlarging corporate and retail segments of the Company, based on the strategy for the year 2015. Besides, the Company uses maximum efforts for development and renovation of its services and business performance, including CSR activities - for permanent satisfaction of customers and whole society.

Continued on p. 17

© 2014 The FINANCIAL. INTELLIGENCE BUSINESS PUBLICATION WRITTEN EXPRESSLY FOR OPINION LEADERS AND TOP BUSINESS DECISION-MAKERS

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WHILE EXPENSIVE, TBILISI YIELDS SAVING OPPORTUNITIES

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n November 2014, the average cost of cooking one standard Imeretian Khachapuri varied across Georgian cities from 3.23 GEL, the minimum observed in Telavi, to 3.51 GEL, the maximum observed in Tbilisi. The average price was 3.34 GEL, 0.2% lower compared to the previous month (October 2014) and 2.4% lower compared to November of last year.

While most expensive on average, Tbilisi offers the greatest savings for those “frugal housewives” who care to look for the cheapest ingredients. With the opening of different chains of supermarkets, somebody going for the cheapest price would pay only 2.95 GEL for one Khachapuri in Tbilisi, saving a solid 15.9% of the average price.

Telavi and Batumi are less friendly for frugal housewives, offering savings of only 14.4 % and 10.2%,

respectively. In the second largest Georgia city, Kutaisi, prices unexpectedly vary even less, and con-

sumers should not expect their search efforts to be rewarded by great bargains. Frugal housewives

could save about 6% of the average, paying about 3.14GEL for one portion of Khachapuri.

Did the Patriarch cause a baby boom in Georgia?

By LASHA LANCHAVA ISET

I

n October 2007, responding to the problem of very low birthrates in the country, Ilia II. of Georgia, the Catholicos-Patriarch of All Georgia, announced that he would personally baptize any third and subsequent child born to Orthodox families from that time onwards.

This promise seems to have had a considerable impact on the reproduction behavior of Georgians.

According to the National Statistics Office of Georgia (NSOG), the number of births increased from about 49,000 in 2007 to about 57,000 in 2008 and 63,000 in 2009. This is a remarkable 28% increase in two years’ time, while the number of births from 2000 to 2007 had been fluctuating betewen 46000 and 49000. At the end of 2008, the Patriarch for the first time baptized thousands of babies at the Sameba Cathedral, and the tradition continues until today.

In March 2009, the BBC brought the enthusiastic headline: “Church leader sparks Georgian baby boom”. The article states that “two years after having one of the lowest birth rates in the world, Georgia is enjoying something of a baby boom, following an intervention from the country’s most senior cleric”. The results are, in the words of the Georgian Orthodox Church, “a miracle”. A report with a similar message was published

by CNN on April 2010 in which the Patriarch himself claims credit for the surge in births: “I have already baptized about 5,000 children. […] Parents decided to give birth to these children because they had a chance to be the Patri-

arch’s godchildren.”

The BBC also interviewed the head of Georgia’s civil registry, Giorgi Vashadze. More profanely, he attributed the increased birth rates to accelerated economic growth and increased employment in the years after the Rose Revolution: “Who is now creating families? People who five years ago were out of work,” he said.

“Previously, they had no income.

They could not get married. Today they are working. They have salaries… So I think this is a major factor.” According to the NSOG,

Georgia did indeed experience a remarkable growth in real GDP by about 10 % in 2006 and 2007, going down in 2008 due to war with Russia but still remaining significantly higher than in the previous years.

According to the Caucasus Research Resource Center (CRRC), 94% of the Georgians consider the Patriarch to be the most trustworthy man in the society, and likewise, the church is the most trusted institution in Georgia.

Therefore, the opinion of Georgian public can be easily swayed

in favor of the church. But is the Patriarch really responsible for the stunning increase of the birth rate in Georgia? Using the toolbox of quantitative economic analysis, I wanted to find out…

A NATURAL EXPERIMENT Religion as an important driver of socio-economic developments Continued on p. 9

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FINANCIAL HEADLINE NEWS & ANALYSIS FINCHANNEL.COM | 22 DECEMBER, 2014

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corporate social responsibility

ICC Expanding its GLOBAL CSR Programme COMPACT for 2015 CSR PRINCIPLES The FINANCIAL

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By MARIAM PAPIDZE

CC Georgia (International Chamber of Commerce) is expanding its Corporate Social Responsibility (CSR) programme for 2015. ICC will develop employee programmes that its members, with a focus on small and medium size businesses, will be able to implement within their CSR activities. ICC will also continue to raise awareness on environmental best practices in the corporate sector as well as focus on sustainable development programmes.

“More specifically for 2015 in terms of projects for ICC Georgia, we will continue cooperating with our members to develop their community day programmes (such as Dechert Georgia’s Service Day for the Environment), as well as developing a healthcare programme for our member companies for their employees and continue our training programmes and work with our members to implement a CSR Charter within their companies,” Nicola Mariani, Co-Head of the CSR Commission of ICC Georgia and International Resident Partner of Dechert Georgia LLC, told The FINANCIAL. “In the past three years Georgian companies’ CSR programmes have grown steadily. As more companies participate, we expect that participation will continue to grow.

However, while Georgian companies are opening up to CSR, a number of challenges remain,” he added.

ICC Georgia members had a successful 2014 and in addition to developing specific CSR programmes, a number of events were held throughout Georgia by our members, these notably included: Collective Cleanup Campaign June 2014 (ICC Members and Partners along with Youth cleaned up an area in Mtskheta) Tree Planting with British American Tobacco (November, 2014) ICC Georgia and GiZ Fair Competition, Compliance, Ethics, and CSR Conference December 2014 (Raising awareness and education in these fields) ICC Georgia Youth Charity Run October 2014 (Raised funds for WeHelp to provide finances to those lacking the ability to pay for serious medical assistance) ICC Georgia Career Fair October 2014 (Career Fair Targeting Youth Unemployment by bringing companies offering entry level jobs and training before the event in CV and Moto Letter Writing to prepare) Dechert Georgia Day of Service Community Clean-up.

HUMAN RIGHTS

NICOLA MARIANI, Co-Head of the CSR Commission of ICC Georgia and International Resident Partner of Dechert Georgia LLC Q. How long-term should the CSR projects be and in which spheres should Georgian companies make the main investments (environment, education, sport)?

A. In my view, Georgian companies should invest in projects that focus on the employees, the environment, education and healthcare in Georgia.

A good example of a success story that has enabled a number of Georgian companies to recycle is a recycling company that has recently been established in Georgia. Coop.ge is a market leader in the field of recycling and has been visiting schools around Georgia to educate students on the importance of recycling and the effect of recycling on the environment as well as the materials that can be recycled. Coop. ge has also been working with restaurants and hotels around Tbilisi to reduce the amount of waste produced through a recycling collection programme.

Q. What kind of CSR activities can be the most stable and long-term in Georgia? And also, what kind of CSR activation could be beneficial for Georgia?

A. The concept of serving the community is relatively new in Georgia. The projects that focus on the long-term health and wellness of the community, such as healthcare, environment and education, will likely be the most stable and beneficial in the long term. Companies should develop long-term programmes for their employees (healthcare, childcare, etc).

Q. How can companies in Georgia benefit from Social Responsibility projects?

A. When a company puts energy and effort into its employee programmes and into its community, this tends to create a strong relationship and sense of loyalty between the company, its employees and the community (including its customer base). One way that a company in Georgia can benefit from Social Responsibility projects is through increased awareness of the company in the community and an increased client base. Not only do social responsibility projects help the community, they can also add to the overall wellbeing

of a company’s employees as well. This can lead to increased productivity for its workforce.

CSR programmes should not be viewed as “expenses” by companies. In fact, a number of studies have shown that a good CSR programme can translate into a solid investment and contribute to the growth of the company notably by improving the employees’ productivity.

Q. How should companies develop employees and the future workforce to build successful working lives?

A. Talented individuals are key to the success of any organization. While employee compensation is a key factor, it is not always a factor that will ensure loyalty towards an employer. In fact a number of recent studies have shown that employee loyalty is built on a strong connection between the employee and the employer’s values and beliefs. It offers them a strong reason to stay engaged. More and more employees want for their employer to behave responsibly towards society.

A recent survey showed that businesses that invested in CSR would likely have a higher level of employee engagement and that the staff would consistently say positive things about their employer and tend to be more loyal to their employer.

This is key for Georgia in a context of growth and search for talent; CSR programmes will influence the best employees in their job search efforts and in their loyalty towards their employer.

Q. Do you think the CSR message is only being heard and acted upon by large companies?

A. Yes, the leading companies in Georgia are developing a number of programmes with the Georgian financial institutions being market leaders.

Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights; and Principle 2: make sure that they are not complicit in human rights abuses.

LABOUR Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining; Principle 4: the elimination of all forms of forced and compulsory labour; Principle 5: the effective abolition of child labour; and Principle 6: the elimination of discrimination in respect of employment and occupation.

ENVIRONMENT Principle 7: Businesses should support a precautionary approach to environmental challenges; Principle 8: undertake initiatives to promote greater environmental responsibility; and Principle 9: encourage the development and diffusion of environmentally friendly technologies.

ANTI-CORRUPTION Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery.

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HEADLINE NEWS & ANALYSIS

corporate social responsibility

FINANCIAL

22 DECEMBER, 2014 | FINCHANNEL.COM

Large Companies Dominating CSR Activities in Georgia The FINANCIAL

By MADONA GASANOVA

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he practice of Corporate Social Responsibility is characterized by a positive trend in Georgia.

Georgian businesses have started separating CSR from charity and philanthropy. The integration of Georgian companies with global markets and the Association Agreement promises to bring about greater development of CSR. Large companies remain more socially responsible businesses in Georgia, contrary to SMEs. Meanwhile, internal CSR remains more developed in the country, so accordingly Georgian businesses need to focus more on the corporate social investments.

“We have been actively arranging meetings with managers and CEOs. Various types of trainings have been held by Eurasia Partnership Foundation (EPF). The main message we tried to clarify was what kinds of benefits CSR can bring for them. There is no clear demand for CSR among society.

Accordingly, companies are less motivated to implement it.

The fact that CSR is linked to extra expenditures hampers its development. So, clarifying the benefits is the mechanism which actually works. The concept of CSR means its voluntary implementation. It cannot be compulsory. Besides companies’ goodwill the Government should provide extra motivation for businesses to be socially responsible. CSR should include more strategic actions, which will then bring much more results for everyone, including the companies,” Viktor Baramia, Senior Program Manager at Eurasia Partnership Foundation, told The FINANCIAL. Baramia believes that knowledge of the issue is very important. “The CEOs and top managers of large-scale companies are mostly educated abroad. Accordingly, they are familiar with CSR and all its principles. Therefore this practice should subsequently be distributed across lower levels. However, here we face a rupture in the chain. CSR is not taught as a separate course at business schools. It is considered a component of business ethics. Caucasus University is the exception. It is very important for students that are potential employees of large companies, where CSR is on the agenda. This might be one of the reasons why the situation in terms of corporate responsibility is improving.”

Q. Which is the most socially responsible company in Georgia?

A. I will refrain from naming a specific company. However, I will say that unfortunately CSR is not on the agendas of small and medium-sized businesses. So, the role of most socially responsible companies is relegated to big companies. CSR is especially active among companies incorporated in international networks. This comes from the strategy of the central office. Maybe the scales of the project are smaller in Georgian branches though compared with their headquarters. This might be due to a lack of demand from the local

market. However, the general strategy of CSR in these companies is sturdier. Meanwhile, the charity campaigns of such large companies are more eye-catching than corporate social investment campaigns.

In its turn, CSI projects need more strategic approach and resources. In this regard human resources have a key role. That’s why CSI projects are more neglected by companies. Charity is more related to being a component of PR. Big companies are well aware of what benefits they can get from CSR activities. Though, currently, internal CSR, which refers to HR strategy, is more developed.

Even the international

studies show that all companies, including small and medium-sized companies that have implemented CSR practice are more successful in doing business. Such companies turned out to be stronger even during the recession.

Q. What are the main benefits that CSR brings to all the players involved in it?

A. CSR brings a lot of benefits to each player. Actually this is the main challenge.

Let’s consider internal CSR. Employees that are satisfied due to their working standards, directly impact on the company’s efficiency. External CSR is a positive example for employees to do a good

job. At the same time it is an image of the company - an image of a positive and kind company. CSR indicates quality, taking care of customers and desire to develop. The final result is reflected in its sales. We are in direct connection with the benefits for customers, as they receive quality and competition. The companies’ revenue growth will cause a greater sum of budget which is one of the main benefits for the Government from CSR, together with satisfied citizens.

The Government gets an opportunity to delegate its work to businesses. The Government should provide social services, social requirements, employ specific social groups. All of this is too much pressure. Therefore, CSR delegates these functions to some extent. In some cases it unloads the state. As a result, the Government should create an environment that will ensure the satisfaction of all rings. Meeting everyone’s interests is difficult, but possible.

Q. What is the role of the Government in creating a socially responsible society?

A. In the current law there are just several articles which may encourage companies to carry out CSR activities. HowContinued on p. 22

Corporate Governance To Help Georgian Companies Attract Foreign Investors The FINANCIAL

By MARIAM PAPIDZE

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mplementing good corporate governance practices can help Georgian companies attract foreign investors and partners, gain competitive advantage, increase financial returns, and provide shareholders with greater security on their investments, believes Oliver Orton, Regional Manager of IFC’s Corporate Governance Program in Europe and Central Asia.

“The governance challenges we see faced by many companies in Georgia are, in general, similar to those faced by companies in other countries in the wider region, even if the underlying economies ultimately differ,” Orton told The FINANCIAL. “A key consideration, for example, is whether there’s a body within the company that is effectively steering the direction of business – this body usually being a board of directors…One particular challenge to attracting investment into Georgian companies is a reluctance by those companies to demonstrate higher levels

OLIVER ORTON, Regional Manager of IFC’s Corporate Governance Program in Europe and Central Asia

of openness and transparency.

There’s a perception that making publically available any information about the company leaves it vulnerable – to competitors for example; of course we’re not suggesting disclosure of sensitive or confidential information – but transparency as to certain financial as well as non-financial information will be a key factor that international investors and partners want to see when establishing relationships with local

partners. Georgia’s companies should take this into account,” he added.

Corporate governance, which focuses on improving the structures and processes by which companies are directed and controlled, is an emerging, and highly relevant, business discipline in the markets of Eastern Europe and Central Asia.

Studies have shown that more than 84 percent of global institutional investors are willing to pay a premium for the shares of

a well-governed company over one considered poorly governed but with a comparable financial record.

In order to raise awareness of corporate governance and to assist its incorporation into the daily life of Georgian companies, International Financial Corporation (IFC), a member of the World Bank Group, is implementing a corporate governance program funded

by Switzerland’s State Secretariat for Economic Affairs (SECO). The program provides in-depth advice to companies and financial institutions on implementing good corporate governance practices, while also strengthening the capacity of local partners to provide corporate governance advice and services in their markets.

IFC’s Corporate Governance Program in Europe and Central Asia, together with its local partner institutions in Georgia - the law firm Eristavi & Partners, the Georgian Institute of Directors, the Georgian Banking Training Centre, and PMO Business Consulting - hosted more than 25 representatives from partners from 10 countries in Tbilisi in December.

The purpose of the four-day

workshop was to share knowledge and, importantly, to continue to further build capacities in corporate governance.

“We meet many companies and banks during the course of our work around the world. The challenge for us is to communicate that corporate governance is not a compliance or boxticking exercise, relevant only to large or regulated businesses - it’s relevant to all companies, and ultimately, is about bringing very real value and benefit to the business. When effectively implemented and integrated into the business, corporate governance helps enhance competitiveness, effectiveness, efficiency and profitability, and enables companies to expand sustainably, while also helping to attract much-needed investment. We work with companies and financial institutions on a consultancy basis to help them identify, and then implement, improved corporate governance practices. In addition, we consider it highly important for us to work with sustainable local partners who can also deliver top-quality advice on corporate governance to local companies. That is real success,” said Orton.

“We all see that Georgia ranks highly in the World Bank Group’s latest Doing Business Report. The country does well in terms of, for example, registering a business or property, or the speed and ease of setting up a business. But when it comes to the corporate governance-related indices, Georgia could be doing better by comparison with these other indicators,” he said.

Q. What is good corporate governance? What are the challenges in Georgia in this direction and what are your recommendations?

A. There are many academic definitions of good corporate governance. I prefer to explain it in a different way. If corporate governance is ‘working’ as it should, it means that the shareholders or owners, the board and management are working smoothly and efficiently in a manner so as to allow the company not only to survive, but to develop in a sustainable manner.

We look at the corporate culture and mindset that exists Continued on p. 22

FINANCIAL HEADLINE NEWS & ANALYSIS FINCHANNEL.COM | 22 DECEMBER, 2014

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corporate social responsibility

Companies Practicing CSR are Good Corporate Citizens The FINANCIAL

By MADONA GASANOVA

B

eing a good corporate citizen - this is how AmCham Georgia defines CSR. The majority of Georgian companies try to be good corporate citizens.

However there is still much room for improvement. AmCham Georgia has outlined three strategies that it aims to follow in line with CSR in the nearest future.

The AmCham Corporate Social Responsibility Committee was officially launched in February 2012. The CSR Committee provides insight into how CSR programs can be implemented, such as how to effectively monitor and track such efforts and gauge whether they contribute in a meaningful way to awareness and creating a positive impact. Paul Clark and Rusudan Kbilashvili, AmCham Georgia CSR Committee Chairs, provided their viewpoints regarding the responsibilities of corporations in Georgia.

There are many Georgian companies that are good corporate citizens, said Kbilashvili, adding that some of them do not realize the exact meaning of CSR. “AmCham’s CSR Committee has been

PAUL CLARK, AmCham Georgia CSR Committee Chair trying through the years to raise awareness of what CSR means. We invite international experts and arrange presentations in order to share international experience.

CSR is a new term not only in Georgia, but abroad too. So we carry the responsibility to enhance awareness of it and give out some recommendations. The promotion of CSR activities was started by international organizations and NGOs in Georgia.”

“Today we are finding that more companies are involved in CSR promotion in Georgia and this is a really positive step. The rising awareness of CSR makes us optimistic that we will see further development of this campaign in the future. The fact that The FINANCIAL devotes a special edition to CSR in itself means that we have achieved a certain goal. There is a perception that companies should not talk much about their CSR

RUSUDAN KBILASHVILI, AmCham Georgia CSR Committee Chair activities. However, we know that CSR is not only charity.

So, promoting CSR activities by companies will raise competitiveness between companies to become better corporate citizens. The promotion of CSR activities by companies is important at this stage when the level of awareness is low. Considering the big competition on the market it is important for companies to attach additional value to

their products. It is a very sustainable and long-term vision of a company - to be a good corporate citizen,” said Kbilashvili.

CSR is a very abstract term, said Clark. In his words, even people in the West do not know what it means in concrete terms. Accordingly, after starting work together with AmCham, the very first thing the CSR Committee CoChairs did was to establish

Companies with the Best CSR Reputations Named

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oogle has the best corporate social responsibility reputation, beating out Microsoft who held the top spot in 2012 and 2013, according to Reputation Institute’s annual CSR RepTrak.

Google has the best corporate social responsibility reputation, beating out Microsoft who held the top spot in 2012 and 2013, according to Reputation Institute’s annual CSR RepTrak.

Microsoft, Walt Disney and BMW are the no. 2, 3 and 4 companies, respectively, with the best CSR reputations globally. Apple, Lego, Volkswagen, Intel and Rolex (tie), and Daimler round out the top 10.

The 2014 CSR RepTrak Study, which ranks the world’s 100 most reputable companies based on citizenship, governance and workplace, provides a business case for embedding CSR and sustainability principles into corporate strategy and operations. The study shows that firms with better CSR reputations have a much higher ability to foster desired supportive behaviors among consumers, including buying their products, recommending their company, or trusting the company to do the right thing when faced with difficulties or disruptions.

The results from the study also show that many companies still struggle to effectively communicate their good corporate citizenship with the general public. More than half of the respondents from the US and the UK, for example, were neutral or uncertain when asked if a company was a good corporate citizen.

for themselves how to define CSR. “CSR is nothing more and nothing less than being a good corporate citizen. If we think about physical citizens, we will see that all of us try to be good physical citizens. We all do some things well, some things poorly. All of us have an opportunity to improve being a good physical citizen.

Most people want to improve, not everyone. The same thing applies to corporate citizens.

Every business is a corporate citizen. Most businesses are good corporate citizens in the sense that -just as physical citizens - they try to do the right thing. However, perhaps on the corporate citizenship’s side there are more opportunities for improvement. The similarity between physical and corporate citizenship is striking. For instance, as a physical citizen you should not litter, not throw rubbish in the street, while as a good corporate citizen, you should not pollute. As a physical citizen, if you see someone who needs help, you help. As a corporate citizen you do the same thing. An important message is that CSR is merely being a good corporate citizen. Everyone, every company is a good Continued on p. 20

Georgia, Ukraine May Get VisaFree Regime With EU At Riga Summit

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BRUSSELS -- Latvian Foreign Minister Edgars Rinkevics has said that the EU might grant both Georgians and Ukrainians visafree access to the EU’s Schengen zone next year.

Rinkevics, whose country takes over the EU’s rotating presidency in January 2015, told RFE/RL on December 16 that both Ukraine and Georgia had a chance to get visa liberalization at the Eastern Partnership summit in Riga in May next year.

He noted, “in my ideal world there is at least one or maybe even more than one Eastern partner where the visa-liberalization program is enhanced and introduced,” noting that Ukraine is lagging a bit behind for purely technical reasons.

The countries have to undertake several reforms, such as increased judicial cooperation with the EU, before being granted visa-free travel.

Moldovans in April were granted visa-free travel to the Schengen zone, which consists of 22 of the 28 EU member states and non-EU Iceland, Liechtenstein, Norway, and Switzerland.

The European Parliament on December 18 endorsed a political and trade agreement with Georgia.

The ratification of Georgia’s EU association agreement is the third such deal endorsed with an eastern neighbor of the European Union within three months.

The deals have frustrated the Kremlin, which has said they could hurt Russia’s economy and are incompatible with a separate free trade zone Moscow has established.

Speaking in Strasbourg ahead of the vote, Georgian President Giorgi Margvelshvili called the event “an exceptional and very important day” for his country.

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corporate social responsibility

VTB Bank Georgia to Open 10 New Branches in 2015 The FINANCIAL

By MADONA GASANOVA

VTB

Bank Georgia has grown its assets by 25% in 2014. The Bank has already announced 100 job vacancies and plans to open 10 new branches in 2015. Well-known for its active support of Georgian sport, the Bank is involved in culture and education as part of its CSR activities. The Bank chooses to support long-term social projects, focused on investing in the better future of the nation.

“The whole year has been very successful for VTB Bank Georgia. We have maintained a growing trend. Assets grew

by GEL 20 million. That is 25% more compared to the previous year. In most cases VTB Bank Georgia during 2014 was growing faster than the market. Our loan portfolio grew by 21.6% compared to the 17% market growth. Corporate business loans grew by 20.9% compared to the 12.8% market growth. At the same time corporate business deposits grew by 54.5% compared to the 13.9% market growth. We increased our market share on this side from 8.72% to 9.93%,” George Barkalaya, Vice-President at VTB Bank Georgia, told The FINANCIAL. According to Barkalaya, the Return on Investment (ROI) has increased by 21.3% according to the results of the first eleven months of the current year.

“There has been a growing trend in the deposit portfolio as well. We successfully positioned ourselves in the corporate business direction, as well as in regard to SME business. So, VTB Bank Georgia has been growing in every direction: retail, small business and corporate. We plan to continue our growth and our success in the upcoming years.”

GEORGE BARKALAYA, Vice-President at VTB Bank Georgia Q. What are your plans for 2015?

A. We plan to continue with further increasing growth next year. VTB Bank Georgia will enlarge its market share of retail banking. During the coming three years we plan to double the number of our branch network. Branches will be opened in every Georgian city where VTB Bank is not present at the moment. We are not yet established in Zugdidi, Zestafoni and Akaltsikhe. Accordingly its residents will soon get the opportunity to access the full services and products that we offer. In addition, we will add new branches in cities where we are already present.

Ten large branches and new sales points are scheduled to be opened in 2015. At that point the number of our branches will total 37.

Q. Please can you tell us of the CSR activities that you have been implementing?

A. Our CSR activities are quite diversified. We try to support various fields. We are proud to be the partners of the national teams and federations of various sports. VTB Bank Georgia is a general sponsor of the Rugby National Team, as well as the National Water Polo Team. We are glad to bear witness to their great success. During the summer our national water polo team participated in the European Championship. We support the Sport Federation of Georgia, Gymnastic Federation of Georgia and Equestrian Sport Federation. The Football club Saburtalo, basketball, as well as the kid’s rugby team Chokhosnebi are also in the list of those which we have been endorsing for years and will continue to endorse in the future.

VTB Bank Georgia recently became a general sponsor of the

business champion’s league in football. We wish all athletes success and we hope that the material support of VTB Bank will play an important role in the development of Georgian sport, will promote its advancement and achievements.

Culture is a field in which VTB Bank Georgia tries to provide significant assistance. Among the projects funded by the Bank are: Rustaveli Theatre, Griboedov Theatre, Lado Meskhishvili Kutaisi Theatre and the ensemble Georgian Voices.

VTB Bank is a permanent partner of the Charity fund Iavnana.

The number of projects financed by VTB Bank determines the high corporate and social responsibility of the Bank. We are pleased that with the financial support of VTB Bank many interesting projects have been implemented and this relationship has been largely successful.

We are very closely involved in education. We signed a strategic partnership with Caucasus University this year. The Bank compensated the tuition fees of three freshmen at CU that successfully passed their entrance exams and gained high scores. We offer internships for students at our banks.

After successfully accomplishing the internship the students are then given the opportunity to be employed in various departments and branches of the Bank.

We are doing our best to be active in Georgian society.

Q. What are the principles by which you decide what kind of activity to support?

A. Our desire is to be a part of the victory, success, passion and emotions which sport brings to everyone and for me personally as a Georgian who is living in this country I feel

that spirit. That is one of the main motivators for us to support national sport and culture.

Education has always been the best direction for investments.

Educated people are the core of our country. Today we still find people who cannot afford education due to their financial situations. So given such an unequal environment we try to contribute our small share and encourage students and motivate them to receive appropriate education. Actually there are many different experiences that involvement in a socially responsible project presents to us. These are really unforgettable moments for us as a socially responsible company.

Q. Which CSR activities could be viewed as the most sustainable in Georgia?

A. In general, CSR activities are very important in Georgia.

We see that more and more businesses are getting involved in it. And we are really happy to be seeing this. There are lots of companies that are implementing different types of social projects. The potential scale of CSR is unlimited.

There is no obligation for corporations to run any one specific project. So, businesses taking on responsibilities in any area are a welcome fact.

VTB Bank is involved in various projects. We are happy to support these. However, we cannot be everywhere. We are actively encouraging our partner companies to participate in different social projects. While talking about CSR it is important to implement long-term projects, due to the real and lasting benefits. We are proud that all the projects in which we are involved are not onehanded.

Q. How long-term are your CSR activities?

A. We have been supporting

the Iavnana Foundation for ten years. Our cooperation with the Rugby Team goes back more than three years. VTB Bank has also been supporting Kutaisi Drama Theatre for three years. So our long-term vision is devoted to the future of our country, of our children and the growing generation.

We will continue to invest a lot in junior sports teams for the healthier and better future of our nation.

Q. What are your activities in terms of internal CSR? A. In the last two weeks we announced 100 new jobs. It was really great news. Currently we employ 1,100 workers. And this number will be growing. From January we launched the second stage of our new banker’s programme - VTB Generation. This is a good opportunity for gifted youngsters that are interested in the banking sector to get qualified trainings and to later start working. The programme is already quite popular. Last year we trained 25 applicants and out of them 23 are now counted among our staff members. We are doing our best to stimulate our employees with various trainings to increase literacy and growth skills. The average salary at VTB Bank Georgia is GEL 1,600. This is a good figure and quite competitive for the market.

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FINANCIAL

22 DECEMBER, 2014 | FINCHANNEL.COM

Do Not Drive Drunk!

Top Boutique Winery Schuchmann Wines Starts New CSR Campaign to Reduce Road Accidents The FINANCIAL

By MARIAM PAPIDZE

T

op boutique winery Schuchmann Wines is starting a new campaign under the name “Do Not Drive Drunk” within the framework of Corporate Social Responsibility (CSR). At the same time the company is planning to continue in 2015 with all the CSR campaigns that it started in previous years. Schuchmann Wines spends about GEL 10,000 on CSR activities annually.

“Having a glass of Schuchmann wine with one’s dinner is always a perfect idea but not before driving,” said Nutsa Abramishvili, General Director of Schuchmann Wines Georgia. “As a wine company we feel a sense of responsibility for our society in terms of encouraging them not to drink drive. We are disturbed by the increased numbers of car accidents in the country and so started thinking about how to contribute to preventing car accidents in Georgia. The campaign Do Not Drive Drunk will unite several projects which will be implemented throughout the year 2015. I believe that this campaign will be long-term and will continue well into the future as well. The main goal of this campaign is to decrease the number of car accidents and to remind the Georgian population of the rules of responsible drinking in order to ensure their safety,” she added.

To improve education, save Georgian traditions and introduce Georgian wine-making to the world are the main goals covered by Schuchmann Wines’ CSR activities. Out of them, raising education is the top priority for the company, says Abramishvili, as educated and qualified people are the greatest benefit for both the company and the country’s economy as well.

“We are cooperating with universities not only in Georgia but abroad too. Groups of students from different universities often visit Kisiskhevi, in the region of Kakheti, for an internship programme. On the one hand it is very useful for raising awareness of Georgian wine and on the other hand we are offering very valuable experience to these foreign students. Our aim is for the foreign students to take the information about Georgian wine and its traditions away with them back to their own countries. After discovering the wine-making tradition of Kvevri, they tend to be very surprised and in admiration of it. Many of them write about this specific tradition and in such a way introduce Georgian wine-making traditions to their countries. This is a very important factor for us,” Abramishvili said.

Every year 10-20 successful students come to Schuchmann Wines Chateau for an internship. This year Schuchmann Wines provided a three month course for successful students from France, Germany and Australia. In ad-

NUTSA ABRAMISHVILI, General Director of Schuchmann Wines Georgia dition, Schuchmann Wines cooperates with the Agricultural University of Georgia and offers the same internship programme to Georgian students. About 40 percent of them stay at Schuchmann Wines to continue their careers here. Schuchmann Wines presents certificates to all the students that have undertaken the internship and provides them with references as well.

“The traditional Georgian wine-making process is so interesting, different and attractive for them that many of them wish to stay on in Georgia and continue their careers here. As well as the wine-making process the students are involved in laboratory work and wine tourism during the internship period.

Within the framework of wine tourism we let tourists visit and see our winery, introduce them to a traditional way of wine-making and then finally, allow them to take part in wine-tasting. The students are introduced to all the managing rules of wine tourism. Our goal is to train them in accordance with the Shuchmann family rules, after which it is not difficult anymore for them to work in our company and adapt to our principles,” said Abramishvili.

The number of Schuchmann Wines’ employees is increasing every year. The company employs 65 people plus 200 seasonal employees; these are over 60 year old farmer women who work in the vineyards. There are 8 people employed in gastronomy - at the newly opened wine bar in the historical building of Karvasla, in old Tbilisi.

Shuchmann Wines employs local people, those who live in Kisiskhevi or the nearby villages.

“The wine business is very complicated in general and a qualified labour force is crucially important. First of all there is the technological direction in the wine-making process which constantly needs to be controlled. As a top boutique winery Shuchmann Wines is always focused on high quality in every direction - whether it is the quality of the wine or the service which we offer to our customers - everything in our company must be of very high quality. The second reason that makes the wine business complicated is that we have to compete with already very experienced wine companies on international markets. Introducing your product to international markets and taking your deserved place on the

market is a very difficult mission,” Abramishvili said.

“We employ local people, from the village Kisiskhevi and from the nearby villages.

Caring about our employees is very important for us as we understand what it means to have happy employees. We train them and improve their qualifications. Besides that, we have a tradition whereby we have a Christmas party together which helps us to get to know each other better and spend an enjoyable time with one another. We have a very friendly structure, a ‘one family’ principle in terms of our attitude towards our employees,” she said.

“One of the most important directions of our CSR activities is promoting Kvevri wine.

We are the biggest producers of Kvevri wine in Georgia. Despite the fact that Kvevri wine is a core product of Georgia and is a competitive advantage for wine companies, it costs a great deal to produce Kvevri wine, therefore companies avoid getting involved in Kvevri wine-making. But quality and Georgian traditions are very important for us. That is why we have built three big Marani (locations for storing wine in special pitchers) for producing Kvevri wine. There are only

two families in Georgia who are producing Kvevri. In fact, we are losing this tradition and forgetting the process of Kvevri wine-making. Nowadays we have 100 Kvevris in our Marani and export the largest proportion of Kvevri wine abroad. Kvevri wine makes up 30 percent of our total production. Ensuring the survival of the technology of producing Kvevri wine is our social responsibility,” said Abramishvili.

Q. How does Schuchmann Wines care for the environment?

A. In terms of caring about the environment we cultivate vineyards every year. As a result we are developing Georgian vine-growing. Nowadays we have more than 100 vineyards, which have been growing by 5 percent every year.

Our goal is to expand our vineyards by 40 percent within the next 5-10 year period.

Q. What kind of CSR activities can be considered the most stable and longterm in Georgia?

A. I would pick out education as the most important one. The more educated a generation is growing up the more beneficial it is for the economy. This is why at our company we have specifically chosen the educational CSR direction.

I am always against charity activities, even if they are happening on a regular basis, as by such actions you are just making the recipients of the charity lazy. I always think that instead of charity activities it is better to give people actual opportunities. Again, in my opinion, trainings, internship programmes and providing job places are more vital and long-term for the people who need our help. I would encourage the companies in Georgia to be more focused on long-term activities.

The concept of establishing our company was to merge two traditions of Georgia - to have wine-producing plus the tradition of drinking wine.

This was the first project that brought wine tourism to Georgia. Within the framework of CSR we have brought a Western standard of service to Georgia and have adjusted it to the local culture, more specifically to Georgian winemaking. Many tourists, foreigners as well as Georgians, often express their desire to take part in the process of wine-making.

It was precisely the factors of the history and tradition and the desire to bring together everything about winemaking and the Georgian story that encouraged us to open a wine bar in Karvasla.

A wine bar with an extraordinary handmade interior design befitting of Georgia’s rich history and culture is a new concept for the Tbilisi touristic and gastronomic sector. It was our dream to combine wining and dining.

We have successfully made our Chateau in Kakheti and Schuchmann Wines Chateau with its hotel and restaurant the most popular destination in the Kakheti region.

We are proud that the brand “Schuchmann” has been suc-

cessfully launched in wine production, agriculture and tourism. In the long term, we plan to franchise the concept abroad and achieve the primary goal of this project - to market and export Georgian heritage, Georgian wine and gastronomic tourism.

Q. The UN clarifies that Corporate Social Responsibility means business transparency, as well as participation in activities against money laundering and corruption. How do Georgian companies understand this meaning of CSR and how do they meet the CSR requirements?

A. Georgian business is very young. The business attitude or principles that are adopted in Western countries are still not implemented here.

Transparency and a sense of accountability are still not perceived as obligatory for Georgian companies. Now it is a period of transition for the companies and we have a chance to be closer to Western standards.

Q. What have been the most important activities of 2014?

A. The year 2014 was a very challenging year for Shuchmann Wines. However, we have tripled the capacity of Schuchmann Wines production. We opened a wine bar in Karvasla and added gastronomy to our directions. We started the building of a new hotel which will be opened in 2015. In addition we entered new markets such as Japan, France, Cyprus and Mongolia. In this way we managed to reduce Russia’s share of our export volume and started diversification of our export markets. Booking.com, HolidayCheck and TripAdvisor state that we are the number one destination in Kakheti.

Our guests have rated Schuchmann Wines Georgia as the number one destination.

Because of the drought in Kakheti the harvest capacity has been reduced by about 30 percent which caused increased wine prices as a result. The price increase was also caused by the high demand from Russia. This year the prices of grapes have doubled compared to last year.

But our costs were balanced as 70 percent of Schuchmann Wines is our own production.

We are planning to sell a million and a half bottles of wine in 2015.

The year 2014 was kind of a year of panic because of the increased demand from Russia. Now the Russian market is more or less stable though.

They are facing a financial crisis and suffer from inflation and for this reason sales of wine there have decreased.

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AGH: “CSR is about Action, Not Talk” The FINANCIAL

By MADONA GASANOVA

C

orporate Social Responsibility does not mean onehanded charity campaigns for Alliance Group Holding (AGH).

AGH considers CSR to be an integral part of its management. Its internal policy is based on respect for human rights, gender equality, environmental protection, transparency and responsibility.

Restoration works on Jegeta Mountain in Western Georgia are the latest project which the company has been carrying out.

“The country’s economic and social development is not only the duty of the Government. The country’s progress and advancement is impossible without the support of the private sector. The CSR activities of companies does not only mean up-front, and in many cases disposable, charity campaigns.

A more far-reaching and comprehensive approach is required.

Conducting ethical business is a main factor of this responsibility.

Fair consideration for customers, employees and partners; transparent relations with public authorities; returning share of our profit back to society and environment protection - these are the main responsibilities that every businessman should realize, regardless of their company’s size or experience,” Aieti Kukava, Executive Director at AGH, told The FINANCIAL. Kukava did not reveal the sum that the company spends on its CSR activities. In his words, AGH does not belong to the same category of companies that consider charity and social responsibility to be simply a part of PR.

AIETI KUKAVA, Executive Director at AGH Q. A company’s attitude towards its employees determines the responsibility of the business towards its community. How often do you recruit and then train your workers after hiring them?

A. Initially, we rate our social responsibility by how we treat our employees. For

this purpose, maintaining fair treatment of employees is the main mission of our HR strategy, as well as social responsibility and internal policy. To respect the dignity of our workers, their well-being and diversity is the main policy of the company. We are following international standards while hiring, promoting and creating work-

ing conditions. The company is focused on creating equal conditions for career growth and the development of employees.

As with every rapidly growing company we often need new staff. We are publishing our job applications on leading job search websites, as well as on the company’s website. Promoting interns is

quite a common practice in our company. We are cooperating with leading universities and always hire interns in our different departments or subsidiaries.

Staff training and their professional development is one of the most significant aspects of our HR policy. The company contributes to the professional development of staff.

We encourage their initiative of professional growth by financing their education.

Celebrating important events in our employees’ private lives is an integral part of our corporate culture. We support families with newborn children so as to improve the demographic condition in the country. Every employee that creates a family, or gives birth to a new child, receives financial incentives from the company, as well as a flexible work schedule.

Q. How do you encourage your workers?

A. We have introduced an internal promotion system.

Each employee is rated according to their performance.

The diversified structure of the company enables them to try themselves in various departments and subsidiaries. They can work in different companies with one specialization, or in different directions. We have implemented the Idea Box. Through it employees can express their viewpoints regarding the improvement and development of the company. Each month, we award the ‘employee of the month’. The best employee of the year is revealed at the end of the year. They receive various prizes and certificates. We have introduced the Employee Stock Ownership Plan (ESOP). As potential shareholders they are encouraged to care about the development of the company.

Such an approach would first of all improve the company’s service. It is a prerequisite for improving customer-oriented service and the implementation of competing and innovative products.

Q. What is the company’s approach towards human resource management?

A. The company takes care of the welfare of its employees. We have a flexible work schedule. They can also work from home. AGH fully compensates employees during maternity leave. We also encourage paternity leave. The company is trying to encourage the promotion of female employees and their professional education. However, the promotion of any women remains in line with their professional achievements.

Staff promotion and a bonus system are implemented in accordance with their correspondingly successful work and qualifications.

The staff recruitment policy is based on candidates’ professional experience, knowledge and personal qualities.

The company also offers equal pay for the equal work of both sexes.

We are devoted to hiring women to decision-making positions. AGH has gender balance at all levels and actively supports women in balancing their careers and personal lives. As a result of this policy, we are proud that UNDP Georgia has awarded AGH with Grand Award for Gender Equality due to its best gender sensitive policies, actively promoting women on decision-making positions and having a gender balance at all levels, empowering

women for career progression and promoting work-life balance.

Q. What is the company’s corporate management strategy? In your estimation, how do the corporate governance systems impact on the economy?

The company’s vision is to promote sustainable economic development in the country by providing financial resources (capital) and financial education and guidance to various groups. In this regard the company tries to balance its social and financial objectives. AGH invests only in those sectors and projects that are feasible for the longterm sustainable development of the country.

Therefore, it aims to create value not only for consumers, but also for the whole of society. To date, the projects implemented by the company have made a significant contribution to the development of the national economy and especially the financial sector.

Since its inception, we have introduced pioneering and innovative services. We are always supporting the development of the Georgian economy, which has significantly contributed to the growth of business information, microfinance, leasing, hydropower, investment, and banking and real estate sectors.

A special social committee operates in the company.

It determined the social direction of the company and oversees the implemented projects. The committee decided which project should be implemented.

A strategy focused on longterm and sustainable results should prioritize more than just one-time promotions.

For this purpose, investment in the education of the young generation, promotion of ethical business standards among them and environment protection, are directions that will bring more benefits for the country’s economic development.

Q. The UN clarifies that corporate social responsibility means business transparency, and participation in activities against money laundering and corruption.

What is your approach in terms of safety and protection issues?

A. For this purpose, AGH has maintained a good governance principle since its inception. This includes carrying out all activities in line with national legislation and best international practice.

The procedures are in accordance with the standards of international quality and approved by the supervisory board of the company. We aim to align our own interests with those of our clients. It is a guarantee of establishing reliable and long-term relations with customers. Integrity, responsibility, professionalism, transparency and teamwork are essential principles on which the company relies while dealing with various interested sides.

Continued on p. 20

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FactCheck

Nodar Khaduri:

Giorgi Kvirikashvili:

Minister of Finance of Georgia

Minister of Economy of Georgia

“A total of 15,000 beneficiaries are involved in the Agro Insurance project as of November 2014 and the total value of the insured risks equals GEL 150 million.”

“The worsening of Georgia’s rating in the Doing Business study is due to the new research methodology.”

Veriko SUKHIASHVILI FactCheck

A

plenary session of the Parliament of Georgia was held on 14 November 2014 where the Minister of Finance of Georgia, Nodar Khaduri, presented the 2014 State Budget project. Whilst speaking about the planned projects in the field of agriculture, the Minister stated: “The Agro Insurance project’s funding will continue. A total of 15,000 beneficiaries are involved in the Agro Insurance project as of 1 November 2014 and the total value of the insured risks equals GEL 150 million.”

FactCheck took interest in this statement and looked into the Agro Insurance project.

The Agro Insurance project was enacted from 1 September 2014. This is a pilot project, planned to operate for one year. The project aims to actively include the insurance system in the field of agriculture. The Agricultural Projects Management Agency is in charge of the project’s coordination.

Directive No. 1,462 of the Government of Georgia determined the actions and budget necessary to implement the AgroInsurance project. The overall budget of the project equals GEL 5 million. The conditions of insurance are as follows: a total of 70%-90% or, in some cases, even 95% of the insurance package will

be covered by the state whilst the farmer, user or any other person using the insurance will pay, according to certain scales, over 0,5% of the insurance. Whilst subsidising the insurance package, the state covers a maximum amount of GEL 30,000 in the case of an individual whilst covering GEL 50,000 in the case of agricultural cooperatives. All sorts of agricultural products will be insured by the project. This includes insurance from natural disasters such as hailstorms, excessive precipitation, storms and autumn frost. The project only insures the plots of land which have cadastral codes, maps and/or GPS coordinates. It should be noted that the insurance does not cover damage caused by droughts.

Insurance companies licensed in Georgia expressed their wish to participate in the AgroInsurance project. On 1 September 2014, a memorandum of cooperation was signed between the Agricultural Projects Management Agency and the following insurance companies: GPI Holding, Aldagi, IC Group, Irao and Cartu. The insurance companies agreed to sign contracts with farmers taking part in the insurance project.

The insurer is obligated to pay a part of the insurance bonus upon the issuance of the insurance policy. The rest of the insurance bonus will be paid by the Agency.

FactCheck requested information about the Agro Insurance project from the Agricultural Projects Man-

Mariam CHACHUA FactCheck

agement Agency. According to their data, a total of 15,423 hectares of land has been insured in terms of the project as of 17 November 2014 whilst the number of the beneficiaries is about 16,500. The insurance limit amounts to GEL 150 million which means that the total value of the insured risks is about GEL 150 million. According to the Agency, farmers actively cooperated with the Agency in order to insure their harvest. The whole amount of GEL 5 million, allocated by the government for the project, has already been used up. Hence, the budget of the project has increased and amounted to GEL 11,101,329.

The project will continue next year as well.

We asked Giorgi Gigolashvili, Head of the Insurance Institute, an NGO, to comment upon the AgroInsurance project. He stated: “The field of agricultural risks insurance has never been created in any developed countries without the interference of the state.

The state shares the agricultural risks with the insurance companies. As of today, the insurance market in the field of agriculture is virtually unused and the activity of the insurance companies is very low because they cannot get income. According to the data of 2013, agricultural insurance constituted only 1% of the property insurance. This is a very low share. We will only be able to talk about the success of the Agro Insurance project after a year based upon the benefits the farmers and the insurance companies get.”

CONCLUSION The AgroInsurance project was enacted as a pilot beginning on 1 September 2014. The project enables farmers to insure their harvest against natural disasters. The state subsidises from 70% to 95% of the insurance package. According to the data of theAgricultural Projects Management Agency, a total of 15,423 hectares of land has been insured in terms of the project as of 17 November 2014 whilst the number of the beneficiaries is about 16,500. State funding amounts to GEL 11,101,329. The initial budget of the project equalled GEL 5 million but given the growing interest of the farmers, it has been increased.

Based upon the aforementioned facts, Nodar Khaduri’s statement: “A total of 15,000 beneficiaries are involved in the Agro Insurance project as of 1 November 2014 and the total value of the insured risks equals GEL 150 million,” is TRUE.

TRUE

The views expressed in this website are those of FactCheck.ge and do not reflect the views of The FINANCIAL or the supporting organisations

A

ccording to the Doing Business study, Georgia has moved from the 8th to the 15th position in 2014 as compared to the previous year. Minister of Economy of Georgia, Giorgi Kvirikashvili, made a statement about this issue on Maestro’s Business Contact saying that the worsening of Georgia’s rating in the Doing Business study was mainly due to the new research meth-

odology.

FactCheck took interest in this statement and verified its accuracy.

Doing Business is the World Bank’s study which has been conducted in all of its member states since 2004 and aims to assess their particular business environments.

There have been certain methodological changesin the Doing Business study this year. In addition, the data of 2013 was re-calculated which resulted in Georgia’s rating being changed, moving from the 8th to the 14th position.

This year, according to Doing

Business 2015, Georgia holds the 15th position.

The following components are new to Doing Business for 2015: Methods of rating calculation have changed An additional study on second largest cities for 11countries with the world’s largest economies has been added According to Doing Business 2014, Georgia’s rating worsened in five components and significantly improved in one component (Resolving Insolvency), moving from the 130th to the 122nd position (Chart 1).

Chart 1 Chart 1

Rating 2013 14 4 3 36 1 5 43 22 31 23 130

Georgia’s Rating Starting a Business Dealing with Construction Permits Getting Electricity Registering Property Getting Credit Protecting Minority Investors Paying Taxes Trading across Borders Enforcing Contracts Resolving Insolvency

Even though the business environment in Georgia has not worsened over recent years, according to the Doing Business study, there has been no major reform in the field of business for the past two years. The number of

reforms aimed at improvingGeorgia’s business environment was quite high in previous years (Chart 2). In 2007, Georgia was amongst the top ten countries with reforms in the field of business. The reforms carried out in 2012

2014 15 5 3 37 1 7 43 38 33 23 122

improved Georgia’s ratings in six components. Given the fact that Georgia’s ratings are still quite low in some of the components, the business environment needs to be improved or its ratings could worsen in the future as well.

Chart 2 Year 2007 2008 2009 2010 2011 2012 2013 2014

Number of Reforms 6 4 2 4 4 6 1 1

CONCLUSION Georgia held the 8th position in the Doing Business 2013 study whilst moving to the 14th position after the data was re-calculated according to the new methodology.

In addition, according to Doing Business 2015, there have been no major reforms in the field of business in 2014.

FactCheck concludes that Giorgi Kvirikashvili’s statement is HALF TRUE.

HALF TRUE

The views expressed in this website are those of FactCheck.ge and do not reflect the views of The FINANCIAL or the supporting organisations

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HEADLINE NEWS & ANALYSIS

corporate social responsibility

FINANCIAL

22 DECEMBER, 2014 | FINCHANNEL.COM

BP Spent USD 17 Million on Small Business Development in Georgia The FINANCIAL

By MADONA GASANOVA

BP

and its co-venturers’ support under the Community Development Initiative (CDI) has resulted in over 550 small business projects and up to 700 people being employed.

Since 2003 BP and its co-venturers have already spent USD 17 million under the Community Development Initiative, one of the components of which envisages providing support for small business development.

Today the state authorities use the model introduced by CDI in Georgia. The programme is aimed at enhancing harmonious relationships with the people residing in the villages located within a 2 kilometre radius of the oil and gas pipelines through the introduction of capacity building opportunities and the support of business start-up.

BP on behalf of its oil and gas partners has launched the Community Development Initiative for Local People in the villages located along the Baku-TbilisiCeyhan oil pipeline and South Caucasus gas Pipeline.

The programme includes several components. These are: support for agriculture, development of the reconstruction process of the rural infrastructure, and support for the development of small business. Through the above initiatives, the company is trying to improve the living conditions of the local people.

“Management of the programme is very important.

Several groups are involved in it, including the company BP itself. In addition, there is the implementing organization that prepares and executes the projects the Advisory Council of the Program, whose members are the representatives of international organizations authorized to regularly assess the programme and prepare recommendations. We also engage independent evaluators for mid-term and final evaluation of the

programme. Members of the group help us in the intermediary and final assessment of the programme as well as provide the recommendations that we consider in further work. The role of the local people and local governments is important,” said Rusudan Medzmariashvili, Manager of Social Responsibility at Company BP. Medzmariashvili believes that the payment of a grant alone fails to ensure the success of a programme. In her words, it is a long term process, which involves the announcement of an initiative, review of the proposals, applicant training, selection, funding and monitoring.

“Our system of control and monitoring is very thorough. We are in very close cooperation with the local people. We study every stage of the development of the programme through monitoring. If necessary, we make corrections to the Programme even during the implementation period. We are not in a hurry. Sharing knowledge and experience requires time.

We are very happy that the local people are interested in learning as much as possible. They cooperate with us in the implementation of the programme. They study all the details. They consider the advice that ends in good results. Development of the programme fully accords to the initial plan of its implementation,” said Medzmariashvili.

The Community Development initiative was introduced and funded by BP and its oil and gas co-venturers. The ideas of the business projects belong to the local people.

In order to get funding, the people have to pass through several stages.

The first stage is about the selection of ideas, the second - about presentation of the business plan developed in close cooperation with the programme’s implementing partners. Success comes from the close mentoring and monitoring process. The implementing partners work intensively, monitoring the development of any business idea.

Q. BP on behalf of its oil and gas partners operates three pipelines in Georgia. Why has the oil company decided to fund a project that is quite different from the core activities of the company?

A. The story is rather long.

Before we started construction of the pipelines, we conducted impact assessments on the natural and social environments. Company policy envisages the establishment of good relations with local people as well as help in support of the development needs they have.

We planned from the very beginning, prior to the start of construction of the pipelines, that the company would implement the initiative of development of the local communities.The community development initiative targets communities within the four-kilometre corridor along the route of the pipelines.

Programme structure reflects community needs based on the needs assessments we have conducted.

We announced a tender for selection of the local implementing partner organization for the programme’s implementation. Development of small and medium businesses is one of the components of the programme. Af-

ter the results of the tender, two domestic organizations were selected: the Regional Development Association and the Center for Training and Consultancy (CTC). The Regional Development Association develops the project for communities in the western part of the pipeline and the corridor. CTC works in the eastern part - in Gardabani, Marneuli and Tetritskaro. It is very important for us, because such a programme first of all helps us to establish good relationships with the people.

Q. The oil pipeline by itself is very important for Georgia. What kind of benefits does your company get from such social and economic projects?

A. Well, this project is aimed not only at the establishment of good relations, but at improvement of the social and economic conditions of the local people, our neighbours. It is a part of the global policy of the company, because BP runs a very responsible business. In all its countries of operation, BP takes care of the people associated with it. Let me mention specially that the activities are not aimed at PR. Continued on p. 15

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FINANCIAL HEADLINE NEWS & ANALYSIS FINCHANNEL.COM | 22 DECEMBER, 2014

Continued from p. 14

Q. The development of small businesses in Georgia has been an important task for a long time. We have seen a lot of good enterprises operated by individuals, groups, etc. How many people have already been employed?

A. Several hundred people have started private businesses in the frames of CDI. People have been very interested in the programme.

Q. How many enterprises have been established? Specifically, I mean registered enterprises operating up until now.

A. There are about 500 registered enterprises along the BTC and SCP pipelines.

Besides the owners of these enterprises, additional people have also been employed.

Thus, additional jobs have been created.

Support for small businesses, development of agriculture, rehabilitation of the infrastructure in the villages, and support for the community organizations are all components of the programme.

Q. The state also tries to use the model of BP in supporting small and medium-sized businesses. The model does not imply cooperation with banks, while the difference to other state models is that direct monitoring is implemented during the entire period

of several years. You control the process of their business, prevent them from spending the money unwisely, so unintentionally is that what leads to your guaranteed success rate of at least 99%?

A. Upon submission of the first application after announcement of our competition, our representative visits the place, studies the situation and makes a conclusion.

He provides a report to the committee that discusses the ideas. Acceptance of business ideas is the main initial action. The selected business ideas are improved and included in business plans.

Trainings are aimed at correct reporting on financial and accounting statements.

After that, the applicants submit an improved business plan. Systematic monitoring is carried out simultaneously. Photo material is also collected to show and to compare the situations before, during funding and after the funds are provided. Monitoring lasts up until the end of the project. When a project is announced as a winner, an action plan is prepared referring both to the start of the business and the development of services. We support the businessmen during the entirety of the abovementioned period. We often visit them for the purpose of advice and control. We visit them at least once a week, but if necessary we visit more often.

Q. How do you help them specifically?

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corporate social responsibility

started businesses according to their professions.

They changed their minds and remained in their villages instead of moving to the towns. A good example is several dentists’ clinics that have opened within the framework of the programme where skilled dentists are now working. In the past they had no choice but to move to the towns and work as hired workers there.

However, now they have their own clinics in the villages. One dentist provides their service to the residents of at least 2-3 villages.

Q. Can you please tell us about the areas of the activities?

A. There are two types of businesses: agricultural business and non-agricultural. The non-agricultural businesses include dentists’ rooms, carpenters’ shops, mobile service of sanitary technician by phone order, stone-cutting business, etc.

We also want to encourage women, and we ensure that privilege is granted to the businesses that have the participation of businesswomen.

A. We give them money for the purchasing of equipment for example. The co-funding is to reach at least 50%. The co-funding implies either money, or labour share, it makes no difference. What they must spend the funds on is fixed. We control ev-

erything and always request justification. By this I mean that they must provide documents certifying that the equipment was officially bought and all taxes were paid.

Q. Do Georgian labourers really need support?

A. Support is necessary by all means. Frequent visits by us are very important. They give them stronger motivation and charge them with greater responsibility. First of all the people get the chance for self-realization.

Many entrepreneurs have

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corporate social responsibility

HEADLINE NEWS & ANALYSIS

FINANCIAL

22 DECEMBER, 2014 | FINCHANNEL.COM

Advertiser: Irao Insurance Group. Contact FINANCIAL Ad Dep at marketing@finchannel.com

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FINANCIAL HEADLINE NEWS & ANALYSIS FINCHANNEL.COM | 22 DECEMBER, 2014

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corporate social responsibility

IRAO - Strengthening its Positions on Georgian Insurance Market ment, gathered at the settlement of Internally Displaced People (the victims of Georgia-Russia military conflict in 2008) in village Skra, Gori region, to spend the day with children and built a Square, as long as the infrastructure of the settlement was in terrible condition. The employees of IRAO, together with the locals and their children spent a day: cleaning, planting the Square and building the RockingChair on its territory, adjacent to the Educational Center of the children. Still the Company is providing various aids to the Children’s Center and continuous it support.

The FINANCIAL

By MARIAM PAPIDZE

I

RAO Insurance Company, a member of VIENNA INSURANCE GROUP (VIG), will be focused on strengthening its positions on market as far as increasing its market share, moreover enlarging corporate and retail segments of the Company, based on the strategy for the year 2015.

Besides, the Company uses maximum efforts for development and renovation of its services and business performance, including CSR activities for permanent satisfaction of customers and whole society.

“We are also striving for more activation of our regional representations, to make available insurance services to the broad audience of customers across the country,” said Vakhtang Dekanosidze, General Director of IRAO – VIENNA INSURANCE GROUP. “Moreover, IRAO is building its brand platform around its membership and belonging to a big family VIENNA INSURANCE GROUP and founding European business proceeding model on the national level,” he said.

“As a member of VIG, IRAO actively takes part in CSR annual projects initiated by our shareholders, such as: Summer Camp Art Competition for the children of VIG employees’, participation in the Competition for VIG employees, “ Recognition of Voluntary Commitment”, besides annual Social Active Day project that was initiated by Chairmen of Supervisory Board of VIG, Dr. Günter Geyer, he added.

“We make CSR investments mainly in the fields that are of top global priorities: environmental directions and education sphere, supporting young generation - children,” Dekanosidze said.

Q. Please describe to us CSR’s perfect world, taking into account recent events. Could you please provide the list and brief description of CSR projects implemented by IRAO Insurance Company?

A. In general, corporate social responsibility is a fundamental concept that become popular since 90s, when companies or organizations decide to contribute to a better society, through environmental and social aspects. Corporate social responsibility is presented by volunteering contributions undertaken by the companies through their business activities and social commitment.

Sustainability of the companies should affect on their social responsibility towards customers, employees, environment and on relationships with stakeholders.

On global level there are good examples for broad CSR ac-

SOCIAL ACTIVE DAY IRAO, NOVEMBER, 2014 “MONK ANDREA`S FOUNDATION”

VAKHTANG DEKANOSIDZE, General Director of IRAO – VIENNA INSURANCE GROUP

“The Company’s mission is to provide its customers with prompt, easy accessible and qualified insurance products and services in most rational price, based on reliable reimbursement system. We are pursuing to permanent renewal of the existing products and services and offer our customers a unique performance based on an individual approach. We perform according to the principles of sustainable relations, transparency and professionalism.” tivities provided by worldwide companies for encouragement of society for participation and development of social responsibility.

Thus it is very obvious that for more sufficiency and longlasting results it is especially important to implement international or at least nationwide CSR standards. Moreover, in case there be some category of regulations to obligatory implementation of CSR projects by the private companies – it would positively reflect on social life of various countries.

What for our Company, Insurance Company IRAO is operating on the local insurance market more than 10 years and holds one of leading positions.

Last years - social commitment became indispensible part of the company’s everyday life.

IRAO and its employees were actively involved in various social and charity activities, such as medical support to Retirement Houses, Orphanages, Charity Blood Donation projects, Green Activities in terms of environmental issues and etc. Starting from the

year 2012, CSR become one of the top priorities for our company’s strategy: our concerns over wealthy community, healthy generations and environment is embedded in our service proceeding terms and conditions of the insurance products.

Moreover in 2011, VIENNA INSURANCE GROUP, the top insurance group in Austria, Central and Eastern Europe, presented in 25 countries of the region by 50 insurance companies, became 100 % shareholder of IRAO. Since first VIG’s ancestor company was founded in Austria more than 185 years ago, awareness of responsibility, striving for sustainability and value-oriented growth became its major priorities. These priorities create the backdrop for the Group’s social commitment that comes from beginning of VIG corporate history as a matter of tradition.

VIG is providing with number of social, volunteer and charity activities as in-house, as on international level - calling VIG member companies for active involvement in social corporate

projects in their countries.

From the year 2013 IRAO has joined VIG Social Active Day project, when the part of the companies’ employees, including Management and all structural levels are organizing and implementing a social project, dedicated towards vulnerable members of the society: children, disabled persons, unprotected families and etc.

On that ordinary working day, employees of the companies’ have on option, weather they stay at their offices or would spend it through volunteer works.

SOCIAL ACTIVE DAY IRAO, NOVEMBER, 2013 BUILDING SQUARE FOR CHILDREN OF IDP’S SETTLEMENT

In the frames of Social Active Day, in November, 2013, around 30 employees of IRAO (20 % of the whole staff), headed by Company’s Manage-

The “Monk Andrea`s Foundation” was established in the year 2011, by a mother of 17 years boy, who has died of cancer. Since then Mother Tinatin, together with the coestablishers and supporters, took care over 75 children, struggling with heaviest forms of cancer. Currently there are 28 children under Foundation support. All the children are from socially vulnerable families from various Georgian regions and besides any medical treatments and care, the Foundation insures these children with food, clothes, vacations and trips on Georgian seaside and etc. Some of the children stay in the Foundation (house) on a permanent basis, because of unbearable living conditions in their own families.

On November 28, 2014 around 25 employees of IRAO together with the Company’s Board of Directors, visited the Foundation. IRAO employees organized an entertainment event for children, delivered them gifts and necessary equipment for their proper development and rehabilitation. But the most important and positive impact of this and such events is to have a good time with children that makes proper influence on their spirit.

Starting from August 2014, according to the signed Memorandum, IRAO is providing funds to the Foundation for various needs. We believe that we continue our relations and support to the children of “Monk Andrea`s Foundation” in future.

Q. How long-term are your CSR projects?

A. CSR projects should not only refer to the compliance of human right standards, labor and be provided through one time activities. Together with the State, who is a main body to address social concerns of the population, private sector should be responding to various needs of the society on permanent basis. Consequently we made a decision to provide CSR as a stable attribute to our everyday life, embedded in our service proceeding terms, in the relations with customers and the whole society.

Q. What kind of CSR activities can be the most

stable and long-term in Georgia?

A. We believe that stable and long-term CSR activities could be carried out in our country in education sphere, such providing competitions among students with further employment perspectives in the particular company or sponsoring of most distinguished ones for further academic studies abroad.

Environmental activities, such as permanent care and cleaning of particular “Green Zones”, as in capital as in other parts of Georgia and etc.

Q. How satisfied do your employees are and what is the company’s strategy to take care of its employees? How many people are employed in your company and is their number increasing or not?

A. HR sufficient policy and proper corporate governance promotes desirable organizational culture within the Company. As in other development companies, we are also striving towards improvement of the working conditions of our employees, their professional development and maintaining our team in long-term perspective. Besides, healthy corporate environment makes working atmosphere not only joyful, but also increases productivity and better performance.

Currently the number of IRAO employees is around 210 people. This year the number of the employees of IRAO has increased over 25 %.

Q. What impact do you think corporate management systems have on the Georgian economy?

A. The development of private sector and its corporate management systems have positive impact over the Georgian Economy and the country’s wealth indicators.

Increased sustainability of corporate systems, as far as development of service and financial sectors, lowers an unemployment rate in the country, decreases risk factors and improves an attractiveness of the country for foreign investments.

Q. What are the major tasks and challenges for 2015?

A. Taking into account rapidly growing insurance market conditions, moreover the fact, that insurance industry becomes more popular in Georgia, when insurance products, from luxury goods transforms to necessity goods category – our major challenge is to provide our customers with appropriate innovations, adequately and timely address to their demands, therefore to maintain one of the leading positions on the market and increase our market share.

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HEADLINE NEWS & ANALYSIS

FINANCIAL

22 DECEMBER, 2014 | FINCHANNEL.COM

Advertiser: Geocell. Contact FINANCIAL Ad Dep at marketing@finchannel.com

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FINANCIAL HEADLINE NEWS & ANALYSIS FINCHANNEL.COM | 22 DECEMBER, 2014

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Geocell and the National Library Initiate Digital Photo Narrative The FINANCIAL

By MARIAM PAPIDZE “Together let’s create a digital photo narrative” - with this message the National Library of Parliament of Georgia and Geocell launched a project with the aim of collecting photographic material scattered across the different regions of Georgia, and digitalizing it all for archiving purposes.

Important information including photos and other documents are to be found in many households throughout the country. The new project will serve as a means of discovering material previously unknown to society, and converting it into digital versions to preserve for future generations. Having sourced and digitalized the material, the National Library and Geocell will showcase it online.

Thus, the idea is to create yet another important archive in the National Library of Parliament of Georgia.

Special mobile groups have been created which travel throughout Georgia equipped with special equipment and will digitalise the photos. At this stage more than 50,000 photos in 8 regions of Georgia have already been digitalized.

To provide easy access to

D

the digitalized photos Geocell has created a special webpage http://www.photomatiane. ge/ through which everyone can see the photo material.

This is a unique project that enables everybody to be a part of it. The idea of its message reflects the same - to create a digital photo narrative together with Geocell.

Geocell considers it very important to have an ar-

chive of photos reflecting the 19th-20th centuries. There are photo albums kept in almost every family throughout Georgia. Photos preserve the memory of families’ ancestors. These photos might be really important not only to individual families, but to Georgian society as well. By digitalizing photos and creating an archive, 19th and 20th century Georgia will come

alive for which the role of Geocell is “crucial to contributing to the popularization of this initiative.”

It has always been important for Geocell to carry out projects for the country’s cultural heritage. Therefore this project with the National Library of Georgia is very interesting for the company. Geocell wants to preserve values and transfer them to future

generations through modern technologies. To have a digital photo archive in the National Library will also make it possible for people to access this ‘Digital Photo Narrative’ through mobile internet.

Geocell and the National Library invite everyone who is willing to participate in creating Georgia’s digital narrative through modern technologies, to take part in the initiative.

Retail - Strategy, Face Of The Brand, A Place Where Customers Can Make The Right Decision

espite the fact that recent tendencies show the development of digital technologies, the retail landscape still remains very important. Leading telecommunication companies who create and provide the newest technologies constantly try to demonstrate their products or services by using retail shops, exhibition centres and flagships.

At the same time, customers are prepared to visit retail shops at an appropriate location, get professional assistance from experts and choose/test the innovative product/service before buying it.

The best and most interesting example of this is Apple Stores, where customers of any age or style can make the proper choice for them. This is a place where they can get help, and have got the chance to make the right decision.

There are many directions in designing a retail space.

Based on the example of its new shops Geocell will introduce Georgia’s experience to designing a retail space. This new style of office is a part of all of the innovations and world class customer dialogue and service, which is prioritized and empowered by the privilege of being part of a strong group and the leading European telecommunication company, TeliaSonera.

A BRIEF HISTORICAL OVERVIEW Geocell, which has been

operating on the Georgian market since 1997, is a member of the Scandinavian telecommunications giant TeliaSonera, which also includes several companies from Europe such as Telia Sweden (Sweden), Telia Denmark (Denmark), Sonera (Finland) Omnitel (Lithuania), EMT (Estonia), NetCom (Norway). From Eurasia Te-

liaSonera unites seven companies, these are: Azercell (Azerbaijan), Geocell (Georgia), Moldcell (Moldova), Kcell (Kazakhstan), Ucell (Uzbekistan), Tcell (Tajikistan), and Ncell (Nepal).

From 2009 - 2011 the rebranding project was successfully completed in TeliaSonera countries, the aim of which was to unite all

member countries under the same concept. Geocell was one of the best examples of the project as it managed to simultaneously implement rebranding in every Customer Touch Point.

Geocell’s service centres were changed in 2009 for the first time to a new and completely different design, which was relatively attractive compared to the rest of the retail landscape at the time. However, the functions of the service centres remained the same and Geocell’s service centres continued to be visited by customers focused on quality of service. And this process continued until the company made changes in this direction as well.

Retail strategy - modern tendencies and the customers’ choice is the driving force of any company’s retail strategy or business strategy in general. At the same time business strategy is closely linked to the satisfaction and improvement of customers’ needs. This process is renewable and constant. To manage this process a company should always follow the tendencies which exist on the market, listen to the voice of the average consumer, and adapt its action plan to the specific environment taking into consideration various micro and macro factors.

The renewed strategy of Geocell that started from 2012 was positively reflected in the sales as well as in the reorganization and reconstruction of the service centres. The company drew out a new action plan based

on the current trends in the world, which aims to bring the newest technologies and services and introduce them to customers; to raise customers’ awareness which also means bringing customers to the next level of development.

To achieve this goal Geocell completely changed its sales and service network. Old service centres were closed down and new Geocell flagships (large and multifunctional stores) were opened.

Small and medium-sized sales and service centres which are adapted to the new system will extend across the breadth of the country very soon.

The current shape, structure and function of Geocell’s stores are the analogue of TeliaSonera’s Scandinavian countries’ stores. The whole concept is designed based on the instructions of the TeliaSonera brand.

The physical space is divided into so-called functional zones, which vary depending on the different sizes of the stores. Depending on the size of the physical space the zones can be more diverse. In Geocell’s flagship (which is spread over 260 sq.m.) about 10 different functional zones are represented: sales, service, technical innovations, experts, “Geocell Hub”, etc.

Customers wishing to find some technological news can get detailed information and help from experts.

In the zone of sales and technological innovations the customers are able to test the innovative products themselves. Out of the inno-

vative products available at Geocell stores the variety of the smartphones should be highlighted in particular.

It should also be noted that the concept of new shops also includes different functions for the service staff. The new staff are very friendly, have a fundamental knowledge of technology and are flexible in terms of their service.

GEOCELL HUB Geocell Hub is one of the most interesting and innovative zones in terms of marketing. The Hub is a place which is used for different marketing or educational purposes.

Hub zones are only available in large stores - flagships - where there is enough physical space and functions to accommodate them. In Geocell Hub such technologies as Google Glass, Oculus and 4D design projection are being introduced. The Hub is also used for discussing and presenting different interesting projects and products.

People can attend Hub events by registering on Geocell’s Facebook page.

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HEADLINE NEWS & ANALYSIS

FINANCIAL

22 DECEMBER, 2014 | FINCHANNEL.COM

corporate social responsibility AGH: “CSR is Companies Practicing CSR about Action, are Good Corporate Citizens Not Talk” Continued from p. 5

Continued from p. 10

Open and constructive dialogue with the Government is one of the pillars of the company. Membership of various organizations allows us to share our ideas and suggestions regarding the improvement of the economic and investment climate of the country.

AGH has become a signatory of the Code of Conduct initiated by ILO, for prevention of human trafficking and forced labour.

Q. Please can you provide the list of all AGH’s CSR projects?

A. In 2010 we founded the charity fund Ardza. It carries out projects funded by AGH in three main directions: promoting business ethics among young entrepreneurs; the rehabilitation and preservation of Georgia cultural heritage; and environmental projects.

We have implemented many projects, however I would like to distinguish only several of them: AGH has been cooperating with Caucasus University for four years. We have been promoting the subject of ethical business practice among students.

We annually reveal the three best students in the class and award them with monetary prizes, books and opportunities of internship in the company. To promote ethical business principles among young leaders we have sponsored the international event - the 74th International Session of the European Youth Parliament. It was held in Georgia for the first time. A total of 300 youths from 35 countries participated in it.

We also sponsored one of the projects of School of Diversity, initiated by local NGO Iris Group.

The project was targeting the establishment of pluralistic society in Georgia. It was focused on enhancing cooperation between different social groups residing in the country.

The company tries to promote the volunteer spirit of its employees.

A voluntary programme operates in the company.

We have over 30 philanthropists. They transfer money from their salaries to the fund account.

Later, we donate the selected sum to orphanages and shelters. We have a charity box which employees often bring in various household items for. Once every month we sort the selected items and then proceed to donate them to orphanages and shelters.

In order to maintain our cultural heritage, we have financed the full rehabilitation of several churches and monasteries. We are also actively

involved in environmental protection. We follow the Green Office principle. Only energy efficient equipment is used by the company.

In order to promote energy efficiency we have introduced an ecoloan with lower interest rates compared to other products. Restoration works on Jegeta Mountain in Western Georgia are the latest project which we have been carrying out.

Q. What are the principles of the social responsibility policy of AGH? A. AGH considers CSR to be an integral part of its management.

We use it in our daily activities. Internal policy is based on respect for human rights, gender equality, environmental protection, transparency and responsibility.

The ground of any of our business is based on care of the future generation, contribution to the development of economic and social development.

Q. What are the main challenges for your company and the whole economy in 2015?

A. Further diversification of the economy is important for the country. It will help to avoid dependence on particular countries in terms of export as well as FDI. Together with financial investments, attracting innovative technologies and know-how is crucial. In order to increase the availability of cheap financial resources, it is important to increasing the sovereign rate of the country. All the positive reforms that contributed to the simplicity of doing business in the country should continue. The tax code as well as officials’ attitude towards business should be improved. Improving service quality is also important. The country, government and private sector should pay more attention to the environment. Investment in energy-efficient equipment should be encouraged more.

As for the Alliance Group Holding, our goal is to continue attracting FDI. Our main target sector in 2015 will be renewable energy (mainly hydro power), one of the most strategic fields in the country. We also plan to introduce various innovative projects with the support of our international partners.

Finally, I would like to take this opportunity to wish your readers a successful and prosperous New Year 2015!

corporate citizen more or less,” Clark told.

According to Clark, most Georgian companies are doing lots of things that would qualify them as good corporate citizens.

“At the same time there are lots of opportunities to improve corporate citizenship. In many areas, Georgian businesses, like other businesses, have lots of improvements they can make. Some of them would do it because it is the right thing to do. We see our task as letting members of AmCham recognize a good thing that they are doing today as well as to identify opportunities for improvement to become better citizens in the future. Some of the companies are quiet citizens. They are not talking much about it but they are really doing a lot of good things.”

In Georgia companies mostly limit their responsibilities to within the frames of charity. As

Clark said, charity is only one part of being a good corporate citizen, just as for a physical citizen. “An emphasis on charity is not enough.”

“Different people and different companies make different choices about what part of being a good citizen that they wish to emphasize. For example, one company might greatly emphasize supporting employees beyond what is really needed while another might emphasizes charity to others,” said Clark.

“Physical citizens choose to do more here and less there every day; it is a balancing act. As a rule, none of us should criticize people for the specific choices they make (e.g., not enough for charity) unless we also look all other areas where they are being good physical citizens (e.g., lots of volunteerism). Companies are no different they make choices as well. It is not up to us or up to anyone else to criticize com-

panies about their choices so long as, overall, they can be considered to be a good corporate citizen on balance. Having said that, we can and should criticize companies when they do terrible things in specific areas,” said Clark.

In Kbilashvili’s words, Georgian companies are involved in many more activities that are in line with CSR than just charity. However, when it comes to promotion, she said charity is what they choose to promote.

“There are even lots of Public Private Partnership projects in Georgia. However, not many people have heard about them,” she added.

“The majority of Georgian companies are well enough presented in the internal as well as external directions of CSR. Companies provide insurance packages for employees.

They motivate their workers as they realize that company team members create the business success stories. The majority

of successful companies are well aware of the international standards of HR behaviour. Last week a competition was held for the best HR projects in Georgia. 12 companies participated in it. Such a case makes it clear that we are moving forwards,” said Kbilashvili.

“Being a good corporate citizen is the right thing to do. Just like being a good physical citizen. One chooses to be good not because one must be but because one wants to be. Companies as well have to want to be good corporate citizens,” said Clark.

“It is terrible if a company does CSR activities because it must. Companies need to want to do it,” Clark said.

“The U.S. is often criticized for its court system which makes it easy to sue companies for doing the wrong thing.

But on the other hand, one of its benefits is that companies generally do the right thing since it is

more expensive for them to not do the right thing,” he added.

“There are three strategies that AmCham and the CSR Committee at AmCham are going to follow.

The first strategy is for AmCham to be a platform for members to tell others what they are doing, how they are being good corporate citizens. The second strategy is to put together the tools members can use to improve their corporate citizenship. The third is that AmCham itself, which is a very good corporate citizen already, can always do better. As a result AmCham itself will become a better corporate citizen,” Clark told The FINANCIAL.

Did the Patriarch cause a baby boom in Georgia? initiative on the birth rate.

Continued from p. 2

can be traced back to Max Weber’s famous 1905 book The Protestant Ethic and the Spirit of Capitalism, relating the differences in per-capita GDP in Europe to the respective shares of Protestants and Catholics in those countries. Ever since, a huge body of literature has elicited connections between religious beliefs and economic behavior. For example, McCleary and Barro (2003) show that countries with high levels of religious observance (operationalized as attendance at religious services) tend to experience lower GDP growth.

Crabtree (2010) explores the link between the share of religious population of a country and its and percapita incomes. Lipford, McCormick, and Tollison (1993) look at the connection between the rates of church membership and crime and various demographic numbers like divorce, marriage, and fertility.

In our setting, the announcement of the Catholicos-Patriarch’s initiative yields what economists call a “natural experiment”. In the laboratory, it is possible to define a treatment group and a control group, yet many economic questions which are about the society as a whole cannot be answered in the lab. A natural experiment is a situation where for natural reasons there is something like a treatment and something like a control group. In the problem at hand, the majority of Orthodox Christians (OCs), making up 84% of the population, can be considered a treat-

RESULTS AND INTERPRETATIONS

The Orthodox Church of Georgia operates wonderful monasteries and churches, preserving Georgian cultural heritage. But it is the church also responsible for the increase of birth rates in recent years? (Source: Wikimedia Commons)

ment group, as they are the only ones to whom the Patriarch’s initiative appeals. The Non-Orthodox Christian (NOC) ethnic minorities, such as Armenians, Azerbaijanis, and other congregations can be considered as a control group, if we assume that the Patriarch’s announcement will not affect their reproduction behavior.

The majority of NOC population is consists of Armenians and Azerbaijanis who comprise about 15 % share of the total population of Georgia.

Armenians are members of the Armenian Apostolic Church and Azerbaijanis are Shiite Muslims. The figure shows the composition of Georgian population by religious belief – the brighter the color, the higher the share of NOC population (except for the occupied territories, which are not included in the analysis).

Using a methodology called difference-in-differences (DID), we can identify whether the religious leader’s initiative had causal impact on the birth rates in Georgia.

This analysis uses household level survey data provided by CRRC Georgia. Among other

household demographic characteristics, it contains information about how many babies families have and in which year they were born. The data ranges from 2000 to 2010. Moreover, the dataset contains information about parents’ religious affiliations and the intensity of religious belief.

From this data, we constructed two kinds of panel datasets. Dataset 1 contains information about the birth rates in a given year. Yet the Patriarch’s initiative only applied to the third and subsequent children in a family, so that in Dataset 2 we look separately only at births of third and subsequent children. In line with the DID methodology, we compared the number of births within both groups before and after the policy intervention (the first difference) and then subtracted the change in the control group from the change in the treatment group (the second difference) — hence the name difference-in-differences.

For reasons that cannot be discussed here, what remains after the subtractions can be considered a measure of the causal effect of the church leader’s

The DID methodology was applied to Dataset 1 and Dataset 2 separately.

To our surprise, in case of Dataset 1 the estimated “Patriarch coefficient” is virtually zero in magnitude and not statistically significant. This means that a causal impact of church intervention on overall fertility trend in Georgia cannot be found in the data. Likewise, in case of Dataset 2 the coefficient is negative(!) and not statistically significant. This indicates that the church policy did also have no effect for the birth rates of the third and subsequent children either.

One possible explanation for the this result could be peer effects on fertility. That is, the Patriarch’s announcement may have had also an effect on reproductive behavior of the NOC groups, though in an indirect way. The NOC population may have observed their neighbors having more children and wanted to catch up. It may be also the case that Patriarch’s announcement induced wide media coverage of the issue of fertility and thus affected OC and NOC groups alike. However, the way NOC groups live in Georgia and their language skills make it unlikely that there were such effects. The majority of NOC population resides segregated in specific regions of Georgia with little or no contact with the Georgian OC population. Therefore, it is unlikely that fertility peer effects could have

been strong. Moreover, the majority of these groups are not literate in Georgian and therefore the Georgian media’s coverage of fertility is unlikely to have had such strong repercussions.

Another explanation would be that the NOC regions of Georgia enjoyed better economic growth rates after 2007 than the OC regions, which, as reproduction in a country like Georgia is positively correlated with economic conditions, would make the effect of the Patriarch’s initiative “invisible”. We did some further analysis, based on the data only for Tbilisi, where the proportion of NOC population is different, and found that differences in economic growth between the treatment and the control groups are unlikely to make the Patriarch’s influence disappear (if there was one in the first place).

To sum up, despite the claims of the Orthodox Church of Georgia, economic analysis does not support that the Patriarch’s initiative was instrumental in raising the birth rate in Georgia.

Instead, it is indeed plausible that the dramatic increase of birth rates could have been triggered by the improved economic conditions. The baby boom may not have been a “wonder” in the end.

CMYK

FINANCIAL HEADLINE NEWS & ANALYSIS

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FINCHANNEL.COM | 22 DECEMBER, 2014

where to go DECEMBER 22, 2014

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Gallery

Clubs, Pubs…

Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Band Zarebi SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band “Wheels”, DJ Datuna City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band Restaurant “Dzveli Sakhli” 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian songs with live performance Restaurant “Bermukha” Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet “Taoba”: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Café “Kala” 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Rezo Kiknadze - saxophonist Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Goblins» (Covers)

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Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Band SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band «Wheels», DJ Datuna City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian songs with live performance Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Maia Kankava Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Goblins» (Covers)

Tbilisi Day

Exhibition «Post-Stalin Liberalization in Georgian Painting» D. Shevardnadze National Gallery 11, Rustaveli Ave. Tel: 299-80-22 Gallery’s working hours: Saturday-Sunday 10:00-18:00 till - December 24 Manana Tumanishvili’s personal exhibition.

Sh. Amiranashvili Art Museum 1, Gudiashvili Str. Tel: 299-71-76 Museum is working every day except Monday. From 11:00 till 17:00 till - January 19 Levan Lagidze’s new works exhibition - «Return» Lagidze Gallery 23, Paliashvili Str. Tel: 599 19 19 36 till - February 11 Exhibition of Lado Gudiashvili Lado Gudiashvili Exhibition Hall 11 L. Gudiashvili Str. Tel: 293 23 05 Exhibition Hall is working every day, 11:00 - 18:30 except Mondays and official holidays.

Entry: Adults - 5 GEL / People from 6-18 - 3 GEL / Students and pensioners (with ID) - 3 GEL / Admission is free for orphan groups (with proof of status) and for children under 6 till - January 30

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V. Abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 234-80-90 Mary Poppins Director: David Doiashvili Cast: Buba Gogorishvili, Giorgi Kvelashvili, Salome Kipiani, Archil Sologhashvili, Nino Mitaishvili Duration: 80 minutes Date: December 22 Time: 19:00 Price: 8, 10 GEL Nodar Dumbadze Professional State Youth Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 Khutkunchula Director: Dimitri Khvtisiashvili Cast: Tamar Mamulashvili, David Khakhidze, Mariam Chukhrukidze, Nikoloz Kvantaliani, Nikoloz Nanitashvili, Maia Khornauli, Nino Andriadze, Zurab Avsajanishvili, Mamuka Bogveradze Duration: 100 minutes Date: December 22 Hall: Big Stage Time: 12:00 Price: 7, 10 GEL

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Cinema

«Rustaveli» Cinema 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 «Naughty Kids 2»; «Mandarins»; «The Hobbit: The Battle of the Five Armies» 3D; «Penguins of Madagascar» 3D; «Horrible Bosses 2»; «The Hunger Games: Mockingjay - Part 1»; «Interstellar» (Ticket Price: 7,50 - 12,50 GEL) «Amirani» Cinema 36 Kostava Str. Tel: 299-99-55 «Naughty Kids 2»; «The Hobbit: The Battle of the Five Armies» 3D; «Penguins of Madagascar» 3D; «Horrible Bosses 2» (Ticket Price: 7,50 - 12,50 GEL)

5

4

Concert

Tbilisi Concert Hall 1, Melikishvili Str. Box office: 298-76-82 19:00 - Concert of «Vano’s Show», «Comedy Show» and «Keri’s District» (Ticket Price: 15, 20 GEL) Tbilisi V. Sarajishvili State Conservatory 8 Griboedov Str. Tel: 293-46-24 XVII International Festival «New Year Music Celebrations» 19:30 - Chamber Music Concert Dedicated to the 90th Birth Anniversary of the prominent Jewish musician Rudolf Barshai Giorgi Kharadze (cello) Tbilisi State Chamber Orchestra «Georgian Sinfonietta» Conductor: Davit Kintsurashvili (Ticket Price - 5, 8, 12, 15 GEL)

Theatre Rustaveli Theatre 17, Rustaveli Ave. Tel: 272-68-68 Misanthrope - Premiere Directed by Gosha Gorgoshidze Cast: Manana Abramishvili, Lela Akhalaia, Goga Barbakadze, Paata Guliashvili, Kakha Kupatadze, Keti Svanidze, Beka Songhulashvili, Bacho Chachibaia, Lasha Jukharashvili Date: December 23 Hall: Small Stage Time: 19:00 Price: 10, 15, 20 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Play at Table Fingers Theatre Director: Beso Kupreishvili Cast: Onise Oniani, Elene Pirtskhalava, Zaza Kakabadze, Luka Zirakadze, Invited actress - Ketevan Kantidze Date: December 23 Hall: Big Stage Time: 20:00 Price: 6 - 16 GEL Marjanishvili Theatre (New Stage) 5 Marjanishvili Str. Tel: 2 955-966 Free Butterflies Director: Ani Khidesheli Cast: Koko Roinishvili, Anuka Grigolia, Tako Beriashvili, Irakli Chkhikvadze Duration: 80 minutes Date: December 23 Time: 20:00 Price: 6 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 Jeans Generation Director: Davit Doiashvili Cast: Marina Janashia, Nana Darchiashvili, Goga Chkheidze, Dima Merabishvili, Merab Kolbaia, Lela Metreveli, Jaba Kiladze, Mariam Nadiradze, Apolon Kublashvili, Sandro Margalitashvili Duration: 165 minutes Date: December 23 Time: 19:00 Price: 6, 12, 14 GEL V. Abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 234-80-90 Mary Poppins Director: David Doiashvili Cast: Buba Gogorishvili, Giorgi Kvelashvili, Salome Kipiani, Archil Sologhashvili, Nino Mitaishvili Duration: 80 minutes Date: December 23 Time: 19:00 Price: 8, 10 GEL Nodar Dumbadze Professional State Youth Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 Khutkunchula Director: Dimitri Khvtisiashvili Cast: Tamar Mamulashvili, David Khakhidze, Mariam Chukhrukidze, Nikoloz Kvantaliani, Nikoloz Nanitashvili, Maia Khornauli, Nino Andriadze, Zurab Avsajanishvili, Mamuka Bogveradze Duration: 100 minutes Date: December 23 Hall: Big Stage Time: 12:00 15:00 Price: 7, 10 GEL The New Year’s eve & Cosmic Aliens Director: Dimitri Khvtisiashvili Cast: Vakhtang Chachanidze, Nikoloz Nanitashvili, Shalva Antelava, Mamuka Bogveradze, Giorgi Shavgulidze, Tamar Tkemaladze Duration: 100 minutes Date: December 23 Hall: Small Stage Time: 12:00 15:00 Price: 7, 10 GEL

Exhibition «Post-Stalin Liberalization in Georgian Painting» D. Shevardnadze National Gallery 11, Rustaveli Ave. Tel: 299-80-22 Gallery’s working hours: Saturday-Sunday 10:00-18:00 till - December 24 Manana Tumanishvili’s personal exhibition.

Sh. Amiranashvili Art Museum 1, Gudiashvili Str. Tel: 299-71-76 Museum is working every day except Monday. From 11:00 till 17:00 till - January 19 Levan Lagidze’s new works exhibition - «Return» Lagidze Gallery 23, Paliashvili Str. Tel: 599 19 19 36 till - February 11 Exhibition of Lado Gudiashvili Lado Gudiashvili Exhibition Hall 11 L. Gudiashvili Str. Tel: 293 23 05 Exhibition Hall is working every day, 11:00 - 18:30 except Mondays and official holidays.

Entry: Adults - 5 GEL / People from 6-18 - 3 GEL / Students and pensioners (with ID) - 3 GEL / Admission is free for orphan groups (with proof of status) and for children under 6 till - January 30

DECEMBER 24, 2014

1

Cinema

«Rustaveli» Cinema 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 «Naughty Kids 2»; «Mandarins»; «The Hobbit: The Battle of the Five Armies» 3D; «Penguins of Madagascar» 3D; «Horrible Bosses 2»; «The Hunger Games: Mockingjay - Part 1»; «Interstellar» (Ticket Price: 7,50 - 12,50 GEL) «Amirani» Cinema 36 Kostava Str. Tel: 299-99-55 «Naughty Kids 2»; «The Hobbit: The Battle of the Five Armies» 3D; «Penguins of Madagascar» 3D; «Horrible Bosses 2» (Ticket Price: 7,50 - 12,50 GEL)

5

Concert

Tbilisi Concert Hall 1, Melikishvili Str. Box office: 298-76-82 19:00 - Concert of Moris Janashvili (Ticket Price: 20, 30, 40, 50 GEL) Tbilisi V. Sarajishvili State Conservatory 8 Griboedov Str. Tel: 293-46-24 XVII International Festival «New Year Music Celebrations» 19:30 - Choir Music Concert Tbilisi State Conservatoire MA Students Chamber Choir Choir Conductors: Tamar Dekanosidze, Eter Broladze, Lasha Mirotadze, Giorgi Revishvili, Levan Djagaev, Archil Ushveridze (Ticket Price - 4, 6, 8, 10 GEL)

Clubs, Pubs…

Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Band Zarebi SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band «Wheels», DJ Datuna City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band MacLaren’s Irish Pub 5 Rkinis Rigi (Chardin) Mob: 599 57 85 49 21:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed! Spend evening at the warmest pub in the city!

Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian Dances Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Live Band Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «The Jumping General»

2

Cinema

«Rustaveli» Cinema 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 «Naughty Kids 2»; «Mandarins»; «The Hobbit: The Battle of the Five Armies» 3D; «Penguins of Madagascar» 3D; «Horrible Bosses 2»; «The Hunger Games: Mockingjay - Part 1»; «Interstellar» (Ticket Price: 7,50 - 12,50 GEL) «Amirani» Cinema 36 Kostava Str. Tel: 299-99-55 «Naughty Kids 2»; «The Hobbit: The Battle of the Five Armies» 3D; «Penguins of Madagascar» 3D; «Horrible Bosses 2» (Ticket Price: 7,50 - 12,50 GEL)

5

2

Concert

Tbilisi Concert Hall 1, Melikishvili Str. Box office: 298-76-82 19:00 - Concert of «Vano’s Show», «Comedy Show» and «Keri’s District» (Ticket Price: 15, 20 GEL)

Theatre Rustaveli Theatre 17, Rustaveli Ave. Tel: 272-68-68 Misanthrope - Premiere Directed by Gosha Gorgoshidze Cast: Manana Abramishvili, Lela Akhalaia, Goga Barbakadze, Paata Guliashvili, Kakha Kupatadze, Keti Svanidze, Beka Songhulashvili, Bacho Chachibaia, Lasha Jukharashvili Date: December 24 Hall: Small Stage Time: 19:00 Price: 10, 15, 20 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 The Men Director: Tsitsino Kobiashvili Cast: Dimitri Tatishvili, Temo Kiladze, Zaza Goguadze, Zura Berikashvili, Onise Oniani, Vasiko Odishvili, Lela Meburishvili, Ana Sanaia Date: December 24 Hall: Big Stage Time: 20:00 Price: 6 - 16 GEL Marjanishvili Theatre (New Stage) 5 Marjanishvili Str. Tel: 2 955-966 Recipe of Inspiration Director: Nino Akhvlediani Cast: Ketevan Tskhakaia, Manana Kozakova, Davit Khurtsilava Duration: 95 minutes Date: December 24 Time: 20:00 Price: 14 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 So what if wet lilac is wet Director: Gogi Todadze Cast: Giorgi Bakhutashvili, Otar Lortkipanidze, Nikoloz Paikridze, Medea Jibladze, Tamar Tavkhelidze, Tamar Aznarashvili, Mariam Karkashadze, David Kolelishvili Date: December 24 Time: 19:00 Price: 6, 9, 11 GEL Tumanishvili Film Actors Theatre 164 Agmashenebeli Ave. Tel: 234-28-99 Hellados Youth Art Centre «Art Hall» Director: Goga Pipinashvili Cast: Nana Shonia, Temur Gvalia Date: December 24 Time: 20:00 Price: 10 GEL V. Abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 234-80-90 Mary Poppins Director: David Doiashvili Cast: Buba Gogorishvili, Giorgi Kvelashvili, Salome Kipiani, Archil Sologhashvili, Nino Mitaishvili Duration: 80 minutes Date: December 24 Time: 19:00 Price: 8, 10 GEL Akhmeteli Theatre 8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97 Navigator K. Gamsakhurdia State Sokhumi Drama Theatre Director: David Sakvarelidze Cast: Lili Khuriti, Badri Begalishvili, Giorgi Gasviani, Nana Khuriti, Edem Khvichia, Nikoloz Tserediani, David Beradze, Besarion Karchava, Izolda Bokuchava Duration: 70 minutes Date: December 24 Time: 19:00 Price: 5, 7 GEL Griboedov Theatre 2 Rustaveli Ave. Tel: 293-11-06 Freeloader Director: Nugzar Lortkipanidze Cast: Dimitry Sporishev, Mikhail Arjevanidze, Nino Meladze, Zurab Chipashvili, Medea Mumladze, Oleg Mchedlishvili Date: December 24 Hall: Small Stage Time: 18:00 Price: 5 GEL Nodar Dumbadze Professional State Youth Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 Mousetrap Director: Otar Baghaturia Cast: David Khakhidze, Khatia Melkadze, Badri Gvazava, Paata Kikvadze, Salome Tsurtsumia, Giorgi Gogishvili, Merab Sharikadze, Khatuna Berdzenishvili Duration: 80 minutes Date: December 24 Hall: Big Stage Time: 12:00 Price: 7, 10 GEL Requiem Directed by Lili Burbutashvili Cast: Nino Archaia, Vano Dugladze, Giorgi Katchakhidze, Ioseb Molodinashvili, Paata Kikvadze, Lasha Grdzelidze, Tsotne Saghinadze, Nugzar Kurashvili, Vasil Amurvelashvili Duration: 120 minutes Date: December 24 Hall: Small Stage Time: 19:00 Price: 7, 10 GEL

4

Gallery

Exhibition «Post-Stalin Liberalization in Georgian Painting» D. Shevardnadze National Gallery 11, Rustaveli Ave. Tel: 299-80-22 Gallery’s working hours: Saturday-Sunday 10:00-18:00 till - December 24 Manana Tumanishvili’s personal exhibition.

Sh. Amiranashvili Art Museum 1, Gudiashvili Str. Tel: 299-71-76 Museum is working every day except Monday. From 11:00 till 17:00 till - January 19 Levan Lagidze’s new works exhibition - «Return» Lagidze Gallery 23, Paliashvili Str. Tel: 599 19 19 36 till - February 11 Exhibition of Lado Gudiashvili Lado Gudiashvili Exhibition Hall 11 L. Gudiashvili Str. Tel: 293 23 05 Exhibition Hall is working every day, 11:00 - 18:30 except Mondays and official holidays.

Entry: Adults - 5 GEL / People from 6-18 - 3 GEL / Students and pensioners (with ID) - 3 GEL / Admission is free for orphan groups (with proof of status) and for children under 6 till - January 30

Theatre Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Sand Woman Director: Davit Danelia Cast: Nino Gachechiladze, Beka Goderdzishvili, Valeri Korshia Date: December 25 Hall: Theatre in Attic Time: 20:00 Price: 11 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 The Men Director: Tsitsino Kobiashvili Cast: Dimitri Tatishvili, Temo Kiladze, Zaza Goguadze, Zura Berikashvili, Onise Oniani, Vasiko Odishvili, Lela Meburishvili, Ana Sanaia Date: December 25 Hall: Big Stage Time: 20:00 Price: 6 - 16 GEL Marjanishvili Theatre (New Stage) 5 Marjanishvili Str. Tel: 2 955-966 Tartuffe Director: Levan Tsuladze Cast: Nika Kuchava, Zviad Skhirtladze. Manana Kozakova, Barbare Dvalishvili, Tamar Bukhnikashvili, Zaza Iakashvili Duration: 140 minutes Date: December 25 Time: 20:00 Price: 14 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 Tomorrow is Christmas Director: Giorgi Sikharulidze Cast: Gia Abesalashvili, Tamuna Nikoladze, Giorgi Zanguri, Giorgi Shanidze, Guga Kakhiani, Ana Nikolaishvili, Kakha Shartava Date: December 25 Time: 19:00 Price: 6, 12 GEL V. Abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 234-80-90 Chippolino Director:Maya Chartolani Cast: Ann Zambakhidze, Iuri Vasadze, Marina Jokhadze, Manana Tatishvili, Tina Merkviladze, Lasha Ramishvili Duration: 120 minutes Date: December 25 Time: 19:00 Price: 8, 10 GEL Griboedov Theatre 2 Rustaveli Ave. Tel: 293-11-06 Christmas Tale Director: Vakhtang Nikolava Cast: Mikhail Arjevanidze, Apolon Kublashvili, Karina Kenia, Ludmila Artyomova-Mghebrishvili Duration: 70 minutes Date: December 25 Time: 12:00 14:00 Price: 5 GEL Nodar Dumbadze Professional State Youth Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 Khutkunchula Director: Dimitri Khvtisiashvili Cast: Tamar Mamulashvili, David Khakhidze, Mariam Chukhrukidze, Nikoloz Kvantaliani, Nikoloz Nanitashvili, Maia Khornauli, Nino Andriadze, Zurab Avsajanishvili, Mamuka Bogveradze Duration: 100 minutes Date: December 25 Hall: Big Stage Time: 12:00 Price: 7, 10 GEL The New Year’s eve & Cosmic Aliens (in russian) Director: Dimitri Khvtisiashvili Cast: Vakhtang Chachanidze, Nikoloz Nanitashvili, Shalva Antelava, Mamuka Bogveradze, Giorgi Shavgulidze, Tamar Tkemaladze, Tamar Tskvitinidze Duration: 100 minutes Date: December 25 Hall: Small Stage Time: 13:00 Price: 7, 10 GEL The New Year’s eve & Cosmic Aliens Director: Dimitri Khvtisiashvili Cast: Vakhtang Chachanidze, Nikoloz Nanitashvili, Shalva Antelava, Mamuka Bogveradze, Giorgi Shavgulidze, Tamar Tkemaladze, Tamar Tskvitinidze Duration: 100 minutes Date: December 25 Hall: Small Stage Time: 15:00 17:00 Price: 7, 10 GEL

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Gallery

Manana Tumanishvili’s personal exhibition.

Sh. Amiranashvili Art Museum 1, Gudiashvili Str. Tel: 299-71-76 Museum is working every day except Monday. From 11:00 till 17:00 till - January 19 Levan Lagidze’s new works exhibition - «Return» Lagidze Gallery 23, Paliashvili Str. Tel: 599 19 19 36 till - February 11 Exhibition of Lado Gudiashvili Lado Gudiashvili Exhibition Hall 11 L. Gudiashvili Str. Tel: 293 23 05 Exhibition Hall is working every day, 11:00 - 18:30 except Mondays and official holidays.

Entry: Adults - 5 GEL / People from 6-18 - 3 GEL / Students and pensioners (with ID) - 3 GEL / Admission is free for orphan groups (with proof of status) and for children under 6 till - January 30

DECEMBER 26, 2014

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Clubs, Pubs…

Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Band SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Agora Live Band, DJ Datuna City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band & Maka Durglishvili; DJ Paata MacLaren’s Irish Pub 5 Rkinis Rigi (Chardin) Mob: 599 57 85 49 21:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed! Spend evening at the warmest pub in the city!

Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Every day from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs.

Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian Dances Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Maia Baratashvili Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Rustavi 2» (Covers)

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Concert

DECEMBER 25, 2014

Circus Clubs, Pubs…

Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Band SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Band «Band’a’roll», DJ Datuna City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band MacLaren’s Irish Pub 5 Rkinis Rigi (Chardin) Mob: 599 57 85 49 21:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed!

Spend evening at the warmest pub in the city!

Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Everyday from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs. Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian songs with live performance Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Guliko Chanturia Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Good Company»

DECEMBER 27, 2014

Clubs, Pubs…

Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Zarebi SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Veriko Turashvili & Live Band, DJ Datuna City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band & Nata Kurdovanidze; DJ Vako MacLaren’s Irish Pub 5 Rkinis Rigi (Chardin) Mob: 599 57 85 49 21:30 - Enjoy a unique ambiance of 60s-70s hits and improvisations by David Gabidzashvili and David Barnabishvili. Great mood is guaranteed! Spend evening at the warmest pub in the city!

Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Every day from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs.

Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian Dances Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Keti Paresashvili Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Rustavi 2» (Covers)

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Tbilisi Circus 1, The Heroes Square Tel: 298 30 35 16:00 - New Year Tree (Ticket Price - 10 GEL)

Theatre Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Wet Lilac Director: Gizo Jordania Cast: Gia Burjanadze, Tamuna Bukhnikashvili, Keti Chkheidze, Kato Kalatozishvili, Paata Inauri, Tamar Skhirtladze, Davit Dvalishvili, Aleko Makharoblishvili, Teko Chubinidze, Lika Kobuladze, Eka Makharoblishvili Date: December 26 Hall: Big Stage Time: 20:00 Price: 6 - 16 GEL Marjanishvili Theatre (New Stage) 5 Marjanishvili Str. Tel: 2 955-966 Woman with Dog Director: Levan Tsuladze Cast: Nika Tavadze, Nanka Kalatozishvili, Nata Kakhidze, Beso Baratashvili Duration: 120 minutes

Gallery

Manana Tumanishvili’s personal exhibition.

Sh. Amiranashvili Art Museum 1, Gudiashvili Str. Tel: 299-71-76 Museum is working every day except Monday. From 11:00 till 17:00 till - January 19 Levan Lagidze’s new works exhibition - «Return» Lagidze Gallery 23, Paliashvili Str. Tel: 599 19 19 36 till - February 11 Exhibition of Lado Gudiashvili Lado Gudiashvili Exhibition Hall 11 L. Gudiashvili Str. Tel: 293 23 05 Exhibition Hall is working every day, 11:00 - 18:30 except Mondays and official holidays.

Entry: Adults - 5 GEL / People from 6-18 - 3 GEL / Students and pensioners (with ID) - 3 GEL / Admission is free for orphan groups (with proof of status) and for children under 6 till - January 30

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Clubs, Pubs…

Pub Nali 4/1 Kiacheli St. Tel: 243 04 20 21:00-00:30 - Nali Band SkyyBar 22 Metekhi Str. Mob: 592 32-32-32 21:00 - Agora Live Band, DJ Datuna City Time Leonidze/Machabeli Str. 1/6; Tel: 292 02 12 20:00-24:00 - Live Band & Maka Durglishvili; Karaoke, DJ Vako Restaurant «Bermukha» Agmashenebeli lane 13th km. Tel: 259 69 69; Mob: 598 59 69 69 Every day from 17:00 restaurant Bermukha is awaiting you with renovated hall and colorful show program. Music program starts from 19:00: Dato Archvadze’s quartet «Taoba»: Georgian folk and city songs.

Estrada singers: Giorgi Tsiklauri, Nina Okroashvili, Giorgi Kakutia Restaurant «Dzveli Sakhli» 3, Sanapiro Str. Tel: 2 365-365 20:00-23:00 - Georgian songs with live performance Café «Kala» 8/10 Erekle II Str. Mob: 599 79-97-37 21:00 - Live Band Pub «Dublin» 8 Akhvlediani Str, Tel: 298-44-67 21:00-24:00 - Band «Rustavi 2» (Covers)

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Cinema

«Rustaveli» Cinema 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 «Naughty Kids 2»; «Mandarins»; «The Hobbit: The Battle of the Five Armies» 3D; «Penguins of Madagascar» 3D; «Horrible Bosses 2»; «The Hunger Games: Mockingjay - Part 1»; «Interstellar» (Ticket Price: 7,50 - 12,50 GEL) «Amirani» Cinema 36 Kostava Str. Tel: 299-99-55 «Naughty Kids 2»; «The Hobbit: The Battle of the Five Armies» 3D; «Penguins of Madagascar» 3D; «Horrible Bosses 2» (Ticket Price: 7,50 - 12,50 GEL)

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Concert

Cinema

«Rustaveli» Cinema 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 «Naughty Kids 2»; «Mandarins»; «The Hobbit: The Battle of the Five Armies» 3D; «Penguins of Madagascar» 3D; «Horrible Bosses 2»; «The Hunger Games: Mockingjay - Part 1»; «Interstellar» (Ticket Price: 7,50 - 12,50 GEL) «Amirani» Cinema 36 Kostava Str. Tel: 299-99-55 «Naughty Kids 2»; «The Hobbit: The Battle of the Five Armies» 3D; «Penguins of Madagascar» 3D; «Horrible Bosses 2» (Ticket Price: 7,50 - 12,50 GEL)

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Tbilisi V. Sarajishvili State Conservatory 8 Griboedov Str. Tel: 293-46-24 XVII International Festival «New Year Music Celebrations» 19:30 - Piano Recital - Boris Berezovsky (Ticket Price - 10, 15, 25, 30 GEL)

Circus Tbilisi Circus 1, The Heroes Square Tel: 298 30 35 17:00 - New Year Shows at Tbilisi Circus (Ticket Price - 10, 15, 20, 25, 30 GEL) 12:00, 16:00, 18:00 - New Year Tree (Ticket Price - 10 GEL)

Theatre Concert

Tbilisi Concert Hall 1, Melikishvili Str. Box office: 298-76-82 16:00, 19:00 - Humorina (Ticket Price: 10, 15, 20, 25 GEL) Tbilisi V. Sarajishvili State Conservatory 8 Griboedov Str. Tel: 293-46-24 XVII International Festival «New Year Music Celebrations» 19:30 - Vocal Music Concert Dedicated to the 90th Birth Anniversary of Otar Taktakishvili Soloists: Ketevan Kemoklidze, Salome Jikia, Giorgi Oniani, Teona Dvali, Sulkhan Gvelesiani.

Tbilisi Z.Paliashvili State Academic Opera & Ballet Theatre Orchestra Conductor: Zaza Azmaiparashvili (Ticket Price - 5, 8, 12, 15 GEL) Entertainment Centre Boom Boom Addr: D. Agmashenebeli Lane, 16th KM, Tbilisi Mall Mob: 570 103 143 Children’s entertainment centre «BOOM BOOM» is inviting you for magical New Year play!

«Alice in Wonderland» Magical ambiance, unique program, unexpected spec effects, funny games, dances and songs!

Show: December 27, 15:00 Ticket Price: 18 GEL

Circus Tbilisi Circus 1, The Heroes Square Tel: 298 30 35 17:00 - New Year Shows at Tbilisi Circus (Ticket Price - 10, 15, 20, 25, 30 GEL) 12:00, 16:00, 18:00 - New Year Tree (Ticket Price - 10 GEL)

Tbilisi Concert Hall 1, Melikishvili Str. Box office: 298-76-82 17:00 - Concert of «Vano’s Show», «Comedy Show» and «Keri’s District» (Ticket Price: 15, 20 GEL)

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Gallery

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Chukhrukidze, Nikoloz Kvantaliani, Nikoloz Nanitashvili, Maia Khornauli, Nino Andriadze, Zurab Avsajanishvili, Mamuka Bogveradze Duration: 100 minutes Date: December 27 Hall: Big Stage Time: 12:00 15:00 Price: 7, 10 GEL The New Year’s eve & Cosmic Aliens Director: Dimitri Khvtisiashvili Cast: Vakhtang Chachanidze, Nikoloz Nanitashvili, Shalva Antelava, Mamuka Bogveradze, Giorgi Shavgulidze, Tamar Tkemaladze, Tamar Tskvitinidze Duration: 100 minutes Date: December 27 Hall: Small Stage Time: 13:00 15:00 Price: 7, 10 GEL Amiko Director: Otar Bagaturia Cast: Nino Lezhava, Kote Tolordava, Lasha Grdzelidze, Zurab Avsajanishvili, Lika Shukakidze, Nugzar Kurashvili, Vakhtang Akhaladze, Irakli Gogoladze, Natia Kupatadze Duration: 105 minutes Date: December 27 Hall: Small Stage Time: 19:00 Price: 7, 10 GEL

DECEMBER 28, 2014

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Manana Tumanishvili’s personal exhibition.

Sh. Amiranashvili Art Museum 1, Gudiashvili Str. Tel: 299-71-76 Museum is working every day except Monday. From 11:00 till 17:00 till - January 19 Levan Lagidze’s new works exhibition - «Return» Lagidze Gallery 23, Paliashvili Str. Tel: 599 19 19 36 till - February 11 Exhibition of Lado Gudiashvili Lado Gudiashvili Exhibition Hall 11 L. Gudiashvili Str. Tel: 293 23 05 Exhibition Hall is working every day, 11:00 - 18:30 except Mondays and official holidays.

Entry: Adults - 5 GEL / People from 6-18 - 3 GEL / Students and pensioners (with ID) - 3 GEL / Admission is free for orphan groups (with proof of status) and for children under 6 till - January 30

Cinema

«Rustaveli» Cinema 5 Rustaveli Ave. Tel: 293-22-53, 2 555-000 «Naughty Kids 2»; «Mandarins»; «The Hobbit: The Battle of the Five Armies» 3D; «Penguins of Madagascar» 3D; «Horrible Bosses 2»; «The Hunger Games: Mockingjay - Part 1»; «Interstellar» (Ticket Price: 7,50 - 12,50 GEL) «Amirani» Cinema 36 Kostava Str. Tel: 299-99-55 «Naughty Kids 2»; «The Hobbit: The Battle of the Five Armies» 3D; «Penguins of Madagascar» 3D; «Horrible Bosses 2» (Ticket Price: 7,50 - 12,50 GEL)

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Date: December 26 Time: 20:00 Price: 14 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 Rain Saller Director: Nugzar Lortkipanidze Cast: Keta Lortkipanidze, Sandro Margalitashvili, Jaba Kiladze, Giorgi Jikia, Mamuka Mumladze, Lasha Gurgenidze, Shako Mirianashvili Date: December 26 Time: 19:00 Price: 6, 13, 15 GEL Tumanishvili Film Actors Theatre 164 Agmashenebeli Ave. Tel: 234-28-99 7 P.P. Director: Zurab Getsadze Cast: Giorgi Kipshidze, Rusudan Bolkvadze, Nanuka Litanishvili, Natia Pharjanadze, Eka Chkheidze, Nana Shonia, Nika Tserediani Duration: 75 minutes Date: December 26 Time: 20:00 Price: 7 GEL V. Abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 234-80-90 Chippolino Director:Maya Chartolani Cast: Ann Zambakhidze, Iuri Vasadze, Marina Jokhadze, Manana Tatishvili, Tina Merkviladze, Lasha Ramishvili, Aleko Begalishvili Duration: 120 minutes Date: December 26 Time: 19:00 Price: 8, 10 GEL Akhmeteli Theatre 8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97 Confession of the Priest Director: Irakli Gogia, Beqnu Kapianidze Cast: Beqnu Kapianidze, Marina Kharchilava, Giorgi Gasviani, Andria Gvelesiani, Jaba Japaridze, Giorgi Tchumburidze, Gigi Migriauli Duration: 60 minutes Date: December 26 Time: 19:00 Price: 10, 15 GEL Griboedov Theatre 2 Rustaveli Ave. Tel: 293-11-06 Christmas Tale Director: Vakhtang Nikolava Cast: Mikhail Arjevanidze, Apolon Kublashvili, Karina Kenia, Ludmila Artyomova-Mghebrishvili Duration: 70 minutes Date: December 26 Time: 12:00 14:00 Price: 5 GEL Nodar Dumbadze Professional State Youth Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 The New Year’s eve & Cosmic Aliens (in russian) Director: Dimitri Khvtisiashvili Cast: Vakhtang Chachanidze, Nikoloz Nanitashvili, Shalva Antelava, Mamuka Bogveradze, Giorgi Shavgulidze, Tamar Tkemaladze, Tamar Tskvitinidze Duration: 100 minutes Date: December 26 Hall: Small Stage Time: 12:00 Price: 7, 10 GEL Romeo & Juliet Director: Levan Tsuladze Cast: Vameh Jangidze, David Khakhidze, Kote Tolordava, Nino Papiashvili, Kakha Gabelaia, Vano Dugladze, Beso Megrelishvili, Mariam Chukhrukidze, Kakha Tcholadze, Nikoloz Nanitashvili Duration: 160 minutes Date: December 26 Hall: Big Stage Time: 19:00 Price: 7, 10 GEL

Theatre Rustaveli Theatre 17, Rustaveli Ave. Tel: 272-68-68 Old Jokers Director: Gocha Kapanadze Cast: Kakhi Kavsadze, Darejan Kharshiladze, Zaza Lebanidze, Jemal Ghaghanidze, Manana Gamcemlidze, Marina Janashia Duration: 140 minutes Date: December 27 Hall: Small Stage Time: 19:00 Price: 10, 15, 20 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Kakutsa Cholokashvili Director: Levan Tsuladze Cast: Nika Tavadze, Nika Kuchava, Lela Meburishvili, Ioseb Gogichaishvili, Gia Burjanadze, Zura Berikashvili, Dimitri Tatishvili, Zaza Iakashvili, Roland Okropiridze, Beka Goderdzishvili, Onise Oniani, Leo Antadze Duration: 180 minutes Date: December 27 Hall: Big Stage Time: 20:00 Price: 4 - 10.50 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 House in Clouds Director: Mamuka Tkemaladze Cast: Vano Iantbelidze, Gia Abesalashvili Date: December 27 Hall: Theatre in Attic Time: 20:00 Price: 11 GEL Marjanishvili Theatre (New Stage) 5 Marjanishvili Str. Tel: 2 955-966 The Trial Director: Temo Kuprava Cast: Koko Roinishvili, Paata Papuashvili, Anuka Grigolia Date: December 27 Time: 20:00 Price: 14 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 The Kennel Director: Vano Khutsishvili Cast: Slava Natenadze Duration: 90 minutes Date: December 27 Time: 19:00 Price: 6, 10, 12 GEL Tumanishvili Film Actors Theatre 164 Agmashenebeli Ave. Tel: 234-28-99 Bakula’s Pigs Director: Mikheil Tumanishvili Cast: Nineli Chankvetadze, Rusudan Bolkvadze, Ramaz Ioseliani, Laura Rekhviashvili, Gvantsa Gurgenishvili, Zurab Kipshidze, Giorgi Kipshidze Duration: 100 minutes Date: December 27 Time: 20:00 Price: 10 GEL V. Abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 234-80-90 Once Upon a Time... Christmas Tail Director: David Doiashvili Cast: Sopo Khalvashi, Tika Patsatsia, Tato Chakhunashvili, Salome Kipiani, Archil Sologhashvili, Tornike Gogrichiani Duration: 110 minutes Date: December 27 Time: 19:00 Price: 8, 10 GEL Akhmeteli Theatre 8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97 Rapunzel Director: Lasha Gogniashvili Cast: Sophia Sebiskveradze, Giorgi Migriauli, Giorgi Chumburidze, Gvantsa Kandelaki, Tamta Patashuri, Jaba Japaridze Duration: 60 minutes Date: December 27 Time: 14:00 Price: 7, 10 GEL Griboedov Theatre 2 Rustaveli Ave. Tel: 293-11-06 Morozko Director: Linda Ubronavichute Cast: Mikhail Arjevanidze, Nina Ninidze, Mikhail Ambrosov, Medea Mumladze, Ivan Kurasbediani, Valentina Voinova Date: December 27 Time: 12:00 14:00 Price: 5 GEL Nodar Dumbadze Professional State Youth Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 Khutkunchula Director: Dimitri Khvtisiashvili Cast: Tamar Mamulashvili, David Khakhidze, Mariam

Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Teibele and her Demon Director: Goga Tavadze Cast: Ana Vasadze, Malkhaz Abuladze, Natia Gubenko, Paata Papuashvili, Marlen Egutia, Giga Gogichadze, Niaz Khutsianidze Date: December 28 Hall: Big Stage Time: 20:00 Price: 6 - 16 GEL Marjanishvili Theatre 8 Marjanishvili Str. Tel: 2 955-966 Tamed Falcon - Premiere Director: Peter Chargeishvili Date: December 28 Hall: Theatre in Attic Time: 20:00 Price: 11 GEL Marjanishvili Theatre (New Stage) 5 Marjanishvili Str. Tel: 2 955-966 Doubt Director: Guram Vashakidze Cast: Nani Chikvinidze, Zviad Skhirtladze, Nino Tsuladze, Nino Dumbadze Date: December 28 Time: 20:00 Price: 14 GEL Liberty Theatre 2 Rustaveli Ave. Tel: 298-58-21 God! Save us and People Director: Avto Varsimashvili Cast: Kakha Mikiashvili, Apolon Kublashvili, Dima Merabishvili, Tiko Kordzadze, Mariam Nadiradze, Salome Chulikhadze Date: December 28 Time: 19:00 Price: 6, 12 GEL Tumanishvili Film Actors Theatre 164 Agmashenebeli Ave. Tel: 234-28-99 Free Couple Director: Keti Dolidze Cast: Nineli Chankvetadze, Paata Baratashvili, Vano Dugladze Duration: 100 minutes Date: December 28 Time: 20:00 Price: 10 GEL V. Abashidze State Music and Drama Theatre 182 Agmashenebeli Ave. Tel: 234-80-90 Once Upon a Time... Christmas Tail Director: David Doiashvili Cast: Sopo Khalvashi, Tika Patsatsia, Tato Chakhunashvili, Salome Kipiani, Archil Sologhashvili, Tornike Gogrichiani Duration: 110 minutes Date: December 28 Time: 19:00 Price: 8, 10 GEL Griboedov Theatre 2 Rustaveli Ave. Tel: 293-11-06 Morozko Director: Linda Ubronavichute Cast: Mikhail Arjevanidze, Nina Ninidze, Mikhail Ambrosov, Medea Mumladze, Ivan Kurasbediani, Valentina Voinova Date: December 28 Time: 12:00 14:00 Price: 5 GEL Akhmeteli Theatre 8 Vekua Str. Tel: 262-54-37, 262-59-73, 262-61-97 Pippi Longstocking Directors: Irakli Gogia, Lasha Gogniashvili Cast: Sophia Sebiskveradze, Tamta Patashuri, Giorgi Tskhadadze, Maya Vatsadze, Shorena Zubiashvili, Vasil Shikhashvili, Vazha Tsitsiloshvili, Neli Badalashvili Duration: 60 minutes Date: December 28 Time: 14:00 Price: 7, 10 GEL Nodar Dumbadze Professional State Youth Theatre 99/1, D. Agmashenebeli Ave. Tel: 295-78-74, 295-39-27 Mousetrap Director: Otar Baghaturia Cast: David Khakhidze, Khatia Melkadze, Badri Gvazava, Paata Kikvadze, Salome Tsurtsumia, Giorgi Gogishvili, Merab Sharikadze, Khatuna Berdzenishvili Duration: 80 minutes Date: December 28 Hall: Big Stage Time: 12:00 Price: 7, 10 GEL The New Year’s eve & Cosmic Aliens (in russian) Director: Dimitri Khvtisiashvili Cast: Vakhtang Chachanidze, Nikoloz Nanitashvili, Shalva Antelava, Mamuka Bogveradze, Giorgi Shavgulidze, Tamar Tkemaladze, Tamar Tskvitinidze Duration: 100 minutes Date: December 28 Hall: Small Stage Time: 12:00 Price: 7, 10 GEL The New Year’s eve & Cosmic Aliens Director: Dimitri Khvtisiashvili Cast: Vakhtang Chachanidze, Nikoloz Nanitashvili, Shalva Antelava, Mamuka Bogveradze, Giorgi Shavgulidze, Tamar Tkemaladze, Tamar Tskvitinidze Duration: 100 minutes Date: December 28 Hall: Small Stage Time: 14:00 16:00 Price: 7, 10 GEL Khutkunchula Director: Dimitri Khvtisiashvili Cast: Tamar Mamulashvili, David Khakhidze, Mariam Chukhrukidze, Nikoloz Kvantaliani, Nikoloz Nanitashvili, Maia Khornauli, Nino Andriadze, Zurab Avsajanishvili, Mamuka Bogveradze Duration: 100 minutes Date: December 28 Hall: Big Stage Time: 15:00 Price: 7, 10 GEL I Can See the Sun Director: Dimitri Khvtisiashvili Cast: Vameh Jangidze, Tamar Lortkipanidze, Nino Archaia, Khatia Melkadze, Berta Khapava, Badri Gvazava, Levan Katsiashvili, Giorgi Katchakhidze, Beso Megrelishvili, Paata Mkheidze Duration: 90 minutes Date: December 28 Hall: Big Stage Time: 19:00 Price: 7, 10 GEL

4

Gallery

Manana Tumanishvili’s personal exhibition.

Sh. Amiranashvili Art Museum 1, Gudiashvili Str. Tel: 299-71-76 Museum is working every day except Monday. From 11:00 till 17:00 till - January 19 Levan Lagidze’s new works exhibition - «Return» Lagidze Gallery 23, Paliashvili Str. Tel: 599 19 19 36 till - February 11 Exhibition of Lado Gudiashvili Lado Gudiashvili Exhibition Hall 11 L. Gudiashvili Str. Tel: 293 23 05 Exhibition Hall is working every day, 11:00 - 18:30 except Mondays and official holidays.

Entry: Adults - 5 GEL / People from 6-18 - 3 GEL / Students and pensioners (with ID) - 3 GEL / Admission is free for orphan groups (with proof of status) and for children under 6 till - January 30

For more information, please, visit the following website: www.info-tbilisi.com E-mail: afisha@info-tbilisi.com

CMYK

22

HEADLINE NEWS & ANALYSIS

corporate social responsibility

FINANCIAL

22 DECEMBER, 2014 | FINCHANNEL.COM

Large Companies Dominating CSR Activities in Georgia Continued from p. 4

ever, they are so unimportant that many people do not even know about them. Therefore there is lots of work to be done from everyone’s side. More talks about this issue may be really helpful. It would be important for businesses to start considering NGOs as partners not just as organizations requiring funding. Cooperation will be more effective in this case.

Q. Can we say that the lack of development of CSR is linked to the existing socio-economic situation in the country?

A. If the socio-economic conditions would be higher in Georgia, then the demand for CSR would be higher in accordance. However, with this logic, social responsibility would not develop in the country till the economic situation improves. On the other hand, the sense of being socially responsible means that you support the improvement of the social situation. Accordingly it is important for the companies to see that an improved social situation will improve their business. The pace of development of the country is linked to the development of CSR. The pace of development is so very accelerated and local companies are so very integrated with international markets, that the development stages of CSR will be greater in the future.

Companies’ desire to enter

the EU market will contribute to it.

Q. Which direction of CSR needs expanding in Georgia?

A. Developing external CSR would be important nowadays. It enables collaboration between various sectors yet on a higher level. External CSR offers more opportunities. I can hardly imagine a company implementing external CSR and ignoring the internal. If such a precedent takes place it will mean that proper perception of the concept of CSR does not exist in that company. Internal responsibility is what causes the external one. In general, in Georgia internal CSR is more developed than external.

Q. How does EPF stimulate CSR? A. EPF tries to stimulate CSR activities among businesses. The competition the Best Food Enterprise of 2014 is underway within our Food Safety project. The idea of the competition is to reveal the companies that are meeting food safety standards. This is also a part of CSR. Companies that take care of food safety, take care of their customers.

We encourage companies to revise their responsibility and highlight it. We try to make clear for entrepreneurs that by taking care of their customers and meeting standards, they will increase the benefit to themselves. This is a very simple algorithm.

The second direction, in which we are actively coop-

erating with companies and businesses, is a social entrepreneurship programme.

This programme includes a business carrying out a social mission. Its implementation, income or profit is used for a social mission. It is not a standard, profit-oriented business. It mostly incorporates non-governmental organizations. It is focused on solving existing societal and environmental problems. It includes support and employment of various vulnerable groups of population, e.g. people with special needs, internally displaced persons, probationers, etc. Attracted income is reinvested back into the social enterprise and is focused on achieving this goal. Social enterprise, on the one hand, helps society.

At the same time it is an important contributor to the country’s socio-economic development. One of its main advantages is that social entrepreneurs unite people with a very common problem and they together take care of its resolution.

Along with our partner organization, we have been arranging a competition for business school students for three years now. We want to involve students in the development of social enterprises.

Participants are writing business plans. This initiative is focused on creating a new business plan to establish a new social enterprise and implementing small projects so support existing enter-

prises. Within our start-up fund we are financing winning business plan idea. At the moment we have two social enterprises supported

by EPF that were initiated as result of cooperation between students and non-profit organizations. Jury panels are made up of businessmen and representatives of leading companies. They are evaluating the competitors from the perspective of their pragmatic viewpoints. It is important that company representatives are not only providing prizes for students, but also other opportunities, like internship.

This year, some of the jury members will also provide master classes for the winners of the first round of the competition. They will give them specific guidance on how to implement projects. We do hope that this kind of involvement from companies will be continued. The competition Students for Social Enterprise is a clear illustration of how the interest and involvement of companies is growing from year to year.

Corporate Governance To Help Georgian Companies Attract Foreign Investors Continued from p. 4

within a company – this is set principally by the board and senior management. We look to see that the board is setting strategy and business direction and, importantly, overseeing what the management of the company is doing, without being overly involved in day-today business – these are some key tenets of good corporate governance.

We also look at what goes on inside the company in terms of the so-called ‘control environment’. When properly established, internal controls help to protect the assets of the business against fraud and inefficient use, and ensure sound information flows, ultimately allowing the right people to make informed decisions. As mentioned above, we also look at the approach companies take towards demonstrating transparency, both internally and externally. This is something that can be improved in Georgia and the region, especially in companies looking for foreign investment. We also consider the role of shareholders and how, especially minority shareholders, are treated. If all these components are functioning well, then I think one might say a company has good corporate governance.

Q. After signing an Association Agreement and bringing DCFTA into force competition between

Georgian companies has been increasing. How can good corporate governance be used by Georgian companies as their competitiveness advantage?

A. Let’s imagine you are a foreign investor looking for a partner in Georgia. Let’s say you don’t know Georgia particularly well. What would concern you?

What would you like to know when considering investment opportunities here? Can you trust the stated financial situation of the company? Is the information you want about the company accessible to you?

Is the company being properly run? Are there adequate protections in place to protect your planned investment?

Let me give a simple example.

If we go to the websites of many Georgian companies – assuming one exists – you may readily find a list of products and services provided - but likely nothing about the board, the management structures, the company’s financial performance, issues and risks facing the company and so on. A company that shows itself to be more open can gain a competitive advantage over less transparent, comparable companies not only with regard to the public in general but also potential investors.

Investors entering a market would like to know certain information about a company before they invest or enter into a partnership. One area that investors will always consider, especially in transition econo-

mies, is the quality of governance – that is a large part of the assurance for their investment. Poor corporate governance would weaken a company’s ability to attract external, and especially international, finance. On the other hand, a company which demonstrates good corporate governance practice will be much more attractive to investors.

Q. What are the benefits that good corporate governance brings to companies?

A. Corporate governance is a discipline integrated into a business; it is not something separate from the business.

Numerous studies show multiple benefits of corporate governance – whether or not we are talking of large, regulated companies or whether we are talking of smaller, unregulated companies – corporate governance applies to all. The benefits we regularly see relate to enhanced performance in the company – in terms of operational performance, its decision-making processes, its ability to manage the risks it faces, improvement in reputation and trust, as well as the very integrity of the business itself, its ability to access finance at better rates or with higher valuations. Perhaps most importantly, corporate governance actively contributes to the sustainability, success and growth of the business.

Q. You mentioned that transparency is one of the

main challenges for Georgian companies. What is the reason in your opinion and how are you going to overcome this challenge?

A. We need to differentiate between types of companies, as well as between mandatory disclosure and voluntary transparency practices. A locally-owned private company operating in the real sector will have minimal disclosure requirements, while listed companies, or regulated institutions such as banks, face higher requirements in terms of the information they are required to make available.

However what we encourage businesses to consider is their approach to making certain information available even if it is not required to be disclosed – voluntary transparency. We need to encourage companies to consider a gradual approach to this – to see the benefits. This not only improves accountabilities within a company, but also raises levels of trust outside the company, including crucial investor confidence.

American Restaurant Wendy’s Inspires Other Brands to Enter the Georgian Market The FINANCIAL

By MARIAM PAPIDZE “US brands seeing that US companies are doing successfully in Georgia is very important as it might encourage them to join us on the Georgian market,” Darrell van Ligten, President--International for The Wendy’s Company, told The FINANCIAL. “Wendy’s is an American brand which is known everywhere. Everyone knows that if Wendy’s enters a market, it means that it trusts the country and it believes that there are opportunities there. I am sure that Wendy’s is encouraging other brands to enter the Georgian market and to follow our experience. We inspire other brands to come here and to make investments in a great country. We also have Dunkin’ Donuts who made the same decision as Wendy’s,” he added.

The Wendy’s restaurant chain is doing well in Georgia in all parameters and Darrell van Ligten says that he is very excited by the Georgian market. The success story of the Wendy’s brand in Georgia continues with the opening of two new restaurants in Tbilisi together with local partner Wissol Group. Ligten hopes that Wendy’s restaurants will soon be opened in two other cities, Batumi and Kutaisi.

“We are very excited about how our business in running in Georgia. We already had restaurants in Rustaveli and Vake and from both the international and customer perspective they are doing well. Our Georgian partners had a great vision about how to bring the Wendy’s brand to the Georgian market and it turned out to be a very successful vision for us. Nowadays, Wendy’s Georgia is proud of not only being the biggest Wendy’s restaurant in the world, but for creating and implementing innovative ideas, which are exported abroad. Georgia has become the prototype for new Wendy’s restaurants in those countries which are going to join the Wendy’s family for the first time. By innovative ideas I mean a new concept which is unique to Wendy’s restaurants. These are: a coffee corner, centre for children to celebrate their birthdays, and game zone. The design is unique and fantastic and we see that the customers love it. Such positive and successful factors really encourage us to expand our business in Georgia together with Wissol Group, our Georgian partner. Opening new restaurants in Tbilisi is a great sign that we are confident in Georgia and its market,” Ligten said.

Wissol Group opened a new branch of its supermarket Smart and American restaurant Wendy’s on Tsintsadze Str. (previously Saburtalo Str.). At the same time a new Wendy’s restaurant was opened in Vake, at Chavchavadze Avenue 36. By expanding Wendy’s and Smart chains, Wissol Group has employed another 300 people.

The Pretzel Burger with beer cheese is a new product which is already available to try at Wendy’s restaurants. One of the most important business aims of Wendy’s is to replace imported products with local ones.

“The investment climate in Georgia is good. The challenge is to find good partners in Georgia.

We are fortunate as we found great partners but in general, this is a problem. Having partners

which truly understand the business, the market and the distribution is very necessary. More qualified, professional and educated people should be involved in business, I would recommend, and investments should be made in this direction. That is something that international partners would benefit from,” Ligten said.

“Despite its size, the Georgian market is very promising. A few days ago I saw micro economic factors and I looked at what the inflation level is in Georgia and what the GDP growth is. As I see, it is stable and solid. From the macroeconomic perspective we are excited about Georgia. It is hard to compare Georgia with other countries because the market size is different everywhere.

But what we see is that Wendy’s restaurants are doing very well here and we are completely satisfied,” he added.

Wendy’s is one of the favourite restaurants of the Georgian population, according to the customer research that Wendy’s conducted in Georgia. “The research found that people love coming here, they love socializing here and love bringing their families to Wendy’s restaurants,” said Ligten.

“What customers always like is quality. They choose brands which provide high quality products. They also like it when a brand communicates with them. Different marketing campaigns that bring your brand closer to your customers are always very productive. Again, from doing customer research they always say that the quality really matters and is what attracts them to the Wendy’s restaurant chain. They also like how Wendy’s food tastes and the service which the restaurant provides.

The customers always understand and appreciate all the effort of a company which is designed specially for them,” he added.

“Georgian customers demand high quality food which tastes great. And they also demand a wonderful experience and I think we deliver that. They want a nice environment too. Georgian customers do not want to go everywhere, but only to specific areas where a special environment has been created for them. And everyone can see how gorgeous the design of the Georgian Wendy’s restaurants is. Even the furniture is beautiful. Georgian customers understand the concept of value.

They want to make sure that they get what they pay for. When they come to Wendy’s they get that value,” said Ligten.

Wendy’s entered Georgia on 12 September, 2013, and opened its first restaurant on Rustaveli Avenue together with local partner, Wissol Group. Later on, another Wendy’s restaurant was opened on Chavchavadze Avenue. Today there are four Wendy’s restaurants in Tbilisi. Wissol Group, one of the largest business groups in Georgia, signed a license agreement with Wendy’s in 2012 to develop the restaurant chain in Georgia.

CMYK

FINANCIAL HEADLINE NEWS & ANALYSIS FINCHANNEL.COM | 22 DECEMBER, 2014

23

SANCHO

LITERATURULI CAFÉ

QUEUE

2, Tarkhnishvili Str. Tel: 244 45 46 31, Pekini Str. Tel: 231 30 57 22, Abashidze Str. Tel: 222 02 76 36, Kostava Str. Tel: 299 07 46

4, Besiki Str. Tel: 2 519 966

23, Akhvlediani Str. Tel: 298 25 98

Hangar Bar

dining

| places we strongly reccommend to visit |

TSISKVILI

PREGO 10, Paliashvili Str. Tel: 225 22 58

#1 Freedom squ.

Tel: 2 240 241

Red Café Bistro & Cafe

15, Erekle II. Tel: 293 14 11 # 71 Vazhaphavela Ave. Tel: 2201 211 info@redcafe.ge

25, Tarkhnishvili Str. Tel: 225 25 16 # 20 Shavteli Str. Tel: 293 10 80

Beliashvili Str. Tel: 253 07 97

Belle Ville

BUFFALO BILL

French - European barrestaurant Pleasant and cozy atmosphere High quality service, live music every day 26, l.Kiacheli Str. Tel: 293 65 53

Espresso Bar “RESPUBLIKA”

16, Marjanishvili Str. Tel: 555 003151 www.facebook.com/RespublikaEspressoBar

2, MarjaniSvili Str. Tel: 2 999 723

Book Corner

37, Kostava Str. Tel: 298 37 67 16, Akhvlediani Str. Tel: 293 60 52

PICASSO

4, Vashlovani Str. Tel: 298 90 86

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SIANG-GAN

41, Gamsakhurdia Str. Tel: 237 96 88

Prospero’s Books

34, Rustaveli Ave. Tel: (+995 32) 2923 592

VERA STEAKHOUSE

Better seen than heard

DISCOVERY

3 Vashlovani Str.; (“Super Babilon” oposit) Tel.: 298 90 86

13b, Tarkhnishvili Str. Tel: 223 24 30 contact@bookcorner.ge

40, Chavchavadze Ave. Tel: 229 42 30

Entree 13 Taktakishvili Str. 20 Rustaveli Ave. 19 Petriashvili Str. 7 Pekini Str. 78 Chavchavadze Ave. (Bagebi) 86 Aghmashenebeli ave.

Erekle II str.

Tel: 555 00 44 46

Tel.: 599 21 53 83

Best Western Tbilisi Addr: 11, Apakidze str.

Tel.: 2 300 777

ENGLISH TEE HOUSE

5, Marjanishvili Str. Tel: 294 16 20 32, Paliashvili Str. Tel: 222 11 09

CAFE CINEMA

Addr: 3 Vekua Street.

(Trade Center GTC) Tel.: 2 93 61 38

For advertising please contact: 577 741 700 marketing@finchannel.com

BUSINESSTRAVELCOM HOTEL AND AIRTICKET BOOKING: 2 999 662 | SKY.GE

CMYK

24

corporate social responsibility

HEADLINE NEWS & ANALYSIS

FINANCIAL

22 DECEMBER, 2014 | FINCHANNEL.COM

Advertiser: The FINANCIAL. Contact FINANCIAL Ad Dep at marketing@finchannel.com