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Commercial Bank Supervisory Board Members Banned to Occupy Executive Positions

Under amendments to the Law on Commercial Banks, members of supervisory boards of commercial banks are banned to occupy executive positions, in compliance with international practice and standards.

At this stage, there are two directors in TBC Bank supervisory board: director general Vakhtang Butskhrikidze and deputy director general Giorgi Shagidze are also members of the bank’s supervisory board.

Vakhtang Butskhrikidze and Giorgi Shagidze joined the supervisory board in 2015.

The bill is based on international recommendations for preventing a conflict of interests between regulators and legislator, when a director is a supervisory board member too.

David Tsaava is also a director general and member of supervisory board.

As to Bank of Georgia, VTB Bank and Cartu Bank, supervisory board members do not occupy executive positions simultaneously.