Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

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JSC Bank of Georgia (BGEO)

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Tuesday 02 November, 2010

JSC Bank of Georgia

JSC Bank of Georgia Announces the Extension of ...

JSC Bank of Georgia Announces the Extension of the Contract of the CEO and New Executive Compensation Policy

Bank of Georgia

JSC Bank of Georgia Announces the Extension of the Contract of the CEO and New Executive Compensation Policy

JSC Bank of Georgia (LSE: BGEO) (the “Bank”), Georgia’s leading universal bank announced today that the Supervisory Board of Bank of Georgia has extended the service contract of Irakli Gilauri, Chief Executive Officer of the Bank, until August 2013 and has also completed the establishment of a new Executive Compensation Policy for the Bank’s Chief Executive Officer, Deputy Chief Executive Officers (“Deputy CEOs”) and certain senior executives (the “Compensation Policy”). The Compensation Policy currently applies to the top nine executives of the Bank and was adopted for the three compensation years ending in January 2013 (the “Term of the Policy”).

The service contracts of the Deputy CEOs and certain senior executives that are included within the Compensation Policy (the “Executives”) have already been extended through May 2013. The Compensation Policy envisages guaranteed and discretionary grants of securities. No cash bonuses will be paid to the Executives during the Term of the Policy.

Under the guaranteed securities portion of the Compensation Policy, which is independent of the Executives' performance and subject to his or her continuous employment, the Executives will be awarded in aggregate 305,000 shares and/or GDRs of the Bank (the “Guaranteed Securities”) per year with respect to the 2010, 2011 and 2012 compensation years. The Guaranteed Securities will be awarded on or before 10 January 2011, 10 January 2012 and 10 January 2013, respectively. The awarded Guaranteed Securities will be subject to a four-year vesting period. During the first three years after each award, 20% of the awarded Guaranteed Securities will vest each year and 40% will vest in the fourth year after each award. The average grant price (the “Grant Price”) of the Guaranteed Securities is GEL 18.41 (US$ 10.28) per share. The Guaranteed Securities will be expensed by the Bank at the Grant Price from 2010 to 2017.

Under the discretionary securities portion of the Compensation Policy, which is subject to the Executives' continuous employment, the Executives may also be awarded additional shares and/or GDRs of the Bank (the “Discretionary Securities”) at the sole discretion of the Supervisory Board of the Bank during the Term of the Policy. The number of the Discretionary Securities to be awarded will be determined annually by the Supervisory Board based on the performance of the Bank and the Executive and will be announced to the Executives by the end of February of the following year. Discretionary Securities will be awarded immediately upon the completion of the annual audit for the reporting year and, subject to certain additional terms and conditions, will be subject to a two-year straight line vesting period.

As per the Bank's EGM announcement dated 2 November 2010, the Bank of Georgia securities will either be bought in the open market or new shares will be issued from the authorized share capital of the Bank. In total, up to 1.5 million shares will be allotted for the purposes of the new Compensation Policy.

“We are very pleased to have adopted a new compensation structure consistent with best practice that will apply to the compensation awarded for 2010. The main change in the current structure envisages no cash bonus compensation being paid to the Bank’s top nine executives and, what we believe to be, a fair and performance-oriented mix of fixed and variable deferred share-based compensation” commented Al Breach, member of the Supervisory Board and Compensation Committee of Bank of Georgia.

“We believe the new Executive Compensation Policy provides a good balance between competitive executive compensation and the proper medium to long-term alignment of senior management’s interests with the interests of our shareholders. With the introduction of the new structure of the Bank’s Executive Compensation we further strengthen our commitment to the deferred, share-based compensation instruments that we have been using for the past years”, noted David Morrison, Vice-Chairman of the Supervisory Board of Bank of Georgia.

“After spending more than six years with the Bank, I am delighted to sign another three-year agreement and look forward to working with our shareholders, Supervisory Board and my colleagues at the Bank. Abandoning the cash bonus compensation policy and adopting a Guaranteed Securities structure is the move in the right direction for the Bank. The new securities vesting compensation policy fully reflects management’s entrepreneurial spirit and its long-term commitment towards the Bank and further aligns the medium to long-term interests of the management and the shareholders” commented Irakli Gilauri, Chief Executive Officer.

About Bank of Georgia
Bank of Georgia is the leading Georgian bank offering a broad range of corporate banking, retail banking, wealth management, brokerage and insurance services to its clients in Georgia, Ukraine and Belarus. Bank of Georgia is the largest bank in Georgia by assets, loans, deposits and equity, with 34.2% market share by total assets (all data according to the NBG as of 30 September 2010). The bank has 137 branches and more than one million retail and 171,052 corporate current accounts.

Bank of Georgia has, as of the date hereof, the following credit ratings:

Standard & Poor’s     ‘B/B’
FitchRatings ‘B+/B’
Moody’s ‘B3/NP’ (FC) & ‘Ba3/NP’ (LC)

For further information, please visit www.bog.ge/ir or contact:

Irakli Gilauri     Macca Ekizashvili
Chief Executive Officer Head of Investor Relations
+995 32 444 109 +995 32 444 256

igilauri@bog.ge

ir@bog.ge

This news report is presented for general informational purposes only and should not be construed as an offer to sell or the solicitation of an offer to buy any securities.