Update on Executive Remuneration

Bank of Georgia Group PLC (the “Group”) announces that, as a result of the impact of the COVID-19 global pandemic and wider stakeholder considerations, Archil Gachechiladze, Group Chief Executive, has confirmed his intention to contribute 50% of his 2020 fixed cash salary to support charitable causes in Georgia in their fight to counter the COVID-19 economic and social impact.

Bank of Georgia’s senior executive management team has also voluntarily agreed to reduce their 2020 fixed cash salary by 20%, with effect from 1 March 2020. 

The combination of the reduction in fixed cash salaries and the current COVID-19 impact on the Group’s share price has led to an overall reduction of approximately 40% to executive management remuneration in 2020.