Corporate Governance Country Assessment : Bulgaria

This report assesses Bulgaria's corporate governance policy framework for publicly traded companies. It highlights recent improvements to laws and regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Bulgaria. This report updates the 2002 Corporate Governance ROSC (CG ROSC). As Bulgaria continues its dynamic pace of reforms, all key stakeholders involved in the reforms process may wish to focus on the following four reform priorities: first, the Financial Supervision Commission (FSC) should continue to strictly enforce existing laws and may wish to focus on how the following three groups "comply or explain" with the recently issued national code of corporate governance (NCGC): (i) holding companies, in which governance practices are considered insufficient; (ii) the largest ten issuers that make-up most of the trading and market capitalization; and (iii) principal issuers on the unofficial market that are driving much of the market's growth. Second, the task force that launched the NCGC may wish to eventually review the NCGC to offer more practical guidance on how to implement good practice. Third, the government and regulators may wish to make minor amendments to the legal and regulatory framework. Fourth and finally, the most important factor to improve corporate governance will be to train and thus, over time, build a cadre of qualified, experienced, and professional directors who are empowered to ensure that the "law on the books" translates into actual practice.

Bibliographic Details

Main Author:	World Bank
Format:	Report biblioteca
Language:	English en_US
Published:	Washington, DC 2008-06
Subjects:	ACCESS TO INFORMATION, ACCOUNTANT, ACCOUNTING, ACQUISITION, ADVANCED COUNTRIES, ARTICLES OF ASSOCIATION, AUCTIONS, AUDIT COMMITTEE, AUDITOR INDEPENDENCE, AUDITS, BALANCE SHEET, BANKING INDUSTRY, BOARD MEMBER, BUSINESS CASE, CAPITAL MARKET, CAPITAL MARKET DEVELOPMENT, CAPITAL MARKETS DEVELOPMENT, CAPITAL STRUCTURES, CENTRAL DEPOSITORY, CERTIFIED PUBLIC ACCOUNTANT, CERTIFIED PUBLIC ACCOUNTANTS, CHIEF ACCOUNTANT, COMMERCIAL BANKS, COMPANY INFORMATION, COMPANY LAW, CONFLICTS OF INTEREST, CONFLICTS OF INTERESTS, CONTROLLING SHAREHOLDERS, CORPORATE GOVERNANCE, CORPORATE GOVERNANCE FRAMEWORK, CORPORATE GOVERNANCE FRAMEWORKS, CORPORATE GOVERNANCE PRINCIPLES, CORPORATE GOVERNANCE REFORMS, CORPORATE GOVERNANCE STANDARD, COST OF CAPITAL, CREDIT INSTITUTIONS, CREDIT RATING, CREDIT RATING AGENCIES, CREDITOR, CREDITOR RIGHTS, CREDITORS, DEPOSITOR, DERIVATIVE, DISCLOSURE STANDARDS, DISPUTE RESOLUTION, DIVIDEND, DIVIDEND POLICIES, DIVIDEND POLICY, DOMESTIC INVESTORS, DUE DILIGENCE, ECONOMIC DEVELOPMENT, EMERGING MARKET, EMERGING MARKET COUNTRIES, EMERGING MARKET PORTFOLIOS, EQUAL SHARE, EQUITY MARKETS, EQUITY STAKE, FINANCIAL CRISES, FINANCIAL DISCLOSURE, FINANCIAL FACTORS, FINANCIAL INFORMATION, FINANCIAL INSTITUTIONS, FINANCIAL MANAGEMENT, FINANCIAL SECTOR, FINANCIAL STATEMENTS, FOREIGN INVESTORS, FUND MANAGERS, GLOBAL CAPITAL, GLOBAL CAPITAL MARKETS, GLOBAL CORPORATE GOVERNANCE, GOLDEN SHARES, GOOD CORPORATE GOVERNANCE, GOVERNANCE ISSUE, GOVERNANCE ISSUES, GOVERNANCE PRACTICE, GOVERNANCE PRACTICES, HOLDING, HOLDING COMPANIES, HOLDINGS, INCOME, INDEPENDENT DIRECTORS, INDIVIDUAL INVESTORS, INDIVIDUALS, INFORMATION DISCLOSURE, INSIDER TRADING, INSTITUTIONAL INVESTOR, INSTITUTIONAL INVESTORS, INTERNAL AUDIT, INTERNAL CONTROL, INTERNAL CONTROLS, INTERNATIONAL BANKING, INTERNATIONAL FINANCIAL MARKETS, INTERNATIONAL STANDARDS, INVESTMENT COMPANIES, INVESTOR CONFIDENCE, INVESTOR EDUCATION, INVESTOR RELATIONS, JOINT STOCK COMPANIES, JOINT STOCK COMPANY, JURISDICTION, JURISDICTIONS, LEADING SHAREHOLDER, LEGAL FRAMEWORK, LEGAL JURISDICTIONS, LEGAL RIGHTS, LIMITED, LIQUIDITY, LONG-TERM INTEREST, MAJORITY INVESTORS, MAJORITY SHAREHOLDER, MAJORITY SHAREHOLDERS, MAJORITY VOTE, MARKET CAPITALIZATION, MARKET CONDITIONS, MARKET DOWNTURN, MARKET DOWNTURNS, MARKET LIQUIDITY, MARKET PARTICIPANTS, MARKET REFORMS, MARKET RISK, MARKET STABILITY, MARKET TRANSPARENCY, MEMBER STATE, MEMBER STATES, MINORITY SHAREHOLDER, MINORITY SHAREHOLDERS, MODEL CODE, MONETARY FUND, MORTGAGE, MUTUAL FUNDS, NATIONAL BANK, OWNERSHIP CONCENTRATION, OWNERSHIP INTERESTS, OWNERSHIP RIGHTS, OWNERSHIP STRUCTURE, OWNERSHIP STRUCTURES, PASSIVE INVESTORS, PAYMENT OF DIVIDENDS, PENSION, PENSION FUNDS, PORTFOLIO, PREEMPTIVE RIGHTS, PRIVATE INVESTMENT, PRIVATE INVESTOR, PRIVATE OWNERSHIP, PRIVATE SECTOR DEVELOPMENT, PRIVATIZATION, PRIVATIZATIONS, PROFESSIONAL EDUCATION, PROPERTY RIGHTS, PROXY, PUBLIC COMPANIES, PUBLIC COMPANY, PUBLIC OFFERING, PUBLIC OFFERINGS, PUBLIC POLICY, REGULATOR, REGULATORS, REGULATORY AGENCIES, REGULATORY AUTHORITIES, REGULATORY AUTHORITY, REGULATORY FRAMEWORK, REGULATORY OVERSIGHT, REGULATORY REFORMS, REPUTATIONS, RETAIL INVESTORS, RETIREMENT SAVINGS, RIGHTS OF SHAREHOLDERS, RISK FACTORS, RISK MANAGEMENT, RISK MANAGEMENT POLICY, SECURITIES, SHARE OWNERSHIP, SHARE PRICE, SHAREHOLDER, SHAREHOLDER APPROVAL, SHAREHOLDER MEETING, SHAREHOLDER RIGHTS, SHAREHOLDER VALUE, SHAREHOLDERS, SMALLER COMPANIES, SOCIETY, STAKEHOLDER, STAKEHOLDERS, STOCK EXCHANGE, STOCK EXCHANGES, STOCK MARKET, STOCK OPTIONS, SUBSIDIARIES, SUPERVISORY BOARD, SUPERVISORY BOARDS, TAKEOVER, TAX, TENDER OFFER, TRADING ACTIVITY, TRADING SYSTEM, TRADING VOLUME, TRANSACTION, TRANSACTION COSTS, TRANSITION COUNTRIES, TRANSPARENCY, TURNOVER, TURNOVER RATIO, UNION, WEAK CORPORATE GOVERNANCE, WITHDRAWAL,
Online Access:	http://documents.worldbank.org/curated/en/185481468224992124/Bulgaria-Report-on-the-observance-of-standards-and-codes-ROSC-corporate-governance-country-assessment http://hdl.handle.net/10986/28203
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