Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Bulgaria
Market capitalization of the Bulgarian Stock Exchange is low at four percent of gross Domestic Product, having fallen from a peak of seven percent in 1998. Similarly, market turnover remains low, even by the standards of transition economies. Howev...
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| Format: | Corporate Governance Assessment (ROSC) |
| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2002/09/6732647/bulgaria-report-observance-standards-codes-rosc-corporate-governance-country-assessment http://hdl.handle.net/10986/14459 |
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okr-10986-14459 |
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| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACQUISITION ADMINISTRATIVE PROCEEDINGS ADVISORY SERVICES BALANCE SHEET BANKS BENEFICIAL OWNER BENEFICIAL OWNERS BOARD BOARD MEMBER BOARD MEMBERS BOARD OF DIRECTORS BOARDS OF DIRECTORS BOOK VALUE BRANCHES BUSINESS COMMUNITY CAPITAL INCREASE CAPITAL INCREASES CAPITAL MARKET CAPITAL MARKETS CERTIFIED ACCOUNTANT CERTIFIED PUBLIC ACCOUNTANT CERTIFIED PUBLIC ACCOUNTANTS CHAMBER OF COMMERCE CHARTER CHIEF ACCOUNTANT CLASS ACTIONS CLASSES OF SHARES COMMERCIAL LAW COMMON POLICY COMPANY COMPANY MANAGEMENT CONFIDENTIAL INFORMATION CONFLICTS OF INTEREST CONSOLIDATION CONSOLIDATION OF ACCOUNTS CONTINGENT LIABILITIES CORPORATE CONTROL CORPORATE GOVERNANCE CORPORATE GOVERNANCE CODE CORPORATE GOVERNANCE PRINCIPLE CORPORATE GOVERNANCE PRINCIPLES CORPORATE GOVERNANCE REFORM CORPORATE GOVERNANCE REFORMS CORPORATE OBJECTIVES CORPORATE SECURITIES CORPORATION CORPORATIONS DERIVATIVE ACTIONS DISCLOSURE OF INFORMATION DISCLOSURE REQUIREMENTS DIVIDENDS DUE CARE EXTRAORDINARY SHAREHOLDERS FINANCIAL DISCLOSURE FINANCIAL REPORT FINANCIAL STATEMENTS FOREIGN INVESTMENT FOREIGN SHAREHOLDERS GOVERNMENT COMPANY INCORPORATED INDEPENDENT AUDIT INITIAL PUBLIC OFFERING INSIDER TRADING INSTITUTIONAL FRAMEWORK INSTITUTIONAL INVESTORS INSURANCE COMPANIES INTERNATIONAL STANDARDS INVESTIGATION INVESTMENT COMPANIES INVESTMENT INTERMEDIARIES JOINT STOCK JOINT STOCK COMPANIES LABOR LEGISLATION LARGE ENTERPRISES LEGAL ENTITIES LEGAL ENTITY LEGAL REQUIREMENTS LEGAL STATUS LIMITED LIMITED LIABILITY LIMITED LIABILITY COMPANIES LISTED COMPANIES MAJOR SHAREHOLDERS MANAGEMENT MANAGEMENT BOARD MANAGEMENT COMPANIES MANAGERS MARKET CAPITALIZATION MARKET PRICES MARKET STRUCTURE MEMBER BROKER MERGER MERGERS NUMBER OF SHAREHOLDERS NUMBER OF SHARES PERSONS PRIVATE PLACEMENT PRIVATE SECTOR PRIVATIZATION PRIVATIZATION AGENCY PRIVATIZATION FUNDS PRIVATIZATION PROCESSES PROTECTING INVESTORS PROTECTION OF COMPETITION PROXY PUBLIC COMPANIES PUBLIC COMPANY PUBLIC OFFERING REGULATORY AUTHORITIES REGULATORY FRAMEWORK RIGHTS OF SHAREHOLDERS SECURED CREDITOR SECURITIES REGULATION SHARE CAPITAL SHARE OPTION SHARE PRICE SHAREHOLDER SHAREHOLDER APPROVAL SHAREHOLDER RIGHTS SHAREHOLDER VOTE SHAREHOLDERS SHAREHOLDERS MEETING SHAREHOLDERS RIGHTS SHAREHOLDING SINGLE SHAREHOLDER SOLE PROPRIETORSHIPS STAKEHOLDER STAKEHOLDERS STATE ENTERPRISES STATEMENT STOCK EXCHANGE STOCK MARKET STOCK OPTIONS SUPPLIERS TAKEOVER TENDER OFFER TENDER OFFERS TRADE UNIONS TRANSPARENCY UNION VOTING SHARES |
| spellingShingle |
ACQUISITION ADMINISTRATIVE PROCEEDINGS ADVISORY SERVICES BALANCE SHEET BANKS BENEFICIAL OWNER BENEFICIAL OWNERS BOARD BOARD MEMBER BOARD MEMBERS BOARD OF DIRECTORS BOARDS OF DIRECTORS BOOK VALUE BRANCHES BUSINESS COMMUNITY CAPITAL INCREASE CAPITAL INCREASES CAPITAL MARKET CAPITAL MARKETS CERTIFIED ACCOUNTANT CERTIFIED PUBLIC ACCOUNTANT CERTIFIED PUBLIC ACCOUNTANTS CHAMBER OF COMMERCE CHARTER CHIEF ACCOUNTANT CLASS ACTIONS CLASSES OF SHARES COMMERCIAL LAW COMMON POLICY COMPANY COMPANY MANAGEMENT CONFIDENTIAL INFORMATION CONFLICTS OF INTEREST CONSOLIDATION CONSOLIDATION OF ACCOUNTS CONTINGENT LIABILITIES CORPORATE CONTROL CORPORATE GOVERNANCE CORPORATE GOVERNANCE CODE CORPORATE GOVERNANCE PRINCIPLE CORPORATE GOVERNANCE PRINCIPLES CORPORATE GOVERNANCE REFORM CORPORATE GOVERNANCE REFORMS CORPORATE OBJECTIVES CORPORATE SECURITIES CORPORATION CORPORATIONS DERIVATIVE ACTIONS DISCLOSURE OF INFORMATION DISCLOSURE REQUIREMENTS DIVIDENDS DUE CARE EXTRAORDINARY SHAREHOLDERS FINANCIAL DISCLOSURE FINANCIAL REPORT FINANCIAL STATEMENTS FOREIGN INVESTMENT FOREIGN SHAREHOLDERS GOVERNMENT COMPANY INCORPORATED INDEPENDENT AUDIT INITIAL PUBLIC OFFERING INSIDER TRADING INSTITUTIONAL FRAMEWORK INSTITUTIONAL INVESTORS INSURANCE COMPANIES INTERNATIONAL STANDARDS INVESTIGATION INVESTMENT COMPANIES INVESTMENT INTERMEDIARIES JOINT STOCK JOINT STOCK COMPANIES LABOR LEGISLATION LARGE ENTERPRISES LEGAL ENTITIES LEGAL ENTITY LEGAL REQUIREMENTS LEGAL STATUS LIMITED LIMITED LIABILITY LIMITED LIABILITY COMPANIES LISTED COMPANIES MAJOR SHAREHOLDERS MANAGEMENT MANAGEMENT BOARD MANAGEMENT COMPANIES MANAGERS MARKET CAPITALIZATION MARKET PRICES MARKET STRUCTURE MEMBER BROKER MERGER MERGERS NUMBER OF SHAREHOLDERS NUMBER OF SHARES PERSONS PRIVATE PLACEMENT PRIVATE SECTOR PRIVATIZATION PRIVATIZATION AGENCY PRIVATIZATION FUNDS PRIVATIZATION PROCESSES PROTECTING INVESTORS PROTECTION OF COMPETITION PROXY PUBLIC COMPANIES PUBLIC COMPANY PUBLIC OFFERING REGULATORY AUTHORITIES REGULATORY FRAMEWORK RIGHTS OF SHAREHOLDERS SECURED CREDITOR SECURITIES REGULATION SHARE CAPITAL SHARE OPTION SHARE PRICE SHAREHOLDER SHAREHOLDER APPROVAL SHAREHOLDER RIGHTS SHAREHOLDER VOTE SHAREHOLDERS SHAREHOLDERS MEETING SHAREHOLDERS RIGHTS SHAREHOLDING SINGLE SHAREHOLDER SOLE PROPRIETORSHIPS STAKEHOLDER STAKEHOLDERS STATE ENTERPRISES STATEMENT STOCK EXCHANGE STOCK MARKET STOCK OPTIONS SUPPLIERS TAKEOVER TENDER OFFER TENDER OFFERS TRADE UNIONS TRANSPARENCY UNION VOTING SHARES World Bank Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Bulgaria |
| geographic_facet |
Europe and Central Asia Bulgaria |
| description |
Market capitalization of the Bulgarian
Stock Exchange is low at four percent of gross Domestic
Product, having fallen from a peak of seven percent in 1998.
Similarly, market turnover remains low, even by the
standards of transition economies. However in recent years,
Bulgaria has made substantive concrete improvements in its
legal and regulatory framework, in part in preparation of
accession to the European Union. The Bulgarian National
Securities Commission was established in 1996 and subsequent
amendments to both the commercial and securities legislation
strengthened the corporate governance framework. In
particular, the 2001 revisions and amendments adopted in
June 2002 substantially strengthened shareholder rights for
"public" companies. In addition, proposed
additional amendments will ensure pre-emptive rights of
existing shareholders and will require legal entities to
disclose both direct and indirect ownership interests in
Bulgarian companies, where such interests are at five
percent or more of the company. The assessment recommends
three additional areas of improvements: 1) Amend the
Commercial Law to establish a minimum quorum for
shareholders' meetings and strengthen the duties of
members of (supervisory) boards of directors. 2) Encourage
private sector organizations and business associations to
prepare a corporate governance code, encouraging improved
corporate governance practices in the corporate sector. 3)
Encourage the private sector to establish an Institute of
Directors that could provide training and disseminate
international practices for (supervisory) boards of directors. |
| format |
Economic & Sector Work :: Corporate Governance Assessment (ROSC) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Bulgaria |
| title_short |
Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Bulgaria |
| title_full |
Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Bulgaria |
| title_fullStr |
Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Bulgaria |
| title_full_unstemmed |
Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Bulgaria |
| title_sort |
report on the observance of standards and codes : corporate governance country assessment, bulgaria |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2002/09/6732647/bulgaria-report-observance-standards-codes-rosc-corporate-governance-country-assessment http://hdl.handle.net/10986/14459 |
| _version_ |
1764427521815740416 |
| spelling |
okr-10986-144592021-04-23T14:03:16Z Report on the Observance of Standards and Codes : Corporate Governance Country Assessment, Bulgaria World Bank ACQUISITION ADMINISTRATIVE PROCEEDINGS ADVISORY SERVICES BALANCE SHEET BANKS BENEFICIAL OWNER BENEFICIAL OWNERS BOARD BOARD MEMBER BOARD MEMBERS BOARD OF DIRECTORS BOARDS OF DIRECTORS BOOK VALUE BRANCHES BUSINESS COMMUNITY CAPITAL INCREASE CAPITAL INCREASES CAPITAL MARKET CAPITAL MARKETS CERTIFIED ACCOUNTANT CERTIFIED PUBLIC ACCOUNTANT CERTIFIED PUBLIC ACCOUNTANTS CHAMBER OF COMMERCE CHARTER CHIEF ACCOUNTANT CLASS ACTIONS CLASSES OF SHARES COMMERCIAL LAW COMMON POLICY COMPANY COMPANY MANAGEMENT CONFIDENTIAL INFORMATION CONFLICTS OF INTEREST CONSOLIDATION CONSOLIDATION OF ACCOUNTS CONTINGENT LIABILITIES CORPORATE CONTROL CORPORATE GOVERNANCE CORPORATE GOVERNANCE CODE CORPORATE GOVERNANCE PRINCIPLE CORPORATE GOVERNANCE PRINCIPLES CORPORATE GOVERNANCE REFORM CORPORATE GOVERNANCE REFORMS CORPORATE OBJECTIVES CORPORATE SECURITIES CORPORATION CORPORATIONS DERIVATIVE ACTIONS DISCLOSURE OF INFORMATION DISCLOSURE REQUIREMENTS DIVIDENDS DUE CARE EXTRAORDINARY SHAREHOLDERS FINANCIAL DISCLOSURE FINANCIAL REPORT FINANCIAL STATEMENTS FOREIGN INVESTMENT FOREIGN SHAREHOLDERS GOVERNMENT COMPANY INCORPORATED INDEPENDENT AUDIT INITIAL PUBLIC OFFERING INSIDER TRADING INSTITUTIONAL FRAMEWORK INSTITUTIONAL INVESTORS INSURANCE COMPANIES INTERNATIONAL STANDARDS INVESTIGATION INVESTMENT COMPANIES INVESTMENT INTERMEDIARIES JOINT STOCK JOINT STOCK COMPANIES LABOR LEGISLATION LARGE ENTERPRISES LEGAL ENTITIES LEGAL ENTITY LEGAL REQUIREMENTS LEGAL STATUS LIMITED LIMITED LIABILITY LIMITED LIABILITY COMPANIES LISTED COMPANIES MAJOR SHAREHOLDERS MANAGEMENT MANAGEMENT BOARD MANAGEMENT COMPANIES MANAGERS MARKET CAPITALIZATION MARKET PRICES MARKET STRUCTURE MEMBER BROKER MERGER MERGERS NUMBER OF SHAREHOLDERS NUMBER OF SHARES PERSONS PRIVATE PLACEMENT PRIVATE SECTOR PRIVATIZATION PRIVATIZATION AGENCY PRIVATIZATION FUNDS PRIVATIZATION PROCESSES PROTECTING INVESTORS PROTECTION OF COMPETITION PROXY PUBLIC COMPANIES PUBLIC COMPANY PUBLIC OFFERING REGULATORY AUTHORITIES REGULATORY FRAMEWORK RIGHTS OF SHAREHOLDERS SECURED CREDITOR SECURITIES REGULATION SHARE CAPITAL SHARE OPTION SHARE PRICE SHAREHOLDER SHAREHOLDER APPROVAL SHAREHOLDER RIGHTS SHAREHOLDER VOTE SHAREHOLDERS SHAREHOLDERS MEETING SHAREHOLDERS RIGHTS SHAREHOLDING SINGLE SHAREHOLDER SOLE PROPRIETORSHIPS STAKEHOLDER STAKEHOLDERS STATE ENTERPRISES STATEMENT STOCK EXCHANGE STOCK MARKET STOCK OPTIONS SUPPLIERS TAKEOVER TENDER OFFER TENDER OFFERS TRADE UNIONS TRANSPARENCY UNION VOTING SHARES Market capitalization of the Bulgarian Stock Exchange is low at four percent of gross Domestic Product, having fallen from a peak of seven percent in 1998. Similarly, market turnover remains low, even by the standards of transition economies. However in recent years, Bulgaria has made substantive concrete improvements in its legal and regulatory framework, in part in preparation of accession to the European Union. The Bulgarian National Securities Commission was established in 1996 and subsequent amendments to both the commercial and securities legislation strengthened the corporate governance framework. In particular, the 2001 revisions and amendments adopted in June 2002 substantially strengthened shareholder rights for "public" companies. In addition, proposed additional amendments will ensure pre-emptive rights of existing shareholders and will require legal entities to disclose both direct and indirect ownership interests in Bulgarian companies, where such interests are at five percent or more of the company. The assessment recommends three additional areas of improvements: 1) Amend the Commercial Law to establish a minimum quorum for shareholders' meetings and strengthen the duties of members of (supervisory) boards of directors. 2) Encourage private sector organizations and business associations to prepare a corporate governance code, encouraging improved corporate governance practices in the corporate sector. 3) Encourage the private sector to establish an Institute of Directors that could provide training and disseminate international practices for (supervisory) boards of directors. 2013-07-22T20:05:19Z 2013-07-22T20:05:19Z 2002-09 http://documents.worldbank.org/curated/en/2002/09/6732647/bulgaria-report-observance-standards-codes-rosc-corporate-governance-country-assessment http://hdl.handle.net/10986/14459 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Economic & Sector Work :: Corporate Governance Assessment (ROSC) Economic & Sector Work Europe and Central Asia Bulgaria |