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...
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| Format: | Report |
| Language: | English en_US |
| Published: |
Washington, DC
2017
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| 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 |
| Summary: | 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. |
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