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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Main Author: World Bank
Format: Report
Language:English
en_US
Published: Washington, DC 2017
Subjects:
TAX
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
id okr-10986-28203
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 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
spellingShingle 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
World Bank
Corporate Governance Country Assessment : Bulgaria
geographic_facet Europe and Central Asia
Bulgaria
description 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.
format Report
author World Bank
author_facet World Bank
author_sort World Bank
title Corporate Governance Country Assessment : Bulgaria
title_short Corporate Governance Country Assessment : Bulgaria
title_full Corporate Governance Country Assessment : Bulgaria
title_fullStr Corporate Governance Country Assessment : Bulgaria
title_full_unstemmed Corporate Governance Country Assessment : Bulgaria
title_sort corporate governance country assessment : bulgaria
publisher Washington, DC
publishDate 2017
url 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
_version_ 1764466119701168128
spelling okr-10986-282032021-04-23T14:04:47Z Corporate Governance Country Assessment : Bulgaria World Bank 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 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. 2017-09-07T20:09:48Z 2017-09-07T20:09:48Z 2008-06 Report 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 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 Economic & Sector Work Europe and Central Asia Bulgaria