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 |
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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 |
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okr-10986-28203 |
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oai_dc |
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Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
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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 |