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Bulgaria launches corporate governance code (Английский)

On the brink of Bulgaria's accession to the European Union (EU), a task force comprised of private and public experts was set up to develop a national corporate governance code. Such best practice codes exist already in many countries; their adoption is recommended by the EU transparency directive. Codes are effective tools for helping companies improve their governance practices; provide clearer guidance for financial and non-financial disclosure; foster better engagement of minority shareholders; and, clarify the respective roles of managers and directors. A corporate governance code was much needed for Bulgaria to support the business community's efforts to compete on the EU and international markets. It will give companies that wanted to apply better governance practices, the opportunity to distinguish themselves, said Bistra Boeva, of the University for National and World Economic Studies and co-chair of the task force. "Doing so would inspire investor and lender confidence."

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