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."
Detalhes
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Data do documento
2008/02/01
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TIpo de documento
Informativo
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No. do relatório
44526
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Nº do volume
1
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Total Volume(s)
1
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País
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Região
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Data de divulgação
2010/07/01
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Disclosure Status
Disclosed
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Nome do documento
Bulgaria launches corporate governance code
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Palavras-chave
corporate governance;good corporate governance;corporate governance standard;corporate governance code;economic reform program;corporate governance framework;engine of growth;rules of conduct;private sector involvement;law and regulation;stock exchange;municipal government;trade companies;municipal ownership;state ownership;minority share;company monitor;Transition economies;municipal company;majority interest;public view;industrial association;securities regulator;corporate practice;corporate disclosure;legislative act;monitor compliance;market regulator;raise awareness;state companies;security law;media coverage;minority shareholder;code development;beneficial ownership;local initiative;full disclosure;public consultation;legal requirement;investor relation;civil law;international consultant;international market;business community;transition economy;industrial capital;
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