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Corporate Governance

The Economic Program of CSD has been involved for years in promotion and advocacy of corporate governance reform. Its main objective is to explore the shifting pattern of corporate ownership and control arrangements in transition economies, attempting to map these trends as well as corresponding changes in corporate behavior and analyze them from a comparative corporate governance perspective, and to serve as arena for discussion of different policy options for the adoption of modern corporate governance principles as means for transition economies to overcome obstacles on the way to higher competitiveness on the global market.

The Economic Program was a key player in the Corporate Governance Initiative (CGI) in Bulgaria, including a coalition of businessmen associations and interested non-governmental organizations, whose goal was to facilitate the adoption of relevant corporate governance standards and procedures. Through the years it has developed a broader policy agenda focusing on corporate governance development on a broader regional level in Central and Eastern Europe transition context. A number of recommendations have been made about changes in the regulation and enforcement of guarantees for minority shareholders, voting arrangements, convening general shareholders meetings, etc.


all events

Tackling Undeclared Work and Hidden Economy in Southeast Europe: Improving Governance and Prosperity
The existence of undeclared work, hidden economy and corruption have been identified by the European Commission and other international and local agencies as a major barrier to enabling embedded economic prosperity in SEE. The sustained high-levels of the hidden economy in SEE, low trust in public institutions and, in some cases, ambiguous national identity, has resulted in changes in tax morale and lower revenues for governments. These were the key conclusions from the policy round table held by the SELDI initiative, Sheffield University Management School, UK, and the Center for Liberal-Democratic Studies (CLDS), Serbia. more »
Understanding Russian Influence in Central and Eastern Europe
CSD presented the Kremlin Playbook report at the Wilfried Martens Centre for European Studies in Brussels together with researchers from leading European think-tanks examining the malign Russian influence in Europe. CSD speakers debated how Russia has leveraged its economic presence to cultivate an opaque web of economic and political patronage across the region that the Kremlin uses to influence decision-making. more »
The Russian Economic Footprint in Central and Eastern Europe: Addressing Strategic Vulnerabilities in Hybrid Warfare
In the last decade, Russia has used a range of tools to amplify its economic footprint in Central and Eastern Europe and achieve its political goals. These were some of the issues discussed at an international conference in Sofia, co-sponsored by the NATO Public Diplomacy Division. more »


all publications

Government Favouritism in Europe
A new study of the Center for the Study of Democracy finds that public procurement in Bulgaria remains trapped in the wider governance problems of the country, which still display the main features of a particularistic regime. This research is part of the third volume of the “The Anticorruption Report” policy series: Government Favouritism in Europe, produced in the framework of the EU FP7 ANTICORRP project. The volume reunites the fieldwork of 2014-2015 in the ANTICORRP and is entirely based on objective indicators, offering both quantitative and qualitative assessments of the linkage between political corruption and organised crime using statistics on spending, procurement contract data and judicial data. more »
Corporate Governance in Development: Bulgaria 2002-2004 (only in Bulgarian)
The objective of the publication “Corporate Governance in Development” is to review most of the major events and practices, related to corporate control. The authors pinpoint the achievements and ommisions in the legislative framework, the characteristics of the Bulgarian shareholders and corporate organization, as well as the relations between the members of the boards of a company and the company itself, in order to show the nessessity of social and responsible corporate governance. more »
In Search for Better Corporate Governance Mechanisms (only in Bulgarian)
The reader is a new initiative in the Center for the Study of Democracy’s efforts to create conditions for more information and wider implementation of the best practices of corporate control. more »

   Corporate Governance

Mr. Todor Yalamov, Coordinator
Center for the Study of Democracy
5 Alexander Zhendov str.
1113 Sofia, Bulgaria
Tel: (+359 2) 971 3000
Fax: (+359 2) 971 2233

      We recommend

Insiders, Outsiders, and Good Corporate Governance in Transitional Economies: Cases of Russia and Bulgaria, Final Analytical Report
(Adobe PDF, 973 KB)