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Corporate Governance Initiative in Bulgaria

The Corporate Governance Initiative (CGI) for Bulgaria is a coalition of Bulgarian non-governmental organisations established in the beginning of 1999 by the Association of Industrial Capital, the Association of Voluntary Pension Funds, the Center for Economic Development, the Center for the Study of Democracy, the Investors’ Union, and the Securities Holders Association. The main objective of CGI is to facilitate the adoption of relevant corporate governance standards and procedures that would ensure accountability, transparency and control in the economy.

The initiative includes three main focus areas:

  • To assist the elaboration of a comprehensive set of practical recommendations and policy instruments that would facilitate the adoption of modern corporate governance principles through diagnostics of needs and analysis of existing corporate governance structures.

    To facilitate the practical implementation of modern corporate governance principles by developing a Policy Recommendation Paper and adopting a policy agenda through a consensus building process based on a Policy Workshop and a Policy Forum.

    To promote public awareness of corporate governance principles and their practical importance in view of the effective operation of companies and for ensuring accountability, transparency and protection of shareholders’ rights through public education, advocacy and dissemination.

1. Aimed at better understanding of core corporate governance principles, the Corporate Governance Initiative experts prepared training materials to be used during lectures and specialized seminars on corporate governance at the University of National and World Economy in Sofia, Sofia University Economic Department and Varna Economic University.

At the seminars with students and academic staff the following topics will be discussed:

  • Equal Treatment of Shareholders;

    Protection of Shareholders’ Rights;

    Disclosure of Information;

    Board Responsibilities;

    Capital Market and Corporate Governance;

    Regulations on Residual State Ownership.

The set of talking points contains also corporate governance definitions, description of US and German models and a short presentation of CGI activities.

2. As part of the public education activities the Center for the Study of Democracy has prepared a draft version of Glossary of Terms on Corporate Governance and Capital Markets. It contains approximately 300 entries from different categories: Accounting; Corporate; Financial; Legal; etc. The Glossary provides an easy reference guide to certain key terms in the area of corporate organisation and capital markets. Each term is presented in English and Bulgarian.

The Glossary has been reviewed by leading Bulgarian experts in the area of corporate governance and according to their opinion it will serve as a useful resource for students, shareholders, general public and professionals. With respect to this CSD looks for additional funding to publish the Glossary in 2000.

3. Since its official launch in May 1999 CGI’s Web site has been regularly updated in parallel with all CGI activities. The site now incorporates all current activities and events and contains the final version of the Policy Recommendation Paper, legal and other documents referring to corporate governance, summary reports of CSD and CGI, draft documents, press-releases, etc. Information on other partnering organisations can also be found through special links to their web sites.

The CGI’s web site offers a number of opportunities for exploring various institutions of the corporate governance area and it contains a diverse list of resources related to these issues. As a result of the extensive contacts with international organisations, think-tanks and consulting firms, some important links of CGI were established.

  1. Follow-up activities

A publication entitled Establishing Corporate Governance in an Emerging Market: Bulgaria (CSD Analyses/Reports series) is published.

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