Publication: Bulgaria Financial Sector Assessment Program: Corporate Governance Review of the Banking Sector
Date
2017-04
ISSN
Published
2017-04
Author(s)
World Bank Group
Abstract
This Review was prepared at the request
of the Bulgaria National Bank (BNB). It presents the setting
and the circumstances for the development of governance
policies and practices in the Bulgarian banking system and
reviews the effect of existing governance policy and
practices on the oversight of banking sector related risks
and prudential supervision. The objective of this Review is
to help strengthen the corporate governance practices of
banks in Bulgaria. Specifically, itintends to: further legal
and regulatory reforms in Bulgaria based on the enclosed
recommendations; enable the BNB to increasingly rely on the
relevant internal and reportingsystems in those banks that
have demonstrated better management and controls, therefore
allowing supervisory resources to be directed toward
troubled institutions and where needed the most; and promote
corporate governance reforms in individual institutions,
thereby enhancing the soundness of a specific bank. The
Review focuses on the overall banking sector. The scope of
the Review includes reviews of the: (i) legal and regulatory
framework, (ii) corporate governance practices of banks, and
(iii) enforcement framework vis-à-vis a set of benchmarks
based on internationally recognized good practices in bank
governance; a set of policy recommendations for the BNB on
how to improve upon corporate governance in Bulgaria; and an
action plan on how to implement theReview’s policy
recommendations and effect reforms.
Citation
“World Bank Group. 2017. Bulgaria Financial Sector Assessment Program: Corporate Governance Review of the Banking Sector. © World Bank, Washington, DC. http://hdl.handle.net/10986/27553 License: CC BY 3.0 IGO.”