World Bank2013-07-222013-07-222002-09https://hdl.handle.net/10986/14459Market capitalization of the Bulgarian Stock Exchange is low at four percent of gross Domestic Product, having fallen from a peak of seven percent in 1998. Similarly, market turnover remains low, even by the standards of transition economies. However in recent years, Bulgaria has made substantive concrete improvements in its legal and regulatory framework, in part in preparation of accession to the European Union. The Bulgarian National Securities Commission was established in 1996 and subsequent amendments to both the commercial and securities legislation strengthened the corporate governance framework. In particular, the 2001 revisions and amendments adopted in June 2002 substantially strengthened shareholder rights for "public" companies. In addition, proposed additional amendments will ensure pre-emptive rights of existing shareholders and will require legal entities to disclose both direct and indirect ownership interests in Bulgarian companies, where such interests are at five percent or more of the company. The assessment recommends three additional areas of improvements: 1) Amend the Commercial Law to establish a minimum quorum for shareholders' meetings and strengthen the duties of members of (supervisory) boards of directors. 2) Encourage private sector organizations and business associations to prepare a corporate governance code, encouraging improved corporate governance practices in the corporate sector. 3) Encourage the private sector to establish an Institute of Directors that could provide training and disseminate international practices for (supervisory) boards of directors.en-USCC BY 3.0 IGOACQUISITIONADMINISTRATIVE PROCEEDINGSADVISORY SERVICESBALANCE SHEETBANKSBENEFICIAL OWNERBENEFICIAL OWNERSBOARDBOARD MEMBERBOARD MEMBERSBOARD OF DIRECTORSBOARDS OF DIRECTORSBOOK VALUEBRANCHESBUSINESS COMMUNITYCAPITAL INCREASECAPITAL INCREASESCAPITAL MARKETCAPITAL MARKETSCERTIFIED ACCOUNTANTCERTIFIED PUBLIC ACCOUNTANTCERTIFIED PUBLIC ACCOUNTANTSCHAMBER OF COMMERCECHARTERCHIEF ACCOUNTANTCLASS ACTIONSCLASSES OF SHARESCOMMERCIAL LAWCOMMON POLICYCOMPANYCOMPANY MANAGEMENTCONFIDENTIAL INFORMATIONCONFLICTS OF INTERESTCONSOLIDATIONCONSOLIDATION OF ACCOUNTSCONTINGENT LIABILITIESCORPORATE CONTROLCORPORATE GOVERNANCECORPORATE GOVERNANCE CODECORPORATE GOVERNANCE PRINCIPLECORPORATE GOVERNANCE PRINCIPLESCORPORATE GOVERNANCE REFORMCORPORATE GOVERNANCE REFORMSCORPORATE OBJECTIVESCORPORATE SECURITIESCORPORATIONCORPORATIONSDERIVATIVE ACTIONSDISCLOSURE OF INFORMATIONDISCLOSURE REQUIREMENTSDIVIDENDSDUE CAREEXTRAORDINARY SHAREHOLDERSFINANCIAL DISCLOSUREFINANCIAL REPORTFINANCIAL STATEMENTSFOREIGN INVESTMENTFOREIGN SHAREHOLDERSGOVERNMENT COMPANYINCORPORATEDINDEPENDENT AUDITINITIAL PUBLIC OFFERINGINSIDER TRADINGINSTITUTIONAL FRAMEWORKINSTITUTIONAL INVESTORSINSURANCE COMPANIESINTERNATIONAL STANDARDSINVESTIGATIONINVESTMENT COMPANIESINVESTMENT INTERMEDIARIESJOINT STOCKJOINT STOCK COMPANIESLABOR LEGISLATIONLARGE ENTERPRISESLEGAL ENTITIESLEGAL ENTITYLEGAL REQUIREMENTSLEGAL STATUSLIMITEDLIMITED LIABILITYLIMITED LIABILITY COMPANIESLISTED COMPANIESMAJOR SHAREHOLDERSMANAGEMENTMANAGEMENT BOARDMANAGEMENT COMPANIESMANAGERSMARKET CAPITALIZATIONMARKET PRICESMARKET STRUCTUREMEMBER BROKERMERGERMERGERSNUMBER OF SHAREHOLDERSNUMBER OF SHARESPERSONSPRIVATE PLACEMENTPRIVATE SECTORPRIVATIZATIONPRIVATIZATION AGENCYPRIVATIZATION FUNDSPRIVATIZATION PROCESSESPROTECTING INVESTORSPROTECTION OF COMPETITIONPROXYPUBLIC COMPANIESPUBLIC COMPANYPUBLIC OFFERINGREGULATORY AUTHORITIESREGULATORY FRAMEWORKRIGHTS OF SHAREHOLDERSSECURED CREDITORSECURITIES REGULATIONSHARE CAPITALSHARE OPTIONSHARE PRICESHAREHOLDERSHAREHOLDER APPROVALSHAREHOLDER RIGHTSSHAREHOLDER VOTESHAREHOLDERSSHAREHOLDERS MEETINGSHAREHOLDERS RIGHTSSHAREHOLDINGSINGLE SHAREHOLDERSOLE PROPRIETORSHIPSSTAKEHOLDERSTAKEHOLDERSSTATE ENTERPRISESSTATEMENTSTOCK EXCHANGESTOCK MARKETSTOCK OPTIONSSUPPLIERSTAKEOVERTENDER OFFERTENDER OFFERSTRADE UNIONSTRANSPARENCYUNIONVOTING SHARESWorld Bank10.1596/14459