World Bank2017-09-072017-09-072008-06https://hdl.handle.net/10986/28203This report assesses Bulgaria's corporate governance policy framework for publicly traded companies. It highlights recent improvements to laws and regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Bulgaria. This report updates the 2002 Corporate Governance ROSC (CG ROSC). As Bulgaria continues its dynamic pace of reforms, all key stakeholders involved in the reforms process may wish to focus on the following four reform priorities: first, the Financial Supervision Commission (FSC) should continue to strictly enforce existing laws and may wish to focus on how the following three groups "comply or explain" with the recently issued national code of corporate governance (NCGC): (i) holding companies, in which governance practices are considered insufficient; (ii) the largest ten issuers that make-up most of the trading and market capitalization; and (iii) principal issuers on the unofficial market that are driving much of the market's growth. Second, the task force that launched the NCGC may wish to eventually review the NCGC to offer more practical guidance on how to implement good practice. Third, the government and regulators may wish to make minor amendments to the legal and regulatory framework. Fourth and finally, the most important factor to improve corporate governance will be to train and thus, over time, build a cadre of qualified, experienced, and professional directors who are empowered to ensure that the "law on the books" translates into actual practice.en-USCC BY 3.0 IGOACCESS TO INFORMATIONACCOUNTANTACCOUNTINGACQUISITIONADVANCED COUNTRIESARTICLES OF ASSOCIATIONAUCTIONSAUDIT COMMITTEEAUDITOR INDEPENDENCEAUDITSBALANCE SHEETBANKING INDUSTRYBOARD MEMBERBUSINESS CASECAPITAL MARKETCAPITAL MARKET DEVELOPMENTCAPITAL MARKETS DEVELOPMENTCAPITAL STRUCTURESCENTRAL DEPOSITORYCERTIFIED PUBLIC ACCOUNTANTCERTIFIED PUBLIC ACCOUNTANTSCHIEF ACCOUNTANTCOMMERCIAL BANKSCOMPANY INFORMATIONCOMPANY LAWCONFLICTS OF INTERESTCONFLICTS OF INTERESTSCONTROLLING SHAREHOLDERSCORPORATE GOVERNANCECORPORATE GOVERNANCE FRAMEWORKCORPORATE GOVERNANCE FRAMEWORKSCORPORATE GOVERNANCE PRINCIPLESCORPORATE GOVERNANCE REFORMSCORPORATE GOVERNANCE STANDARDCOST OF CAPITALCREDIT INSTITUTIONSCREDIT RATINGCREDIT RATING AGENCIESCREDITORCREDITOR RIGHTSCREDITORSDEPOSITORDERIVATIVEDISCLOSURE STANDARDSDISPUTE RESOLUTIONDIVIDENDDIVIDEND POLICIESDIVIDEND POLICYDOMESTIC INVESTORSDUE DILIGENCEECONOMIC DEVELOPMENTEMERGING MARKETEMERGING MARKET COUNTRIESEMERGING MARKET PORTFOLIOSEQUAL SHAREEQUITY MARKETSEQUITY STAKEFINANCIAL CRISESFINANCIAL DISCLOSUREFINANCIAL FACTORSFINANCIAL INFORMATIONFINANCIAL INSTITUTIONSFINANCIAL MANAGEMENTFINANCIAL SECTORFINANCIAL STATEMENTSFOREIGN INVESTORSFUND MANAGERSGLOBAL CAPITALGLOBAL CAPITAL MARKETSGLOBAL CORPORATE GOVERNANCEGOLDEN SHARESGOOD CORPORATE GOVERNANCEGOVERNANCE ISSUEGOVERNANCE ISSUESGOVERNANCE PRACTICEGOVERNANCE PRACTICESHOLDINGHOLDING COMPANIESHOLDINGSINCOMEINDEPENDENT DIRECTORSINDIVIDUAL INVESTORSINDIVIDUALSINFORMATION DISCLOSUREINSIDER TRADINGINSTITUTIONAL INVESTORINSTITUTIONAL INVESTORSINTERNAL AUDITINTERNAL CONTROLINTERNAL CONTROLSINTERNATIONAL BANKINGINTERNATIONAL FINANCIAL MARKETSINTERNATIONAL STANDARDSINVESTMENT COMPANIESINVESTOR CONFIDENCEINVESTOR EDUCATIONINVESTOR RELATIONSJOINT STOCK COMPANIESJOINT STOCK COMPANYJURISDICTIONJURISDICTIONSLEADING SHAREHOLDERLEGAL FRAMEWORKLEGAL JURISDICTIONSLEGAL RIGHTSLIMITEDLIQUIDITYLONG-TERM INTERESTMAJORITY INVESTORSMAJORITY SHAREHOLDERMAJORITY SHAREHOLDERSMAJORITY VOTEMARKET CAPITALIZATIONMARKET CONDITIONSMARKET DOWNTURNMARKET DOWNTURNSMARKET LIQUIDITYMARKET PARTICIPANTSMARKET REFORMSMARKET RISKMARKET STABILITYMARKET TRANSPARENCYMEMBER STATEMEMBER STATESMINORITY SHAREHOLDERMINORITY SHAREHOLDERSMODEL CODEMONETARY FUNDMORTGAGEMUTUAL FUNDSNATIONAL BANKOWNERSHIP CONCENTRATIONOWNERSHIP INTERESTSOWNERSHIP RIGHTSOWNERSHIP STRUCTUREOWNERSHIP STRUCTURESPASSIVE INVESTORSPAYMENT OF DIVIDENDSPENSIONPENSION FUNDSPORTFOLIOPREEMPTIVE RIGHTSPRIVATE INVESTMENTPRIVATE INVESTORPRIVATE OWNERSHIPPRIVATE SECTOR DEVELOPMENTPRIVATIZATIONPRIVATIZATIONSPROFESSIONAL EDUCATIONPROPERTY RIGHTSPROXYPUBLIC COMPANIESPUBLIC COMPANYPUBLIC OFFERINGPUBLIC OFFERINGSPUBLIC POLICYREGULATORREGULATORSREGULATORY AGENCIESREGULATORY AUTHORITIESREGULATORY AUTHORITYREGULATORY FRAMEWORKREGULATORY OVERSIGHTREGULATORY REFORMSREPUTATIONSRETAIL INVESTORSRETIREMENT SAVINGSRIGHTS OF SHAREHOLDERSRISK FACTORSRISK MANAGEMENTRISK MANAGEMENT POLICYSECURITIESSHARE OWNERSHIPSHARE PRICESHAREHOLDERSHAREHOLDER APPROVALSHAREHOLDER MEETINGSHAREHOLDER RIGHTSSHAREHOLDER VALUESHAREHOLDERSSMALLER COMPANIESSOCIETYSTAKEHOLDERSTAKEHOLDERSSTOCK EXCHANGESTOCK EXCHANGESSTOCK MARKETSTOCK OPTIONSSUBSIDIARIESSUPERVISORY BOARDSUPERVISORY BOARDSTAKEOVERTAXTENDER OFFERTRADING ACTIVITYTRADING SYSTEMTRADING VOLUMETRANSACTIONTRANSACTION COSTSTRANSITION COUNTRIESTRANSPARENCYTURNOVERTURNOVER RATIOUNIONWEAK CORPORATE GOVERNANCEWITHDRAWALReportWorld Bank10.1596/28203