Bulgarian National Corporate Governance Commission established today

Published: Wed, 09 Sep 2009 18:54:29 GMT

Sofia, September 3, 2009 – A permanent body that will monitor and encourage good corporate governance practices in Bulgaria – the National Corporate Governance Commission, was established today. The commission will be an independent body under the patronage of the Bulgarian Stock Exchange and the Financial Supervision Commission. The new body aims at strengthening further the corporate governance in Bulgaria, addressing the challenges highlighted in the latest World Bank’s report on the Observance of Standards and Codes (ROSC) called “Bulgaria: Corporate Governance Assessment”, that was presented in December last year.

The objectives of the Commission will be to:
• develop and disseminate best practices;
• monitor the implementation of the National Corporate Governance Code by the companies;
• provide regulators with recommendations for the improvement of the corporate governance legal and regulatory framework.

Mr. Rumen Radev, Vice-Chairman of the Governing Board of the Bulgarian Industrial Capital Association and Member of the Governing Board of the EuropeanIssuers has been appointed as the first chairman of the Bulgarian Corporate Governance Commission. The Commission includes representatives from the Bulgarian Stock Exchange, Financial Supervision Commission, Center for Economic Development, Bulgarian Industrial Capital Association, Association of the Investor Relations Directors in Bulgaria, Bulgarian Association on Investors Relations, Investors Association, and academia including prof. Bistra Boeva. Prominent representatives from the private sector with proven reputation and expertise in corporate governance such as Manu Moravenov, CEO of Fair Play Properties and Stefan Petranov, CEO of Zlaten lev will contribute to the work of the Commission. Additional members are expected to be invited to join shortly.

“The global financial crisis and the economic down turn have highlighted more than ever the need to improve corporate governance and risk management” the World Bank country manager for Bulgaria Florian Fichtl said at the event.

Read the statements of Philip Armstrong, Head, IFC-Global Corporate Governance Forum, and Christian Strenger, Director DWS Investment, Member of the German CG Commission and Deputy-chairman of the Forum’s Private Sector Advisory Group


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