The Bulgarian Corporate Governance Code is fully aligned with the principles of the Organization for Economic Cooperation and Development (OECD). These principles include measures for sustainable development and stability, including digital security, climate protection, etc. This became clear after a meeting between representatives of the National Corporate Governance Commission (NCGC) and representatives of companies listed on the Bulgarian Stock Exchange in the Premium and Standard segments. The meeting was hosted by the Association of Industrial Capital in Bulgaria.

The event was attended by the Chairman of the Financial Supervision Commission, Boyko Atanasov, the Executive Director of the BSE, Assoc. Prof. Dr. Manyu Moravenov, the Chairwoman of the Association of Investor Relations Directors, Daniela Peeva, Prof. Dr. B.Sc. Prof. Bistra Boeva, and Petya Hantova, Director of the Investment Supervision Directorate at the FSC. The event was moderated by Natalia Petrova, Chair of the Management Board of the Bulgarian Association of Management Companies.

Prof. Bistra Boeva stated that the Bulgarian Corporate Governance Code is the first in the EU to lay down principles for sustainability and stability. „Even in the 2021 version of the Code, the principles of sustainable management are part of good corporate governance. When drafting and amending the Code, the National Corporate Governance Commission always takes into account the specificities of the national economic, social, and regulatory framework in line with OECD rules,“ said Prof. Boeva.

According to her, Bulgarian legislation follows OECD principles to a very high degree. These principles are a standard and a way to show international companies that Bulgarian enterprises adhere to good corporate governance.

The Chairman of the FSC, Mr. Boyko Atanasov, opened the professional forum with the words: „Corporate governance is the foundation of successful and sustainable business. It not only defines the framework within which we operate, but also establishes the principles of ethics, transparency, and accountability that are critical to the trust and long-term success of any organization. In this increasingly interconnected world, regulators, companies, investors, and stakeholders need trust and a shared understanding of good corporate governance. Today, when change is constant and challenges are numerous, good corporate governance is becoming an indispensable tool for dealing with uncertainty and building a stable foundation for growth and innovation. The Financial Supervision Commission, together with the National Corporate Governance Commission and the Bulgarian Stock Exchange, will continue to be a pioneer in initiatives promoting corporate governance for sustainable development, in line with our common goal of Bulgaria's accession to the OECD.

The meeting continued with a presentation on the role of the regulator in implementing the Corporate Governance Principles by Ms. Petya Hantova, Director of the Investment Supervision Directorate at the FSC. She emphasized the importance of the principles and provided an overview of the legal framework, the obligation to disclose regulated information, the corporate governance statement and non-financial reporting, shareholders' rights and the requirements for convening and holding the general meeting of shareholders, concluding with the supervisory powers of the Commission in this regard. The NCMC presented details from its first monitoring report on public companies and other issuers of securities listed on a regulated market of the BSE. The report covers the period 2021-2023 and examines the state of corporate governance in a total of 214 companies.

According to NCMC Chair Daniela Peeva, there are positive trends not only in improving the quality of information disclosed in corporate governance statements, but also in corporate management's recognition of good corporate governance practices for the prosperity of companies.

The data also show that companies traded on the authoritative and liquid segments of the BSE are making considerable efforts to follow good practices in the field of corporate governance, and corporate management is increasingly committed to responsible management of companies to achieve maximum satisfaction of investors and all stakeholders.

On June 6, the NCC will hold a second meeting with executive directors and chairpersons of the management bodies of public companies to discuss the G20/OECD Principles of Corporate Governance and the amendments to the National Corporate Governance Code.

Presentations from the event:

• Draft National Corporate Governance Code
• OECD Principles – presentation
• National Code – presentation
• Conclusions from the NCGC monitoring report – presentation
• The role of the regulator – presentation