Bulgaria in the European Union – Seven Years Later. Moving Towards Contemporary Corporate Governance Regulations
Bulgaria in the European Union – Seven Years Later. Moving Towards Contemporary Corporate Governance Regulations

Author(s): Stanislava Lalova
Subject(s): Economy, Law, Constitution, Jurisprudence, National Economy, Business Economy / Management, EU-Legislation
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: Corporate Governance; Regulations; Bulgarian National Code for Corporate Governance; Law on Public Offering of Securities
Summary/Abstract: A lot has been known about corporate governance structures and principles, but it was not before the Asian financial crisis of 1997 than the wide world got acquainted with the issue thoroughly. Now, a few years later, in a decade of economic and business disruptions, the corporate governance matters are once again in the center of attention. First it was the world financial crisis 2007-2009 and then seemingly inevitable European debt crisis, that made a lot of great minds consider corporate governance issues essential once more. The European Union leaders have taken serious measures at an attempt to control and regulate corporate governance throughout the years by introducing and adopting a series of so-called Action Plans and Papers. Moreover, the union put so much stress on the matter that now every EU member state has introduced a national code for corporate governance for the listed (and sometimes also for the non-listed) enterprises. Bulgaria makes no exception. The report presents the regulatory mechanisms and documents prior the state joining of the EU and the changes made afterwards. The adoption of a National Code for Corporate Governance and its revision sheds light on the endeavors of Bulgarian authorities and enterprises to take on the challenge to contribute to EU's creation and maintaining of a sustainable single market for financial services and products. There is still a lot to be done when comparing Bulgarian corporate governance reality to the ones of some Western countries, but the efforts are in order and continue.

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