CSD » Economic program » Corporate Governance Initiative » Institutional Structure


Institutional Structure

The central element of the CGI is the Policy Forum. Its basic role is the process of building up a consensus around the policy agenda aimed at promoting modern corporate governance standards embodied in the Policy Recommendation Paper. The main elements of the institutional structure are:

  • Policy Forum of leading public and private institutions and prominent personalities; 
  • Steering Committee as the means of CGI coordination; 
  • Secretariat to provide operational management of the CGI.

Policy Forum

The Policy Forum is the supreme body in the CGI structure. It is constituted of about fifty Members invited to participate by the CGI Steering Committee. Members are prominent public and business personalities with established integrity and reputation as well as representatives of the public and private institutions. Its meetings ensure that the work carried out under the initiative by various institutions reflects a consensus of the main concerned public and private institutions. It also provides visibility to the initiative effort thus enhancing its impact.

Steering Committee

While the Policy Forum is intended to foster the general consensus on the implementation of the policy agenda proposed in the PRP, the Steering Committee provides the coordination of CGI activities and outputs. The Steering Committee meets regularly and has a major role in the run-up to the Policy Forum meeting. The Committee prepares the meeting agenda through advance consultations with the Forum members. The Steering Committee is formed by the representatives of the CGI founding organizations together with representatives of Bulgarian Stock Exchange-Sofia, Council of Ministers, Ministry of Economy, and Bulgarian National Securities Commission.

CGI Secretariat

For the purpose of providing permanent support to the work of the Steering Committee, a CGI Secretariat is set up at the Center for the Study of Democracy and provides day-to-day operational management, logistical support and reporting for the CGI activities.




The Industrial Capital Association is a non-profit organization founded by 49 privatization funds in December 1996 as the Association of Privatization Funds. Its objective is the protection of major holding companies' interests, and the introduction of modern corporate principles and culture in Bulgaria. 
ICA supports the exchange of ideas, experience and information in the area of investment process and capital markets; coordinates and unifies the efforts towards achieving the most favorable legislative framework, and achieving of cooperation among the domestic and international institutions; coordinates joint researches, projects, and activities of common interest for its members. All former privatization funds now transformed into holding companies and investment companies can be members of AIC with equal rights and obligations. Chairman of the Association is Mr. Valentin Karabashev, Former Deputy Prime Minister.


The Association of Private Voluntary Pension Funds is a non-profit organization established in late 1997. Members of APVPF are 10 Bulgarian private pension companies. APVPF is managed by a Board of Governors elected every 2 years. Members of the Board are managers of acting pension companies who work in APVPF on a voluntary basis. Currently, Chairman of APVPF is Mr. Nikola Abadjiev, Executive Director of Sila Pension Fund. 
The Association's main objective is to promote the adoption of a legal and institutional framework that would contribute to the development of the pension fund industry in the country.


The Center for Economic Development is a non-profit organization established in September 1997. Its main objective is to suggest policy options for accelerating the privatization process and the structural reform currently under way in Bulgaria. The goals of CED are:

  • to contribute to Bulgaria's economic development and achievement of sustainable economic growth during the period of transition to a market economy; 
  • to promote public debate on major economic policy issues and promote cooperation among the public and private sector, educational institutions and non-governmental organizations in addressing economic problems.,
Mr. Alexander Boshkov and Mr. George Prohasky are co-chairs of CED. 


Founded in late 1989, CSD is an interdisciplinary public policy institute dedicated to the values of democracy and market economy. CSD is a non-partisan, independent organization fostering the reform process in Bulgaria through impact on policy and civil society. 
CSD objectives are:

  • to provide an enhanced institutional and policy capacity for a successful European integration process; 
  • to promote institutional reform and the practical implementation of democratic values in legal and economic practice; 
  • to monitor public attitudes and serve as a watchdog of the institutional reform process in the country; 
  • to strengthen the institutional and management capacity of NGOs in Bulgaria, and reform the legal framework for their operation.

CSD encourages an open dialogue between scholars and policy makers and promotes public-private coalition building. As a full-service think tank, the Center achieves its objectives through policy research, process monitoring, drafting of legislation, dissemination and advocacy activities, building partnerships, local and international networks. 
CSD has built a considerable record of public policy projects requiring an interface between the institutions of the state, civil society and the private sector. Under its USAID supported initiatives for designing a policy and legislative agenda for the development of capital markets and small and medium size enterprises in Bulgaria CSD has elaborated and implemented a process of public-private dialogue on key policy issues of the reforms. The success of this kind of consultations and coalition-building format is evidenced by the wide support which the output of those projects received. This experience would be of particular value in the implementation of the proposed project. 
Dr. Ognian Shentov is Chairman of CSD. 


The Investors Union is a non-profit organization founded in April 1997. Its aims are to contribute to the improvement of the investment climate in Bulgaria, to protect the interests of investors and to assist them in their interactions with organizations looking for investments. The Investors Union is developing educational programs and publications, both for its members and for a large number of potential and real investors and cooperates with foreign shareholders' associations. Chairman of the organization is Dr. Nikola Hristovich.


The Securities Holders Association is a non-profit organization established in June 1997. Its objectives are to protect all types of shareholders' rights, to inform its members and the public at large on capital markets and corporate governance issues, and to provide consultancy services to securities holders. 
The Association has regional branches in all major Bulgarian towns and has been actively involved in organizing training seminars and public education events for the last two years. Chairman of SHA is Mr. Stoyu Nedin.

   Corporate Governance

Mr. Todor Yalamov, Coordinator
Center for the Study of Democracy
5 Alexander Zhendov str.
1113 Sofia, Bulgaria
Tel: (+359 2) 971 3000
Fax: (+359 2) 971 2233

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