Download text (PDF, 1.68 MB)
The principles of the good corporate governance are not well-known in Bulgaria, probably because of the novelty of the topic, the specific characteristics of the Bulgarian shareholders and the companies, which became public in an administrative way through the mass privatization, as well as the underdevelopment of the capital market and the insignificant stock market participation of the public companies. However, the authors of the publication consider it would be wrong for the problems of corporate governance to be ignored because of the facts mentioned above. Without sound corporate governance the capital market will languish, the growth of new firms will remain difficult and many investment projects will not find financing. The publication “Corporate Governance in Development” reviews most of the latest major events, practices and problems, related to corporate control in Bulgaria during the period 2002 - 2004. The authors pinpoint the achievements and omissions in the legislative framework, the characteristics of the Bulgarian shareholders and corporate organization, as well as the relations between the members of the board of a company and the company itself, in order to show the necessity of social and responsible corporate governance.