Съвременното Състояние На Корпоративното Управление В България[Contemporary State of Corporate Governance in Bulgaria]

The paper presents the results of a large study of the current state of the corporate governance in Bulgaria, made in the light of the established principles and standards of corporate governance in the country and good practices in other economies. For this purpose two empirical studies are made with managers of public and non-public companies, as well as a representative study on the attitude of the population as a potential investor and two focus groups with key representatives of public companies, presenting the investors’ community and civic associations, Bulgarian Stock Exchange and experts in the field. The main conclusion of the study is that the corporate governance in the country is in an initial stage of its development. It needs a periodical studying, constant monitoring. The introduced standards for good corporate governance are to be improved and confirmed so the competitiveness of the Bulgarian economy can be supported. Bulgarian National Corporate Governance Code, adapted by most public companies, ranges the main leading principles and standards for current corporate governance. The National Code reflects normatively determined decisions, as well as practices voluntarily adopted by the corporations. Still, the principles and standards of the National Corporate Governance Code can be further developed and improved. For this purpose the paper presents recommendations concerning corporate boards, stakeholders and the corporate social responsibility.