Launch of the First Corporate Governance Commission in SEE

IFC Global Corporate Governance Forum supported the launch of the Bulgarian Corporate Governance Commission on September 3^rd, 2009 in Sofia, under the auspices of the Bulgarian Stock Exchange and the Financial Supervision Commission. Based on similar practices in Austria, Germany and the Netherlands the commission will develop, monitor and encourage good corporate governance practices in the country. “This model needs to be replicated in the other countries of the region.”, said the Head of the Forum, Philip Armstrong.

“The global financial crisis and the economic down turn have highlighted more than ever the need to improve corporate governance and risk management.” said Florian Fichtl, the World Bank Country Manager for Bulgaria.

The Chairman of the Bulgarian Corporate Governance Commission Mr. Rumen Radev presented its objectives, which are to:

• develop and disseminate best practices;
• monitor the implementation of the National Corporate Governance Code by the companies;
• provide regulators with recommendations for the improvement of the corporate governance legal and regulatory framework.

Members of the Bulgarian Corporate Governance Commission are representatives from the Bulgarian Stock Exchange, Financial Supervision Commission, business and investors’ associations, academia and corporate champions, with proven reputation, expertise and interest in the field of corporate governance.

“Corporate Governance in Bulgaria is on its way. With the foundation of the Bulgarian National Corporate Governance Commission there is an excellent basis for quick and lasting improvements.” said Christian Strenger, Director DWS Investment, Member of the German Corporate Governance Commission and Deputy-chairman of the Forum’s Private Sector Advisory Group, while presenting the lessons learned from Germany.

The setting up of the Bulgarian National Corporate Governance Commission furthers the work of the Global Corporate Governance Forum in Bulgaria. The Forum advised a task force comprised of representatives from the Bulgarian business community, the Bulgarian Stock Exchange, the Financial Supervision Commission and various investor associations as well as academia, which developed a Corporate Governance Code in October 2007 and later a Scorecard that assist companies to evaluate their implementation of the Code. These good practices have been replicated in the other countries at the region.

For more information, please contact Marie-Laurence Guy at mguy@ifc.org

Additional information:

Agenda

The dynamics of good corporate governance
Philip Armstrong, Head, Global Corporate Governance Forum

Monitoring Corporate Governance: Lessons Learned from Germany
Christian Strenger, Director DWS Investment, Member of the German Corporate Governance Commission, and Deputy Chairman of the Global Corporate Governance Forum Private Sector Advisory Group