Corporate Governance in Bulgaria

Bulgaria
Bulgaria flag

Structure and Oversight

Bulgaria’s corporate governance system operates within a European Union framework, with strong legal and regulatory backing for transparency, shareholder rights, and financial disclosure.

Companies may adopt either:

  • a one-tier system (Board of Directors), or
  • a two-tier system (Supervisory Board + Management Board)

This flexibility allows companies to tailor governance structures based on size and complexity.

Key Governance Features

  • mandatory financial reporting and external audits
  • disclosure obligations for listed companies
  • increasing role of independent board members
  • protection of minority shareholders
  • regulatory oversight through financial authorities

Governance reforms in Bulgaria have focused on strengthening board independence, improving transparency, and aligning corporate practices with EU directives and capital market standards.

 

References
Bulgarian Stock Exchange
https://www.bse-sofia.bg/en

Financial Supervision Commission
https://www.fsc.bg/

European Commission – Corporate Governance
https://commission.europa.eu/business-economy-euro/company-law-and-corporate-governance_en

 

Contact
Financial Supervision Commission (FSC)
Address: 16 Budapest Street, Sofia 1000, Bulgaria
Phone: +359 2 940 4999
Email: delovodstvo@fsc.bg
Website: https://www.fsc.bg/

 

Disclaimer: This information was collected in April 2026 using AI tools and may contain errors or be out of date. Please submit any updates to: admin@ecgi.org

 

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