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The Corporate Governance Initiative (CGI) for
Bulgaria is a coalition of Bulgarian non-governmental organisations
established in the beginning of 1999 by the Association of
Industrial Capital, the Association of Voluntary Pension Funds, the
Center for Economic Development, the Center for the Study of
Democracy, the Investors’ Union, and the Securities Holders
Association. The main objective of CGI is to facilitate the
adoption of relevant corporate governance standards and procedures
that would ensure accountability, transparency and control in the
economy.
The initiative includes three main focus areas:
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To assist the elaboration of a comprehensive set of
practical recommendations and policy instruments that would
facilitate the adoption of modern corporate governance principles
through diagnostics of needs and analysis of existing corporate
governance structures.
To facilitate the practical implementation of modern
corporate governance principles by developing a Policy
Recommendation Paper and adopting a policy agenda through a
consensus building process based on a Policy Workshop and a Policy
Forum.
To promote public awareness of corporate governance
principles and their practical importance in view of the effective
operation of companies and for ensuring accountability,
transparency and protection of shareholders’ rights through public
education, advocacy and dissemination.
1. Aimed at better understanding of core corporate
governance principles, the Corporate Governance Initiative
experts prepared training materials to be used during lectures and
specialized seminars on corporate governance at the University of
National and World Economy in Sofia, Sofia University Economic
Department and Varna Economic University.
At the seminars with students and academic staff the
following topics will be discussed:
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Equal Treatment of Shareholders;
Protection of Shareholders’ Rights;
Disclosure of Information;
Board Responsibilities;
Capital Market and Corporate Governance;
Regulations on Residual State Ownership.
The set of talking points contains also corporate
governance definitions, description of US and German models and a
short presentation of CGI activities.
2. As part of the public education activities the
Center for the Study of Democracy has prepared a draft version of
Glossary of Terms on Corporate Governance and Capital
Markets. It contains approximately 300 entries from different
categories: Accounting; Corporate; Financial; Legal; etc. The
Glossary provides an easy reference guide to certain key terms in
the area of corporate organisation and capital markets. Each term
is presented in English and Bulgarian.
The Glossary has been reviewed by leading Bulgarian
experts in the area of corporate governance and according to their
opinion it will serve as a useful resource for students,
shareholders, general public and professionals. With respect to
this CSD looks for additional funding to publish the Glossary in
2000.
3. Since its official launch in May 1999 CGI’s Web site has been
regularly updated in parallel with all CGI activities. The site now
incorporates all current activities and events and contains the
final version of the Policy Recommendation Paper, legal and other
documents referring to corporate governance, summary reports of CSD
and CGI, draft documents, press-releases, etc. Information on other
partnering organisations can also be found through special links to
their web sites.
The CGI’s web site offers a number of opportunities
for exploring various institutions of the corporate governance area
and it contains a diverse list of resources related to these
issues. As a result of the extensive contacts with international
organisations, think-tanks and consulting firms, some important
links of CGI were established.
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Follow-up activities
A publication entitled Establishing Corporate
Governance in an Emerging Market: Bulgaria (CSD
Analyses/Reports series) is published.
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