OECD Corporate Governance Factbook 2025: Bulgaria
Table of contents
This Country Note consolidates information published in the 2025 edition of the OECD Corporate Governance Factbook. Along with the summary of recent developments, it provides an overview of Bulgaria’s corporate governance framework and related information benchmarked against 51 other jurisdictions covered by the Factbook, including all OECD and G20 members.
The information in this document is as of 31 December 2024 unless otherwise specified.
For further details, please refer to the OECD Corporate Governance Factbook 2025.
In August 2024, the Law on the Introduction of the Euro in the Republic of Bulgaria was adopted. The purpose of that Act is to supplement and facilitate the introduction of the euro currency in the Republic of Bulgaria and to enhance transparency and awareness of the process of introducing the euro in the country in accordance with the directly applicable European Union law.
In 2024, the Public Offering of Securities Act was amended and supplemented, introducing measures in the national legislation to ensure the conditions for the European green bonds. It also aims at bringing the regulatory framework in line with the requirements of the OECD in relation with the Code on the Liberalisation of Capital Movements, with a view to the successful closing of the country review of OECD in the Investment Committee.
In September 2024, changes were made to the Independent Financial Audit and Sustainability Assurance Act in relation to the alignment of the regulatory framework in Bulgaria with the provisions of Directive (EU) on corporate sustainability reporting (CSRD) for large companies operating in the country. It also included an amendment for small and medium-sized public interest entities that are not micro-enterprises.
In 2024, the Accountancy Act was amended concerning the disclosure of sustainability-related indicators in the Republic of Bulgaria.
In 2024, the Draft Law of the Law on Equality between Women and Men was published for public discussion. The proposed draft aims at improving the gender balance among directors of listed companies. The Draft Law sets a quantitative target (benchmark) for under-represented gender representation to hold at least 33% of all directorships, both executive and non-executive, on the management and supervisory boards as wel as on the board of directors respectively.
In November 2024, the National Corporate Governance Commission adopted amendments and supplements to the National Corporate Governance Code. The Code takes into account changes in the framework regarding the reporting of enterprises in relation to sustainability and gender balance among the directors of companies listed on the stock exchange. It also concerns related measures, including in the field of remuneration of corporate management.
|
No. of listed companies in Dec 2024 |
Change since Dec 2021 |
Market capitalisation in Dec 2024 |
Ratio to GDP |
||
|---|---|---|---|---|---|
|
Bulgaria |
99 |
|
37.5% |
USD 6 bn |
5.8% |
|
OECD members |
21 618 |
|
4.3% |
USD 92 518 bn |
136.5% |
|
World |
46 086 |
|
11.3% |
USD 124 536 bn |
112.7% |
Note: “World” covers 98 jurisdictions. “OECD members” covers 38 countries.
Source: OECD Capital Market Series Dataset. IMF.
Note: “World” covers 98 jurisdictions.
Source: OECD Capital Market Series Dataset.
Note: The share of companies in each jurisdiction where the single largest shareholder and the three largest shareholders own more than 50% of the company’s equity capital. “World” covers 98 jurisdictions.
Source: OECD Capital Market Series Dataset.
The categories that the jurisdiction fits into are highlighted in blue.
The bold numbers and words indicate country-specific additional information.
The numbers within parentheses indicate the number of jurisdictions applicable to each category.
For further information on the methodologies used for the categorisations, please see the OECD Corporate Governance Factbook 2025.
* Some jurisdictions belong to multiple categories because of the additional requirements other than a percentage of shareholding.
* Jurisdictions where mandatory takeover bid rules exist are included.
** Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.