BSE ADOPTS A CORPORATE MANAGEMENT CODE
The Bulgarian Stock Exchange - Sofia (BSE) Board of Directors adopted a Corporate Management Code for public companies registered for trading on the stock exchange. The code was approved during a meeting of the exchange management on October 16. The document aims at increasing the trust of national and international investors in the management and supervision of public companies. Conformity with the main principles in the code and their application are obligatory for the companies that are traded or want to be allowed for trading on the Official Market and the Market of Shares - segments A and B. Partial or complete application of the document is recommended to companies traded on the other markets and segments.
The code stipulates that companies prepare a program for good corporate management. They are also required to adopt a personnel behaviour ethic code. If a company has not applied all or some of the principles and recommendations of the code, it must provide information about that in its good corporate management program.
The code is harmonized with the main principles underlying international and nationally recognized standards for good corporate management, as well as the corporate management principles of the Organisation for Economic Co-operation and Development. It is temporary and is valid until a National Corporate Management Code is adopted.
The Bulgarian Stock Exchange - Sofia AD will exercise current supervision on how public companies apply the approved code.