Bulgaria has been included for the first time in the 2025 edition of the OECD Corporate Governance Factbook – the flagship biennial publication of the Organisation for Economic Co-operation and Development (OECD), which presents up-to-date data and policy developments in the field of corporate governance across 52 jurisdictions, including all OECD and G20 economies. Alongside Bulgaria, Croatia and Romania are also featured in the analysis for the first time.

The Factbook tracks how corporate governance policies and regulatory frameworks are evolving in the context of dynamic capital market developments, digitalisation, and sustainable finance. It serves as an international benchmarking tool for regulators, reflecting the implementation of the OECD/G20 Principles of Corporate Governance.

Key highlights from the 2025 edition:
➡️ Institutional investors now own 47% of global listed equity, leading to wider adoption of stewardship codes.
➡️ 73% of jurisdictions publish national reports on the implementation of corporate governance codes.
➡️ Virtual general meetings are permitted in 85%, and hybrid meetings in 94% of jurisdictions.
➡️ Women hold 29% of board seats, compared to 22% five years ago.
➡️ 90% of jurisdictions require corporate sustainability-related disclosure, and 60% require independent assurance (audit) of this information.

Bulgaria’s inclusion in the OECD Corporate Governance Factbook 2025 represents an acknowledgment of the efforts made by national institutions and the Financial Supervision Commission (FSC) to strengthen the corporate governance framework and align it with leading international standards.

The Factbook is complemented by Country Notes, which aim to provide an easily accessible overview of each jurisdiction. Along with the summary of recent developments, it provides Bulgaria’s corporate governance framework and related information benchmarked against 51 other jurisdictions covered by the Factbook.

As the national regulator aiming at full membership in the OECD Corporate Governance Committee, the Financial Supervision Commission plays an active role in exchanging data, best practices, and expertise related to corporate governance, capital markets, and sustainable finance. Through this participation, FSC supports the integration of Bulgaria’s regulatory framework into the global governance landscape and promotes transparency, accountability, and trust in the capital market.

The full report and Country Notes are available on the OECD website:

OECD Corporate Governance Factbook 2025

OECD Corporate Governance Factbook 2025: Bulgaria (Country Note in English)

OECD Corporate Governance Factbook 2025: Bulgaria (Country Note in Bulgarian)

For a first time the Bulgarian translation of the G20/OECD Principles of Corporate Governance 2023 were published on the OECD website, available at the following link:  G20/OECD Principles for Corporate Governance BG