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Corporate Governance Country AssessmentThis report assesses Bulgaria's
 corporate governance policy framework for publicly traded
 companies. It highlights recent improvements to laws and
 regulation, makes policy recommendations, and provides
 investors with a benchmark against which to measure
 corporate governance in Bulgaria. This report updates the
 2002 Corporate Governance ROSC (CG ROSC). As Bulgaria
 continues its dynamic pace of reforms, all key stakeholders
 involved in the reforms process may wish to focus on the
 following four reform priorities: first, the Financial
 Supervision Commission (FSC) should continue to strictly
 enforce existing laws and may wish to focus on how the
 following three groups "comply or explain" with
 the recently issued national code of corporate governance
 (NCGC): (i) holding companies, in which governance practices
 are considered insufficient; (ii) the largest ten issuers
 that make-up most of the trading and market capitalization;
 and (iii) principal issuers on the unofficial market that
 are driving much of the market's growth. Second, the
 task force that launched the NCGC may wish to eventually
 review the NCGC to offer more practical guidance on how to
 implement good practice. Third, the government and
 regulators may wish to make minor amendments to the legal
 and regulatory framework. Fourth and finally, the most
 important factor to improve corporate governance will be to
 train and thus, over time, build a cadre of qualified,
 experienced, and professional directors who are empowered to
 ensure that the "law on the books" translates into
 actual practice.
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Practical Guide to Corporate GovernanceThis publication details 14 firms
 recognized for better corporate governance practices that
 had suffered less damage than average listed Latin American
 companies during the finanicial crisis. It offers an
 opportunity for business leaders in Latin America to learn
 from the experience of peers who have successfully
 implemented substantive improvements in governance standards
 and practices. Although the guide has been in the works for
 several years, the timing of its publication coincides with
 a global financial crisis that has catapulted corporate
 governance to a top spot on the global policy agenda. With
 gaps in governance from inadequate risk management to
 distorted incentives structures factoring in as contributing
 to the crisis, good corporate governance practices will be
 an important part of the response needed for Latin American
 economies, as well for others around the world. Within this
 context, there has been a remarkable growth in awareness and
 activity surrounding corporate governance during the last
 decade, as recognized by the Latin American roundtable on
 corporate governance. This is an ongoing initiative of the
 Organization for Economic Co-operation and Development and
 the International Finance Corporation/World Bank Group that
 has brought together policy-makers, regulators, stock
 exchanges, investors, companies and other stakeholders on an
 annual basis to promote improved policies and practices
 specific to the Latin American context. This practical guide
 is an outgrowth of these efforts, involving many steps along
 the way. When members of the Roundtable called for greater
 participation from private sector companies in the
 Roundtable's corporate governance improvement efforts,
 the companies circle was born. A first book of case studies
 was launched in 2005, with an expanded second edition issued
 in 2006. Members of the circle were keen to share
 experiences and believed a wider audience of Latin
 businesspeople will benefit from a practical guide exploring
 the ways and whys of their governance improvements.
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Corporate Governance Country Assessment : Russian FederationThis report assesses Russia's corporate governance policy framework. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Russia. Corporate governance has been a major policy issue in Russia since the beginning of its transition to a market economy. The privatization process of the early 1990s was put in place before most elements of the corporate governance and investor protection framework, and there were many widely publicized abuses, leading to very low asset prices. Most observers agree that the corporate governance environment has improved in recent years as the government has enhanced the legal and policy framework, and key institutions have grown in sophistication and maturity. Many major Russian companies have also voluntarily improved their financial and ownership transparency. A number of reform initiatives are currently underway. The report (and this summary) is organized into four sections: i) the commitment of the public and private sectors to reform; ii) shareholder rights; iii) disclosure and transparency; and iv) Boards of Directors. Policy recommendations are developed in detail at the end of each section. The report also includes a special annex that details the reform agenda focusing on related party transaction approval and disclosure, based on the approach of the Protecting Investors indicator developed in the World Bank's Doing Business report.