There are over 200 state-owned enterprises (SOEs) in Bulgaria, spread across many important sectors such as energy, transport, water and health, whose performance has been a longe-standing source of concern.
To this end, Bulgaria is implementing a reform aimed at improving their governance.
As a first step in the reform, the Public Enterprises and Control Agency developed a Policy on State Participation in Public Enterprises, which was subsequently adopted by the Council of Minister.
The Policy contains the justification and the the objectives for the participation of the state in SOEs, as well as the role of the state in the management of SOEs and in the implementation of the policy.
The Council of Ministers adopted Annual Summary Analytical Reports on the activities of SOEs for 2020 and 2021.These reports review the results of the activity of state-owned enterprises, including statutory ones, as well as analyse the performance of SOEs by sector and the individual performance of all SOEs categorised as “large” in accordance with the Law on Public Enterprises.
The summary reports shall also assess state-owned enterprises’ compliance with applicable corporate governance and disclosure standards.
These steps will be followed by the adoption of a transformation program for statutory SOEs and the compliance of the composition of the boards of large SOEs with the selection procedures set out in the Law on Public Enterprises.
The reform has a final expected date for implementation on 30 June 2023.
Additional links:
- Reference
- C10.R7 in the Bulgarian Recovery and Resilience Plan
- Project locations
- Bulgaria