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Publication of Inaugural Bulgarian Surveys: Investor Relations Online and Survey of Reporting on Corporate Social Responsibility (CSR) by the 40 Largest Listed Companies in Bulgaria

Submitted by: Partners for Financial Stability (PFS) Program

Categories: Socially Responsible Investing, Corporate Social Responsibility

Posted: Sep 25, 2007 – 02:46 PM EST

 

Released by the Economic Policy Institute (EPI) and the Partners for Financial Stability (PFS) Program

Sep. 25 /CSRwire/ - SOFIA, BULGARIA - September 25, 2007 - Today the Economic Policy Institute (EPI), Sofia announces the publication of two inaugural Bulgarian surveys: "Investor Relations Online: Survey of Websites of the 40 Largest Listed Companies in Bulgaria" and "Reporting on Corporate Social Responsibility (CSR) by the 40 Largest Listed Companies in Bulgaria."

The surveys were co-financed by a PFS Program Grant and are part of an ongoing regional initiative launched by the PFS Program in 2001. The methodology employed in each of the surveys was developed by the PFS Program. It is applied in the PFS Program's eponymous semi-annual regional surveys and in country studies conducted by local research institutes in Croatia, Czech Republic, Hungary and Poland (2001 – 2007).

Both surveys were conducted during the time period March - June 2007 and analyzed the 40 largest listed companies on the Bulgarian Stock Exchange (BSE) - Sofia according to their market capitalization as of March 1, 2007. The companies surveyed represented 83% of the market capitalization on the BSE - Sofia on that date. The record date for disclosures was June 15, 2007.

Investor Relations Online: Survey of Websites of the 40 Largest Listed Companies in Bulgaria analyzes the information disclosed on the Bulgarian and English versions of each company's website. Reporting on Corporate Social Responsibility (CSR) by the 40 Largest Listed Companies in Bulgaria analyzes companies' disclosures in Bulgarian and English (in each company's annual report and website) in three areas: corporate governance, environmental policy and social policy.

Findings of Investor Relations Online - 2007 include the following:

  • 77% of the companies surveyed have a Bulgarian-language website whereas 75% have an English-language website.

  • 52% of the companies surveyed disclose management names and 33.3% provide management team biographical information in Bulgarian. 45% of the companies surveyed disclose management names in English.

  • 52% of the companies surveyed disclose supervisory board names in Bulgarian whereas 45% disclose supervisory board names in English.

  • 40% of the companies surveyed provide a 2006 annual report online in Bulgarian whereas 25% provide a 2006 annual report online in English.

  • 22% of the companies surveyed disclose information about share price in Bulgarian whereas 15% do so in English.

    Findings of the Survey of Reporting on CSR - 2007 include the following:

  • General: 75% of the companies surveyed disclose information in Bulgarian or in English in at least one component of all three categories.

  • Corporate Governance: 72% of the companies surveyed disclose information in at least one of the five components of the corporate governance section in the Bulgarian/English annual report or website. Of these, 97% report on the corporate governance structure; 69% disclose audit related information and 55% disclose information about the company’s shareholder rights' policy.

  • Environmental Policy: 27% of the companies surveyed disclose information in at least one of the five different components of the environmental policy section in the Bulgarian/English annual report or website. Of these, 73% report on compliance with industry specific, national/international regulations.

  • Social Policy: 42% of the companies surveyed present information in at least one of the five components of the social policy section in the Bulgarian/English annual report or website. Of these, 59% disclose information about employee development and employee benefits policies whereas 41% disclose information on community patronage-sponsorship programs.

    The surveys were presented at a half-day conference on Thursday, September 20, 2007 at the Information Center of the European Union in Sofia.

    The surveys may be found on the websites of EPI and the PFS Program: http://epi-bg.org/epi_new/index.php?option=com_content&task=view&id=51&Itemid=102 and http://www.pfsprogram.org/capitalmarkets_research.php

    About the Economics Policy Institute (EPI)

    The Economic Policy Institute is a non-governmental non-for-profit organization, founded on May 12, 1997. Its mission is to encourage and support the implementation of free market experience and know-how that will influence Bulgaria's effective participation in the global economy and its membership in Euro-Atlantic structures.

    The main fields of activities for the EPI are: (1) research and forecasts on economic issues; (2) analysis of alternative approaches to economic policies; (3) recommendations of policy changes aimed at encouraging economic growth; (4) training of various target groups; (5) advocacy work: advising Government and Parliament bodies; etc. EPI team involves economists, foreign affairs experts and legal experts with in-depth expertise in private sector development, SMEs, financial services sector, FDI, capital markets. EPI professionals are dedicated to providing keen understanding of development issues and trends.

    EPI has a wide network of national and international partners, and is experienced in managing projects, doing research and analysis, and providing comprehensive financial, economic, and strategic advice.

    Contact:
    Economic Policy Institute
    2, Khan Asparouh Str., Fl. 3, Ap. 9
    1463 Sofia
    Bulgaria
    Tel.: +359 2 / 952 29 47; +359 2 / 952 26 93
    Fax: +359 2 / 952 08 47
    E-mail: epi@epi-bg.org
    Internet:
    www.epi-bg.org

    About the PFS Program

    The United States Agency for International Development (USAID) established the Partners for Financial Stability (PFS) Program in 1999 as a public-private partnership to help complete reforms necessary to create sound, private and well-functioning financial sectors in the eight Central and Eastern European (CEE) countries that have since joined the European Union. In 2005, the geographical focus of the program shifted to South East Europe (SEE).

    East-West Management Institute (EWMI), a New York-based not-for-profit organization, is currently the primary implementing partner.

    The PFS Program is mandated to fill remaining gaps in the institutional development of the financial sector in CEE and SEE countries through regional integration and cooperation, selective technical assistance programs and the practical application of lessons learned in neighboring countries. The substantive areas covered under the PFS Program are: accounting, auditing, banking, capital markets, insurance and pension reform. For more information, please visit the PFS Program website at http://www.pfsprogram.org

  • For more information, please contact:

    Geoffrey Mazullo Partners for Financial Stability (PFS) Program/East-West Management Institute, Inc. (EWMI)

    For more from this organization:

    Partners for Financial Stability (PFS) Program

     

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