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Bulgaria plans new law on disclosure of executive pay

Tue, Mar 09 2010 11:12 CET

byDnevnik.bg

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Bulgaria plans new law on disclosure of executive pay

Photo: Julia Lazarova

Bulgarian listed companies will have to make public their policy on managers’ remuneration and give detailed information on applying international standards in corporate governance, Dnevnik learned on March 8 2010.

The provisions are in pending amendments to the securities act sent for discussion to professional organisations.

Companies listed on the Bulgarian Stock Exchange (BSE) will have to make public the mechanism for determining their managers’ remuneration, which must be tied to financial performance, according to the draft bill.

Reports on managers’ pay will reveal the salary and the bonuses received by everyone in executive positions in a public company, including earnings related to an increase in the company’s share price.

The bill provides for disclosure on the share options held by the management, the value of loans and guarantees granted by the issuer or another company from the same group including outstanding interest or principal.

The BSE will arrange for the Central Depostory to become a clearing institution as well as to establish relations with foreign depository clearing bodies, according to the bill.

The draft act also regulates the statute of exchange-traded funds. The professional organisations have until March 12 2010 to give their responses to the bill.

Source: Dnevnik.bg
 

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