Executives face pay disclosure measures in Bulgaria

10 March 2010

Listed companies in Bulgaria could soon be required to provide details of their executive remuneration policies, it has emerged.

Citing a report from news provider Dnevik, the Sofia Echo reports that organisations are currently being consulted over proposed amendments to the country's Securities Act.

Changes to the legislation would require all firms listed on the Bulgarian Stock Exchange to disclose details of executive compensation and demonstrate how it is linked to performance.

In an attempt to bring Bulgaria's corporate governance standards in line with other European nations, listed companies will be asked to explain the salary and bonus payments made to each of their executives.

According to the newspaper, organisations have been given until Friday (March 12th) to respond to the draft bill.

Earlier this week, the Copenhagen Post reported that pressure for banks to publicise the remuneration packages of their executives is growing in Denmark.

The Social Democrats and Danish People's Party has called for companies in the finance sector to voluntarily disclose executive salaries before regulatory changes force them to do so.