16.06.2026
On June 10, 2026, the Economic Research Institute at the Bulgarian Academy of Sciences hosted the presentation of the Second Annual Sustainability Report of Bulgarian Companies, developed by the Center for Sustainable Finance and Energy (Green Center) in partnership with the Bulgarian Stock Exchange and a team of leading experts in sustainable development and corporate governance.
Among the authors and consultants of the study is Assoc. Prof. Dr. Marina Stefanova from the Faculty of Economics and Business Administration at Sofia University “St. Kliment Ohridski”. She contributed both to the preparation of the analysis and to the presentation of its findings. Other contributors to the report include Prof. Virginia Zhelyazkova, D.Sc. (Economics), Prof. Daniela Bobeva, PhD, Prof. Spartak Keremidchiev, PhD, and Assoc. Prof. Stefan Raychev, PhD.
The report provides an up-to-date overview of the development of ESG reporting in Bulgaria and examines the extent to which organizations are integrating sustainable management principles into their operations. The study covers nearly 150 entities from the banking sector, public administration, capital markets, and the energy industry, analyzing both the level of transparency and the maturity of sustainability-related policies and processes.
During the event, Assoc. Prof. Dr. Marina Stefanova highlighted the growing importance of data in corporate management. According to her, sustainability is no longer viewed solely as a matter of regulatory compliance but increasingly as a factor for competitiveness and participation in global value chains. She emphasized that organizations investing in robust mechanisms for collecting and analyzing ESG data are better positioned to meet the expectations of investors, business partners, and financial institutions.
The report’s findings indicate that Bulgarian companies are gradually moving beyond the formal fulfillment of reporting requirements toward a more comprehensive integration of sustainable development principles into their strategies and management practices. The most significant progress has been observed in the banking sector, while energy companies and state-owned enterprises are increasingly developing policies and mechanisms to monitor and disclose their environmental and social impacts.
The presentation of the report provided an opportunity for discussion on the future of ESG reporting in Bulgaria, the implications of the evolving European regulatory framework, and the need to foster a stronger culture of transparency and accountability within the corporate sector.
Assoc. Prof. Dr. Marina Stefanova’s participation in the preparation of the study is part of her long-standing work in the fields of sustainable development, ESG management, and responsible business, as well as part of the Faculty of Economics and Business Administration’s broader efforts to contribute to expert dialogue and thought leadership on these topics in Bulgaria.