Financial and business news from Bulgaria

The composition of the audit committee of the Bulgarian Development Bank has been changed

With a decision of the Minister of Economy, in his capacity of exercising the rights of the state as sole owner of the capital of the Bulgarian Development Bank (BDB) and in accordance with the requirements of the Independent Financial Audit Act (FAFRS), the composition of the audit committee of the Bulgarian Bank was changed for Development (BDB), the ministry said.
According to the Bank's Statute and the AFRS, the Audit Committee is responsible for monitoring financial reporting processes in the bank, internal control systems and risk management systems, as well as to make recommendations on the independent audit of the institution. All employees of the Bank are obliged to assist the Committee and provide it with the necessary information for the performance of its supervisory functions, and the Committee itself shall inform the Supervisory Board of the Bank of its work and report to the Minister of Economy about its activities at least once a year.

The new members of the audit committee have extensive international experience and are established experts in the private sector in Bulgaria in the areas of compulsory control over credit institutions and maintaining transparent financial reporting according to the best European and national practices and mandatory rules, stated by the ministry.