The Bulgarian Code for Corporate Governance was first established in 2002 and updated in 2007. The code aims to promote good corporate governance practices among Bulgarian companies by providing a set of principles and guidelines for boards of directors, shareholders, and other stakeholders. The code covers various aspects of corporate governance, including the roles and responsibilities of board members, the protection of shareholder rights, the disclosure of financial information, and the management of conflicts of interest. The code also emphasizes the importance of ethical behavior and transparency in corporate decision-making. The updated 2007 version of the code introduced several changes, such as the strengthening of the rules on the independence of board members and the establishment of new standards for the composition and functioning of audit committees.