70% of the listed companies on the Premium segment at the Bulgarian Stock Exchange are disclosing ESG information
Sofia, 23 November 2023 – Within the next month, the licensing process for the Oxygen platform by the Global Reporting Initiative will be completed. This will enable all companies in Bulgaria to report in accordance with GRI standards, which fully cover European legislation. Oxygen saves time, resources, and eases the administrative burden on businesses.
23.11.2023
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The Bulgarian business is already using the Oxygen Exchange platform for ESG reporting, and it is about to be licensed at the European level.
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Within the next month, the licensing process for the Oxygen platform by the Global Reporting Initiative will be completed. This will enable all companies in Bulgaria to report in accordance with GRI standards, which fully cover European legislation. Oxygen saves time, resources, and eases the administrative burden on businesses. br>
This was announced by the CEO of the Bulgarian Stock Exchange, Assoc. Prof. Dr. Manu Moravenov, and the Chairman of the Green Finance & Energy Centre, during the NetZero Economy Green Forum. Mr. Moravenov moderated a panel discussion dedicated to the new regulations aimed at businesses and how the Exchange, through the Oxygen platform and the Green Centre think tank, supports Bulgarian businesses in complying with the new reporting regulations. br>
During the conference, it was also revealed that in 2024, the Bulgarian Stock Exchange will launch a new green index for companies. Regarding the new index for companies with the most sustainable performance and the best rating, the BSE has partnered with one of the world's most renowned data providers, Refinitiv, a part of the London Stock Exchange Group. According to the agreement signed, Refinitiv will calculate the ESG ratings of companies. The ratings themselves will subsequently be available in Refinitiv's database, making ESG information for Bulgarian companies visible to major foreign investors. br>
An important function related to the index is also envisioned for the Centre for Sustainable Finance and Energy, which will monitor whether companies adhere to the Exchange's ESG Reporting Guidelines, including whether there are circumstances that may qualify as violations of human and labor rights, unethical business practices, or environmental damage. br>
The most significant challenge before the launch of the new index is to have a sufficient database from English-language companies, which will later be evaluated according to Refinitiv's methodology. It is expected that next year, companies will be assessed based on the financial reports provided for the year 2023.
Within the next month, the licensing process for the Oxygen platform by the Global Reporting Initiative will be completed. This will enable all companies in Bulgaria to report in accordance with GRI standards, which fully cover European legislation. Oxygen saves time, resources, and eases the administrative burden on businesses. br>
This was announced by the CEO of the Bulgarian Stock Exchange, Assoc. Prof. Dr. Manu Moravenov, and the Chairman of the Green Finance & Energy Centre, during the NetZero Economy Green Forum. Mr. Moravenov moderated a panel discussion dedicated to the new regulations aimed at businesses and how the Exchange, through the Oxygen platform and the Green Centre think tank, supports Bulgarian businesses in complying with the new reporting regulations. br>
During the conference, it was also revealed that in 2024, the Bulgarian Stock Exchange will launch a new green index for companies. Regarding the new index for companies with the most sustainable performance and the best rating, the BSE has partnered with one of the world's most renowned data providers, Refinitiv, a part of the London Stock Exchange Group. According to the agreement signed, Refinitiv will calculate the ESG ratings of companies. The ratings themselves will subsequently be available in Refinitiv's database, making ESG information for Bulgarian companies visible to major foreign investors. br>
An important function related to the index is also envisioned for the Centre for Sustainable Finance and Energy, which will monitor whether companies adhere to the Exchange's ESG Reporting Guidelines, including whether there are circumstances that may qualify as violations of human and labor rights, unethical business practices, or environmental damage. br>
The most significant challenge before the launch of the new index is to have a sufficient database from English-language companies, which will later be evaluated according to Refinitiv's methodology. It is expected that next year, companies will be assessed based on the financial reports provided for the year 2023.
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