The event was opened by Assoc. Prof. Dr. Manyu Moravenov, Chair of the Green Center for Sustainable Finance and Energy, and Nikolay Garnev, Managing Partner at EY for Bulgaria and Southeast Europe. Both emphasized the growing importance of sustainable business practices amid dynamic regulatory shifts. They highlighted the need for long-term vision, strategic planning, and proactive dialogue to address the complexities of sustainable development—a mission at the core of the Green Center’s work.

“It’s evident that few could have foreseen such drastic changes—both in terms of ESG requirements and in light of the recent geopolitical upheavals. These shifts are altering expectations and strategic direction. The path to sustainability is long and requires time. In this sense, I see the postponements as an opportunity—a chance to better prepare for an inevitable future where sustainability becomes a primary business driver,” said Assoc. Prof. Dr. Manyu Moravenov.

“Sustainable development is a generational issue, not just a regulatory one. It will continue to be of critical importance—for companies, for us as individuals, and for society at large. Future generations will not forgive us if we neglect this responsibility—especially when it comes to Mother Nature,” added Mr. Garnev.

The discussion was initiated by Hristina Pendicheva from the Financial Market Regulation Directorate at the Ministry of Finance, and Boyan Rashev, Partner at EY Denkstatt, in a panel titled: “ESG Bureaucracy and the Omnibus Package – What to Expect?” The panel outlined the upcoming changes and emphasized the core objective of the Omnibus I package—to reduce the administrative burden associated with ESG compliance at both the national and EU levels. Key aspects of the reform were addressed, including the challenges businesses face in adapting to new obligations and their response to the regulatory shifts. Ms. Pendicheva shared that the Omnibus package does not imply deregulation. Rather, it aims to ease compliance and encourage companies to disclose genuinely material information.

Mr. Rashev noted that companies that recognize the strategic value of sustainability and engage actively with stakeholders remain committed to the agenda. The lifting of mandatory ESRS standard application provides them with greater flexibility to disclose what is truly relevant to their business.

Representatives from Fantastico Group Ltd., including Chief Financial Officer Yanislav Stoychev, and Sirma Group Holding AD, represented by Stanislav Tanushev, Investor Relations Director, also participated in the session. Fantastico’s presentation highlighted their sustainability efforts, good practices, and corporate responsibility in the transition toward a green economy. Their primary focus was on the social dimension of ESG. They shared insights into being a socially responsible employer—both toward employees and the external community. Examples included their internal support fund “Support a Colleague,” the “My Enlighteners” initiative, and the company’s notable social contribution in 2024, amounting to BGN 1.5 million.

The event concluded with a presentation by Sirma Group Holding AD, where Mr. Tanushev shared the company’s experience with the Omnibus package implementation. He addressed not only the challenges encountered during the adoption process but also the strategic solutions developed in response. He outlined what Sirma’s ESG report for this year will look like—emphasizing clarity, materiality, and alignment with the evolving regulatory context. He also presented the company’s action plan under the new requirements, offering valuable guidance on how businesses can effectively navigate the current “sustainability vacuum” created by regulatory transitions. His closing message was: in such an environment, success depends not only on compliance but also on adaptability, strategic foresight, and a readiness to respond swiftly to change.