LEGAL FRAMEWORK AND IMPLEMENTATION OF THE POLICY FOR STATE PARTICIPATION IN PUBLIC ENTERPRISES IN BULGARIA AND THE MEMBER STATES OF THE ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT (OECD)

Resumen

This study examines the legal framework and implementation of the policy for state participation in public enterprises in the Republic of Bulgaria in comparative perspective with the member states of the Organisation for Economic Co-operation and Development (OECD). It proceeds from the understanding that the OECD Guidelines on Corporate Governance of State-Owned Enterprises constitute a shared benchmark for modern state ownership governance, applicable both to OECD member states and to Bulgaria. Particular emphasis is placed on Bulgaria as a case study illustrating the domestic adaptation of international governance standards within a European Union regulatory context. Using doctrinal legal analysis, comparative methodology and policy assessment, the study analyses the Bulgarian legal framework, including the Public Enterprises Act (PEA), its implementing regulation, and the State Ownership Policy, in light of EU law and the updated OECD Guidelines (2024). The research focuses on the institutional organisation of state ownership and on key governance principles such as transparency, accountability, efficiency, competitiveness and sustainability. The study finds that Bulgaria has made significant progress towards formal alignment with international standards, but that important challenges remain regarding institutional coordination, effective implementation, and the strategic integration of sustainability objectives. It concludes that further reforms are necessary to strengthen corporate governance, enhance legal certainty, improve public sector performance, and reinforce the long-term contribution of public enterprises to sustainable development.