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The present brochure is one of the outcomes of the project “Corporate Governance and Foreign Private Portfolio Investments after the Mass Privatisation in Bulgaria”, kindly supported by the Swiss Embassy in Sofia and the Federal Department for Foreign Affairs of Switzerland.

"Privatization funds set up by the management bodies of stable and rich companies of strategic importance that are included in the mass privatization list (e.g. “Petrol Fund”, “Neftochim Invest”) are a more specific case. In a way they are a substitute for the managers’ privatization. For some companies of this group the mass privatization program is the only possible form/way for their privatization. The investment vouchers of the staff and their families and to a large extent of the local population in these regions are an alternative to the cash privatization which is becoming more and more difficult to finance by credits from Bulgarian banks as was the most common practice until now."

Elaine Sternberg

Elaine Sternberg earned her Ph.D. in philosophy at the London School of Economics, where she was also a Fulbright Fellow and a Lecturer. She is a Research Fellow in Philosophy at the University of Leeds, and has been a Bradley Fellow and Visiting Scholar at the Social Philosophy and Policy Center of Bowling Green University.

Formerly an investment banker in New York, London and Paris, she is Principal of Analytical Solutions, a consultancy firm specialising in business ethics and corporate governance, and is on the academic advisory councils of the Institute of Economic Affairs, the Globalization Institute, and Public Concern at Work (the UK “whistleblowers’ charity”).

Her many publications include Just Business: Business Ethics in Action (second edition, Oxford University Press, 2000), Corporate Governance: Accountability in the Marketplace (second edition: Institute of Economic Affairs,2004), and The Stakeholder Concept: A Mistaken Doctrine (Foundation for Business Responsibilities, 1999).