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The National Corporate Governance Commission in Bulgaria has approved the methodology for calculating the index, which will include publicly traded companies strictly applying corporate governance principles.
The index will be named CGIX(Corporate Governance IndeX) and initially the technical calculation and the information dissemination will be performed by the Bulgarian Stock Exchange. The index will include seven companies and will be market capitalization weighted, adjusted by the free-float. Its base value is 100 points and the initial calculation date is set for September 19th, 2011.
The companies that are included in CGIX will be subject to a periodical review every year in June, while the free-float coefficients will be reexamined on a quarterly basis along with the BSE indices.
The National Corporate Governance Commission was set up as an independent body on November 18th, 2009 with the support of the Financial Supervision Commission and the Bulgarian Stock Exchange. Members are 14 renowned experts form the academic and business circles, whose goal is to promote and endorse the best corporate governance practices among the issuer companies.
