Bulgaria mandates 33% gender representation on public company boards

The Bulgarian Parliament has passed amendments to the Law on Equality between Women and Men, introducing requirements for gender balance in the leadership of large public companies. Under the new rules, public companies that are not classified as micro, small, or medium-sized enterprises must ensure that the underrepresented gender occupies at least 33% of the members of their management and supervisory boards, as well as their boards of directors.

To implement this, companies must submit corporate governance declarations providing data on the gender composition of their governing bodies. By June 30, 2027, the Financial Supervision Commission is required to publish a list of companies that have met these targets. The law specifies that when candidates possess equal qualifications, competence, and professional results, preference must be given to the candidate of the underrepresented gender.

Exemptions apply to micro, small, and medium-sized enterprises, defined as companies with fewer than 250 employees and an annual turnover not exceeding 50 million euros, or an annual balance sheet total of assets not exceeding 43 million euros. Non-compliance with the new regulations or failure to provide accurate information can result in financial sanctions ranging from 2,000 to 20,000 euros.