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Milena Beneva
Implementation of Environmental Factor in Pension Investments
Summary:
Modern financial markets create a new criterion for evaluating the investment performance of companies - a multidimensional approach that combines the financial, social and environmental aspects together. A sustainable and responsible investment approach is perceived as a long-term driver of value and many institutional investors around the world, incl. pension funds, integrate it into their traditional investment process. At the same time, Bulgarian private pension funds either neglect (underestimate) the issues of sustainable development, or changå their investment policy too timidly and uncertainly.
After an in-depth analysis of the sustainable and responsible investment practices imposed by the ecological leaders among the pension funds, the current research paper offers an adapted model for integrating the "green" investment trend, consistent with the organization and development of voluntary private pension funds in Bulgaria.
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Ivanka Daneva
Regulation of Pension Fund Investments in Bulgaria – Developments and Trends
Summary:
The experiences sharing in relation to the pension reform in Bulgaria is very interesting because Bulgaria was one of the first countries in Eastern Europe to embark upon pension reform in the early 1990s.
This statement is divided into three parts:
• Brief overview on the Bulgarian Pension Reform – the stages of its implementation; the main features of the reform and development of Pension funds in the country;
• Describing pension funds investments regulation almost 9 years after the beginning of the pension reform; amendments of pension legislation related to investments of pension funds assets;
• The last part consists of the main forthcoming changes in regulation and I will try to make some concluding comments.
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Tsvetelina Nenkova
State and Trends in the Development of the Bulgarian Pension Market for 2007-2012
Summary:
The article examines the state of the pension market as a key element of private pension system in Bulgaria. The analysis focuses on: defining the degree of market concentration, reporting the results and financial performance of pension companies and the level of indicators characterizing the operation of the supplementary pension insurance. On this basis, following the main trends in the market for 2007-2012, some of the existing problems are outlined. At the same time some measures are suggested in order to overcome the problems in the future.
