The main objective of the Business Ethics Standard has been to foster good business practices and build correct and trustful business relations. It sets the benchmarks and models that would help distinguish between what is ‘good’ and what is ‘bad’ and that should be adopted by all companies doing business in Bulgaria.

In October 2002 the Standard was first introduced officially by Mr. Maxim Behar, the then BBLF Chairman, at a British Bulgarian Business Forum held in London. Mr. Simeon Saxe-Coburg Gotha, Prime Minister of the Republic of Bulgaria, and Ms. Susan Simpson, Director Europe and Regional Learning Network, International Business Leaders Forum, were both given copies of the Standard. BBLF presented the first in Bulgaria Business Ethics Standard at an official ceremony that took place on October 31, 2002, at Sheraton Sofia Hotel Balkan. The Standard was given to 77 companies who are members of the Bulgarian Business Leaders Forum. Currently, more than 1,500 companies have adopted the Standards and use it as a basic approach to their corporate behaviour.

With the adoption of the Standard companies declared their readiness to respect the basic principles of market behavior, to be honest business partners and employers and responsible corporate citizens. Any company that shares the principles of business ethics may sign the standard. There are no requirements for size, turnover or number of employees. The only requirement is the conviction that Bulgaria can do ethical business.

The Business Ethics Standard contains 10 basic principles for corporate and market behaviour that are based on moral values. It represents a Declaration of commitment to be signed by companies willing to comply with those principles and states their commitment to draft and implement a Code of Business Conduct based on those principles and values.

BUSINESS ETHICS STANDARD

for companies doing business in Bulgaria and committed to:

1. Building their business on moral principles
2. Endeavouring to earn a reputation for integrity, competence and excellence
3. Introducing a transparent disclosure policy for the company's operations
4. Protecting and encouraging fair competition
5. Cultivating trust between the management and shareholders
6. Having due regard for labour law including health and safety
7. Observing all laws and regulations concerning their business
8. Striving to prevent any form of corruption
9. Having an active involvement in community activities
10. Engaging actively in developing the market economy as essential for the nation's prosperity.

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