site.btaInnovation Minister Appoints Two New Members to Bulgarian Development Bank Supervisory Board

Caretaker Minister of Innovation and Growth Alexander Pulev, in his capacity as the sole owner of the capital of Bulgarian Development Bank EAD (BDB), signed on Monday the appointment of Rosen Karadimov and Delyana Ivanova as new members of the Supervisory Board of BDB. While this increases the number of Supervisory Board members from three to five, it does not financially burden the Bank.

Pulev reduced the monthly salaries of BDB Supervisory Board members to BGN 2,000, on September 23. Previously, these salaries could be as high as BGN 10,000. The current remuneration is close to the market levels in similar commercial banks in the country.

Pulev's decision to expand the Supervisory Board is in line with his previously announced intention to enhance the Supervisory Board's efficiency by ending the vicious practice of this body having its functions duplicated with the functions of the Bank's Board of Directors.