site.btaFund of Funds Has New Supervisory Board

A three-member Supervisory Board has been appointed at the Fund Manager of Financial Instruments in Bulgaria (Fund of Funds), said the Innovations and Growth Ministry on Wednesday.

The three members are Ventseslav Avramov, Nikolai Genchev and Nikolai Markov.

The Supervisory Board has been appointed in line with a cabinet decision of October 5 under which the Fund will switch to two-tier management.

The previous organizational structure concentrated power and rights in the Board of Directors and the new one will address this imbalance. This will help achieve better control over decision making, greater transparency and full publicity about the operation of the Fund, explained Innovations Minister Pulev. This is important as the Fund administers considerable resources of Bulgarian taxpayers and the European Union. 

The European Commission has approved the new Operational Programme Competitiveness and Innovations in Enterprises 2021-2027 which will disburse BGN 3 billion, some of which are in financial instruments. Currently, the Fund manages BGN 1.2 billion. 

The three members are appointed until a competition is held under the Public Enterprises Act.