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Corporate Governance system

The Board of Directors, in accordance with the guidelines of the Bulgarian Code for Corporate Governance and the internationally acknowledged principles for good corporate governance, appointed the following corporate bodies to support its activities:

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External auditors (AFA)

On the AGM in 2015 the shareholders of Sopharma AD elected AFA OOD as an auditing company to audit the annual reports of the Company in 2015.

AFA OOD was founded in May 1991 and is one of the first accounting, finance and auditing firms in Bulgaria.

Over the years, AFA has established itself as the largest local auditing and consulting company in Bulgaria.

The AFA partners participated in the conception, implementation and development of the new Bulgarian legislation on accounting, auditing and the auditing profession in accordance with the changes in Eastern Europe since 1989.

During the period June 1998 - September 2002 AFA is part of the activities of "Ernst and Young AFA" Ltd. which is a member of the "Ernst & Young Global." The senior partners staff members of AFA managed and developed the activities of "Ernst and Young AFA" and led the implementation of all projects of the global company in Bulgaria.

They established the name of "Ernst and Young AFA" as a symbol of quality, professionalism, independence and ethics to clients, the professional community and the government institutions. Since October 2002, the business is divided between the "Ernst & Young" and AFA.

The majority of the key staff members choose to continue their professional career with AFA. Today, our team consists of more than 50 professionals and administrative staff members. Representing the most valuable asset of our company, our professional team is constantlyexpanding its horizons and perfects itself through multiple forms of training in international accounting standards, US GAAP (Generally Accepted Accounting Practices in the U.S.), International Standards on Auditing, international taxation, trade and tax law of the EU. Six of our colleagues are registered and trained under the program of ACCA.