BICA’s NATIONAL COUNCIL DISCUSSED ACTION PLAN FOR FINANCING SUSTAINABLE EU GROWTH

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The decision of the employers to leave the Tripartite Council was also supported due to the lack of an adequate solution to the problem of hospitalization.


The Action Plan for Financing EU Sustainable Growth was presented and discussed during the meeting of the National Council of the Bulgarian Industrial Capital Association (BICA) on Friday. Its aim is to refocus capital flows towards sustainable investment, improve the management of financial risks arising from climate change and aggravate social problems. The European Commission has already submitted a package of three legislative proposals – a disclosure regulation, a benchmarking regulation and a taxonomy regulation, with the first two already adopted. The taxonomy regulation is expected to be adopted by the end of 2019.

“We work with BICA very actively in Expert Group 26 and we seek to consult all regulations concerning business. This is also the reason why I urge you to look at the report of the technical expert group on taxonomy and the real sector. It includes 67 economic activities to reduce climate change in 7 sectors, including energy, transport, agriculture, manufacturing and buildings. I expect you to point out other sustainable activities that have not been included, but you think it is important for us to submit them for consideration”, said Christina Pendicheva – a representative of the Ministry of Finance, Financial Markets Regulation Directorate.

According to her, the new regulations will promote sustainable activities carried out by asset managers and institutional investors, at this stage mainly environmental activities. Subsequently, social and management activities will be included.

Members of BICA’s National Council also endorsed the decision of the Association of the Organizations of Bulgarian Employers (AOBE) to suspend participation in the National Tripartite Cooperation Council pending the submission of adequate proposals to curb hospital abuse. BICA strongly rejects the continuation of the corporate crisis-imposed measure in 2010 to pay the first three days of sick leave. By virtue of this lucrative additional commitment, they are actually taxed three times – through the insurance contributions they pay, through the benefits for the first three days of temporary disability, which they pay, and by the payment of additional wages for replacement workers.

This was also the next meeting of the National Council, where the employers’ organization accepted new members and further increased its representativeness in the country. The large BICA family was joined by the Elevator Manufacturers Association, the Free Energy Market Association, the Chamber of Professional Appraisers and more.