The article explores how corporate governance changed in Bulgaria in the 1990s due to three main factors: Washington Consensus policies, primitive capital accumulation, and catching-up efforts. Initially, primitive capital accumulation had a bigger impact, but since 1997, Washington Consensus policies have become more influential. The resulting corporate governance system in Bulgaria is not like the ones in the US or Europe, but is based on relationships. Key features include a mix of different types of companies, diverse ownership, weak stock markets, heavy reliance on bank loans, and the need to balance local and global influences. Policymakers in Bulgaria face the challenge of creating institutions that promote development while limiting the power of managers and global forces.