Corporate Governance in Colombia

image of Corporate Governance in Colombia

This review of Corporate Governance in Colombia was prepared as part of the process of Colombia's accession to OECD Membership. The report describes the corporate governance setting for both listed companies and the state-owned sector (SOEs). The review then examines the legal and regulatory framework and company practices to assess the degree to which the recommendations of the G20/OECD Principles of Corporate Governance and the OECD Guidelines on Corporate Governance of State-Owned Enterprises have been implemented. The review finds that Colombia's framework for the corporate governance of listed companies is largely consistent with the Principles, although some companies have been reluctant to implement some of the good practices recommended in Colombia's national corporate governance code. For SOEs, the report recognises substantial reforms undertaken during the review process to adopt an ambitious national ownership policy. Reforms have included establishing an ownership co-ordination unit and more transparent reporting on SOE performance, and removing ministers from SOE boards and establishing more transparent board nomination processes aimed at enhancing the qualifications of board members. The report seeks continuing efforts to consolidate these reforms and to implement plans announced in the national ownership policy.



Colombia's corporate governance landscape

This chapter describes Colombia's corporate governance framework for listed and state-owned enterprises (SOEs). It starts with an overview of the Colombian economy and its capital markets, with references to important influences on the market such as its Integrated Latin American Market (MILA) initiative, and the role played by pension funds. The chapter then provides an overview of the legal and institutional framework, including the key institutions that play a role in the Colombian framework, and provides an assessment of their assessment in enforcing and supporting implementation of corporate governance practices.


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