Corporate Governance of Company Groups in Latin America

image of Corporate Governance of Company Groups in Latin America

This report provides an overview of frameworks and experience in Latin America and internationally in dealing with the challenges associated with corporate governance of company groups. It describes their economic rationale, benefits and relevance in Latin America, and how they are defined, overseen and regulated. It also delves into some of the risks and more specific challenges involved in ensuring protection of minority shareholder rights and managing or minimising conflicts of interest within groups. It notes the rising importance of Latin American-based multinational company groups. Finally, it reviews existing international and regional guidance on corporate governance of company groups before assessing the more specific policy options and challenges in the region, and describing the conclusions reached by the Latin American Corporate Governance Roundtable and Task Force on Company Groups based on this report’s findings. Country-specific chapters provide more specific descriptions of the frameworks in place for corporate governance of company groups in Argentina, Brazil, Chile, Colombia, Mexico and Peru.



Research shows that company groups play a dominant role among Argentina’s largest listed companies, and a significant role in the economy more generally. The chapter summarises how company groups are defined under Argentina’s legal framework, and how minority shareholder rights are regulated and enforced. It highlights corporate governance “comply or explain” code recommendations to disclose common policies within the group, to ensure mechanisms to deal with conflicts of interest, and to prevent misuse of inside information in a group context. Argentina’s securities market regulator (Comision Nacional de Valores – CNV) reported that it became a signatory in 2014 to the International Organisation of Securities Regulators Multilateral Memorandum of Understanding (IOSCO MMOU) concerning co-operation and exchange of information with other members, allowing the CNV to expand its capacities to investigate cross-border financial operations involving multinational company groups.


This is a required field
Please enter a valid email address
Approval was a Success
Invalid data
An Error Occurred
Approval was partially successful, following selected items could not be processed due to error