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Colombia - Report on the Observance of Standards and Codes (ROSC) : corporate governance country assessment (Inglês)

This report assesses the corporate governance policy framework, enforcement and compliance practices in Colombia. The capital markets are small relative to the economy and trading volume is low equity trading totals about USD one million, as compared to USD one billion in fixed income trading. The corporate sector is largely owned and controlled by family groups and conglomerates. The challenge is to create an environment where medium-sized companies can raise capital in the market and help them make the transition from tightly-controlled family firms to public companies. While pension funds represent a large and rapidly growing source of funds, they are reluctant to invest in equities. It has been demonstrated across countries that capital market development correlates positively with the degree of shareholder protection and good corporate governance. Awareness of the importance of corporate governance issues is growing. Success stories of privatizations linked with good corporate governance highlight the importance of the issue. Colombia is an interesting example of the interplay between legal changes and voluntary initiatives based on the incentive to attract capital. It has put a minimum corporate governance disclosure regime in place for companies that wish to be eligible for pension fund investments. The report recommends (i) the adoption of a securities bill as proposed by the securities regulator supevalores; (ii) the adoption of International Accounting Standards (IAS) and International Standards on Auditing (ISA) and the creation of an independent audit oversight board; (iii) improved enforcement; (iii) enhanced monitoring of compliance with the code of good governance, for example by introducing a comply-or-explain requirement; and (iv) the creation of a director training organization.


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    Corporate Governance Assessment (ROSC)

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    América Latina e Caribe,

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    Colombia - Report on the Observance of Standards and Codes (ROSC) : corporate governance country assessment

  • Palavras-chave

    Insolvency and Creditor Rights;capital market law;legal and regulatory framework;clearance and settlement process;protection of minority shareholder;related party transactions;corporate governance framework;access to information;pension fund investment;good corporate governance;financial reporting system;chamber of commerce;mandatory pension fund;right of shareholder;compliance with law;business judgment rule;number of shareholders;interim financial statements;high quality standard;internal audit function;financial and operating;consumer price index;Code of Ethics;law and regulation;corporate governance policy;conflicts of interest;protecting minority shareholder;number of shares;right to inspection;pension fund system;pension fund administrator;duty of loyalty;corporate governance standard;capital market development;fixed income trading;cash flow statement;public telephone company;interests of stakeholder;event of liquidation;subject to arbitration;fair market value;classes of shares;class action suit;independent director;insider trading;voting right;legal representative;good governance;controlling shareholder;accounting standard;shareholder agreement;equitable treatment;accounting standards;shareholder approval;Preferred Shares;market participant;shareholder right;large shareholder;proportional representation;independent audit;institutional investor;free float;independent judgment;business secret;good faith;cumulative voting;financial information;stakeholder right;authorized capital;public tender;general shareholder;confidential information;share capital;beneficial ownership;Voting shares;material events;legal framework;legislative reform;employee share;institutional strengthening;environmental legislation;market capitalization;consulting fees;auditing standard;stakeholder interest;insolvency law;commercial court;trading volume;shareholder protection;outstanding share;internal control;share holding;material issues;independent appraisal;investment limit;court procedure;incentive system;private initiative;insider dealing;tender offer;legal provision;monitor compliance;insurance companies;corporate sector;disclosure violation;electronic surveillance;public body;blue chip;Share Class;voting mechanism;transfer risk;voting systems;board size;central depository;shareholder vote;institutional framework;single shareholder;Regulatory Bodies;rating agency;large transaction;accounting profession;depository contract;market operation;right agenda;regulatory body;potential conflicts;governance practice;effective monitoring;financial control;statutory auditor;foreign investor;employment contract;auditor independence;hard copy;public company;information requirement;disclosure standard;market analyst;audit oversight;fiscal function;medium-sized companies;income statement;board meeting;strategic guidance;certification program;share offerings;legal change;special training;fiduciary duty;legal duty;anecdotal evidence;corporate affair;civil procedure;local lawyers;Capital Investments;qualification requirement;stock exchange;legal liability;annual budget;trading system;equity trading;performance objective;corporate performance;capital expenditure;succession planning;corporate asset;majority shareholder;pre-emptive rights;insolvency framework;improved enforcement;securities regulator;specific regulation;awareness raising;model code;public offering;stakeholder participation;stock company;ownership concentration;small fee;working day;book entry;trade share;binding decision;corporate change;minimum wage;voluntary initiatives;general obligation;restructuring process;transparency principle;material matters;financial situation;Labor Law;share ownership;ownership structure;Exchange Rates;stock option;international debate;internal procedure;turnover ratio;civil law;pyramid structures;largest firms;corporate control;transparent manner;accounting period;shareholder meeting;common law;large business;country survey;high concentration;golden parachute



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