Corporate governance


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.

Published on September 28, 2017

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Executive summary
Introduction to the corporate governance review of Colombia
Colombia's corporate governance landscape
Review against Core Corporate Governance Principles
Conclusions and recommendations for Colombia's corporate governance framework
Annexes4 chapters available
Colombian SOEs with at least 50% national direct or indirect ownership (USD in thousands)
Colombian SOEs with between 10% and 50% direct or indirect ownership (USD in thousands)
Colombian enterprises with less than 10% direct or indirect government ownership (USD in thousands)
Colombian enterprises that do not report to the CHIP systembut of which the state has direct ownership (USD in thousands)
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