The 5th Meeting of the Latin American Corporate Governance Roundtable took place in Rio de Janerio, Brazil, 8-9 October 2004. The meeting aimed to increase understanding and develop recommendations on key elements of enforcement, including the legal and regulatory frameworks to facilitate effective enforcement, and the private sector and institutional investor role. It also considered a programme to promote implementation of the White Paper as a whole, including active monitoring and review of progress.
The agenda addressed issues including the legal, regulatory and institutional framework for enforcement – state of play and key challenges; encouraging the emergence of active and informed owners; civil enforcement: private rights of action; improving the variety and capacity of mechanisms for adjudicating disputes; the role of the press in promoting better enforcement; and a scenario for achieving more effective enforcement – the roles and responsibilities of different players.
Among the concrete outputs from the meeting were an issues paper setting out key issues of enforcement to address in the region, expert reports responding to a questionnaire highlighting recent developments in corporate governance enforcement and the overall legal and regulatory frameworks for enforcement in different Latin American countries; and a comparative synthesis paper on the approaches taken and results achieved in Argentina, Brazil, Chile, Colombia and Peru.
Roundtable participants concluded the meeting by raising a number of proposals for follow-up in the future work of the Roundtable, including:
The meeting was organised in co-operation with the World Bank Group (IFC) and was co-hosted by the Comissão de Valores Mobiliários (CVM), Institute for Brazilian Corporate Governance and Bovespa. It was co-sponsored by the National Association of Investment Banks (ANBID), the Research Centre for the Society of Lawyers (CESA), the Global Corporate Governance Forum (GCGF), and the Center for International Private Enterprise (CIPE).
Session 1:Legal, Regulatory and Institutional Framework for Enforcement – State of Play and Key Challenges
Session 3 : Private Rights of Action
Session 4: Improving the Variety and Capacity of Mechanisms for Adjudicating Disputes
Session 6: A Scenario for Achieving More Effective Enforcement – The Roles and Responsibilities of Different Players