OECD Corporate Governance Factbook 2025: Colombia
Table of contents
This Country Note consolidates information published in the 2025 edition of the OECD Corporate Governance Factbook. Along with the summary of recent developments, it provides an overview of Colombia’s corporate governance framework and related information benchmarked against 51 other jurisdictions covered by the Factbook, including all OECD and G20 members.
The information in this document is as of 31 December 2024 unless otherwise specified.
For further details, please refer to the OECD Corporate Governance Factbook 2025.
In May 2023, the Financial Superintendency of Colombia (SFC) issued External Circular 008, updating instructions on internal control to align corporate governance practices with international standards, and strengthen supervisory structures within supervised entities.
In August 2024, the SFC published External Circular 010, which modifies the requirements of the simplified know-your-customer procedure and expands the thresholds for low-value operations, in order to deepen the capital market and boost the collective investment fund industry.
In October 2024, the Financial Regulation Unit (URF) issued Decree 1239, aimed at increasing the liquidity of the securities market through improvements in short sales operations, liquidity training programmes, and promotion of securities financing by brokerage firms.
In March 2024, the URF issued Decree 265, which regulates key aspects of mutual funds, including leverage, investment limits, arbitrage between funds, and conditions for the negotiation of participation units, seeking greater financial and operational efficiency.
In 2023, the Government of Colombia launched the Green Taxonomy, a tool that classifies sustainable economic activities in order to guide investment towards climate and sustainable development objectives, in line with international commitments.
In 2024, the SFC published the Guide for the Supervision of Sustainability Factors in Supervised Entities (E-GU-MIS 049) to promote the integration of climate risk into financial supervision, strengthening the sustainable finance strategy and aligning regulation with international standards.
Between 2023 and 2024, the Colombian Stock Exchange (BVC) developed the ESG Information Center, a platform that allows issuers to disclose information under international standards such as those developed by the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-Related Financial Disclosures (TCFD), promoting transparency and comparability.
By 2025, the SFC plans to update the Basic Legal Circular (CBJ) to incorporate the provisions of Decree 1239, including guidelines on known and recurring issuers, issuance and placement programmes, and securities market advisory services.
|
No. of listed companies in Dec 2024 |
Change since Dec 2021 |
Market capitalisation in Dec 2024 |
Ratio to GDP |
||
|---|---|---|---|---|---|
|
Colombia |
61 |
|
38.6% |
USD 72 bn |
17.2% |
|
OECD members |
21 618 |
|
4.3% |
USD 92 518 bn |
136.5% |
|
World |
46 086 |
|
11.3% |
USD 124 536 bn |
112.7% |
Note: “World” covers 98 jurisdictions. “OECD members” covers 38 countries.
Source: OECD Capital Market Series Dataset. IMF.
Note: “World” covers 98 jurisdictions.
Source: OECD Capital Market Series Dataset.
Note: The share of companies in each jurisdiction where the single largest shareholder and the three largest shareholders own more than 50% of the company’s equity capital. “World” covers 98 jurisdictions.
Source: OECD Capital Market Series Dataset.
The categories that the jurisdiction fits into are highlighted in blue.
The bold numbers and words indicate country-specific additional information.
The numbers within parentheses indicate the number of jurisdictions applicable to each category.
For further information on the methodologies used for the categorisations, please see the OECD Corporate Governance Factbook 2025.
* Some jurisdictions belong to multiple categories because of the additional requirements other than a percentage of shareholding.
* Jurisdictions where mandatory takeover bid rules exist are included.
** Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.