OECD Corporate Governance Factbook 2025: Costa Rica
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 Costa Rica’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 December 2023, Consejo Nacional de Supervisión del Sistema Financiero (CONASSIF) updated the requirements for financial reporting by supervised entities to align the treatment applied to financial intermediaries regarding assets and securities recovered from credit collections, ensuring compliance with International Financial Reporting Standards (IFRS 5: Non-current Assets Held for Sale and Discontinued Operations). (Acuerdo CONASSIF 6-18)
In June 2024, the Superintendencia General de Valores (SUGEVAL) assessed the initial implementation of suitability and performance policies for board members and senior management in the securities sector. These policies were required by CONASSIF regulations issued in May 2022 (Acuerdo CONASSIF 15-22), which included a two-year gradual implementation.
In July 2024, CONASSIF updated regulations on Information Technology management. It strengthens information security and cybersecurity, establishes a robust incident management framework, and reinforces governance responsibilities for boards, senior management, and control bodies regarding IT security and operational resilience. (Acuerdo CONASSIF 5-24)
In August 2024, Costa Rica’s Sustainable Finance Taxonomy was launched. It was developed under the leadership of public organisations with international support1. (Taxonomía)
In October 2024, The Ministry of Finance launched the “Programa de Creadores de Mercado” (Market Makers Program), aimed at improving liquidity in the public debt market, increasing price transparency, and facilitating efficient government financing. This initiative required regulatory reforms on public securities offerings, custody services, and settlement processes, issued by CONASSIF and SUGEVAL, as well as changes to the rules of the Bolsa Nacional de Valores (Costa Rican stock exchange). (Reglas Creadores de Mercado)
In September 2025, SUGEVAL updated investment fund regulations, improving governance structures for Investment Fund Management Companies by introducing incompatibility rules for Investment Committee members to prevent conflicts of interest. (Acuerdo SUGEVAL 8-09)
CONASSIF will update financial reporting requirements for supervised entities by the end of 2025 to comply with IFRS. SUGEVAL will also revise issuer authorisation rules to prevent criminals or their associates from holding a significant or controlling interest, or holding a key management function in an issuer, reinforcing Costa Rica’s commitment to FATF recommendations.
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.
*** Price fixed by an appraiser firm just for delisting takeover bids.
* Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the Member countries of the OECD.
This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area.
The full book is available in English: OECD (2025), OECD Corporate Governance Factbook 2025, OECD Publishing, Paris, https://doi.org/10.1787/f4f43735-en.
© OECD 2025
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← 1. The Ministry of Environment and Energy (MINAE), Ministry of Finance, Central Bank and the four financial sector superintendencies (SUGEF, SUGEVAL, SUPEN, SUGESE) took the leadership. Technical development was coordinated by the United Nations Environment Programme Finance Initiative (UNEP FI), with funding from the Green Climate Fund and the EU’s Euroclima Programme.