Latin American Roundtable on Corporate Governance · BVC Corporate Governance Associated Companies:...
Transcript of Latin American Roundtable on Corporate Governance · BVC Corporate Governance Associated Companies:...
LimaNovember 2011
Latin American Roundtable on Corporate Governance
Colombian Market
Listing requirements
(Section 1.3.3.2. General Regulation BVC)
Real Beneficiary>10%
1. At least ten percent (10%) of total outstanding shares, must belong to people different than those that make the same real beneficiary
Number of Shareholders >1002. Issuer must have at least one hundred (100) shareholders
Equity (COP $)>7.000
millions3. Equity greater than seven billion pesos (COP $7.000.000.000)
Operation Period >3 years4. The period of operation of the company may not be inferior to three (3) years
Operational ProfitsPrevious 3
Fiscal Periods
5. Issuer must have operational profits in at least one of the previous three (3) fiscal periods
Web Page
6. Issuer must have a web page with the information required by the BVC
Corporate Governance Report
7. Commitment to submit an annual report of Corporate Governance.
BVC Corporate Governance
Associated Companies: Inversiones Nacional de Chocolates, Suramericana de Inversiones, CementosArgos, ECOPETROL, EMGESA, EDATEL, Sociedades Bolívar, I.S.A., COOMEVA E.P.S., E.T.B.
Main Topics: Web Page, Board of Directors, The Responsibilities of the Board, Audit Committee andMaterial Information.
Inversión Colombia
Non Cooperation Agreement
2002-2008
Increase de Corporate Governance Standards in the Colombian Firms (listed or not listed)
PILOT PROGRAM
1. Support for new issuers• Helping non-listed companies to access the Colombian capital marketthrough the issuance of shares, certificates or debt.
Colombia Capital
2. Development of informational tools
related to the capital market
• Generating promotional mechanisms and educational material andactivities for the program participants.
Colombia Capital is the result of the technical cooperation agreement made between the ColombiaStock Exchange (BVC) and the Inter-American Development Bank (IDB) in 2005. Its purpose is tocontribute for the development of the Colombian Capital Market.
Activities with associated companies
-Training: Financing mechanisms, stock market benefits, regulatory issues, structuring, corporate governance.
-Reviewing of international experiences: BOVESPA (2007); Mexican Stock Exchange (2008); Santiago (Chile) StockExchange (2009 - 2010); BME, Madrid (2011)
-Following up (Accompanying) 1 to 1: Individual trainings; procedures.
-Governance support: Training in topics of Corporate Governance (regulation amendments, corporate governancecodes, family protocols, and some others)
- Good Governance implementation assistance – CAF project
Eligibility criteria
•Not having issued through the BVC
•Having been in operation 3 (fiscal)periods
•Debt ratio (index) not greater than70%
•Operational profits in at least one ofthe previous 3 (fiscal) periods
•Equity greater than $20 thousandmillion COP
•Subscription of Memorandum ofUnderstanding
•Commitment of assistance to theconferences
Results
Bond Issuances
Equity Issuances
Private Equity
Investments
Securitization
As of November of 2011, the program has 55 companies associated
Corporate Governance Project for the Colombian Market: CAF-BVC Agreement
Objective
Support a group of colombian companies with the diagnosis, design, application and/or improvement of
good governance practices across the time
BVC is one of the leaders in Colombia in the implementation of
best corporate governance practices*
*According to the “Código País” survey made by the SFC
First Phase
Second phase
Diagnosis of the company in terms ofCorporate Governance
Design of good governancepractices
Documents delivered to
the company
•Diagnosis Report•Good Governance Code•Statutory reform proposal•Regulation proposal for
General Shareholders AssemblyBoard of DirectorsAudit CommitteeSelection and remuneration CommitteeCorporate governance Committee
Phases of the Program
María José RamírezCommercial [email protected](+57 1) 3139800 Ext. 1237
http://www.bvc.com.co/empresas
BogotáCarrera 7 No. 71-21 Torre B Piso 12PBX (57-1) 3139800
MedellínCarrera 43A No. 1-150 Local 301PBX (57-4) 3112244
CaliCalle 22 No. 6AN-24, Piso 2 Oficina 203PBX: (57-2) 6672727
Thanks