Direction des affaires financières et des entreprises
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.