Corporate Governance Andean Code, 2005

Venezuela Current 2005

The Code (Lineamientos para un Código Andino de Gobierno Corporativo) provides a Corporate Governance framework for the five Andean countries (Bolivia, Colombia, Ecuador, Peru and Venezuela). An annual Corporate Governance Report is required (section 7) that will provide an “evaluation and overview of the observance of the internal rules on corporate governance”. The Code adopts the “comply or explain” principle, for which the Board must take responsibility annually.

Scope

Governance

Industry sectors covered by the instrument

All/none specified

Organizations covered by the instrument

Large companies (listed & unlisted)

Issuer type

OECD Initiative

Type of instrument

Code of conduct or guideline

Mandatory or voluntary

Voluntary

The geographical scope

International/regional (eg. EU)

Project Partners