New Code of Best Corporate Governance Practices of Colombia (new Country Code)

South America Current 2014

This code is an update of the 2007 Country Code, that maintains the principle of “comply or explain” and therefore, its Recommendations are the voluntary adoption by issuers. It seeks that Colombian security issuers report about (5) major Corporate Governance areas, and within them, thirty-three (33) concrete measures on key governance aspects that are divided into one hundred and forty-eight (148) Corporate Governance recommendations. Although this EXTERNAR CIRCULAR was released on 30th September 2014 the first response and submission of the Implementation Report was required to be made between the 8th and the 31st of January 2016, reporting the issuer situation during the period between January-December 2015.

Scope

Governance

Industry sectors covered by the instrument

All/none specified

Organizations covered by the instrument

Issuer type

Financial Regulators

Type of instrument

Code of conduct or guideline

Mandatory or voluntary

Voluntary

The geographical scope

National/federal

Project Partners