Law 1901 for the Creation of BIC societies

Law 1901 that created the “Commercial Benefit and Collective Interest Companies” (BIC) seeks to promote companies that contribute to the community and the environment.

Issuer name

Ministry of Commerce and Superintendence of Societies

Government ministry

Business/Trade/Industry

More information

Companies can voluntarily decide their intention to become a “BIC society”. For this, companies must publish annually a management report on the collective benefit activities (social, environmental) aligned to an International Reporting Standard.

Organizations covered by the instrument

All Companies

Industry scope

All/none specified

Disclosure venue

Annual report

ESG coverage - E (Environment)

All

ESG coverage- S (Social)

All

Status

Current

Country

Colombia

Region

South America

Date of publication

2018

Issuer type

Governments (governmental department, agency)

Reporting requirements

Public law and regulation

Mandatory or voluntary

Voluntary

The geographical scope

National/federal

Go to the instrument