Corporate Governance Country Assessment : Colombia

This report assesses the corporate governance policy framework, enforcement and compliance practices in Colombia. The capital markets are small relative to the economy and trading volume is low equity trading totals about USD one million, as compar...

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Bibliographic Details
Main Author:	World Bank
Format:	Corporate Governance Assessment (ROSC)
Language:	English en_US
Published:	Washington, DC 2014
Subjects:	ACCESS TO INFORMATION ACCOUNTING ACCOUNTING STANDARD ACCOUNTING STANDARDS ACQUISITIONS ANTI-TAKEOVER PROVISIONS ARBITRAGE ARBITRATION AUDIT COMMITTEES AUDITOR INDEPENDENCE AUDITS BALANCE SHEET BANKS BENEFICIAL OWNER BENEFICIAL OWNERS BENEFICIARIES BENEFICIARY BLUE CHIPS BOARD MEETING BOARD MEMBERS BOOK ENTRY BUSINESS JUDGMENT RULE BUY-BACKS CAPITAL EXPENDITURES CAPITAL INVESTMENT CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKET LAW CAPITAL MARKETS CAPITAL STRUCTURES CASH FLOW CASH FLOW STATEMENT CENTRAL DEPOSITORIES CENTRAL DEPOSITORY CEO CHAIRMAN AND CEO CHAMBER OF COMMERCE CIVIL LAW CLASS ACTION COLLECTIVE COMMERCIAL CODE COMMON LAW COMMON · SHAREHOLDERS COMPANY COMPLIANCE OFFICER CONFIDENTIAL INFORMATION CONFLICT OF INTEREST CONFLICTS OF INTEREST CONSUMER PRICE INDEX CONTROLLING SHAREHOLDER CONTROLLING SHAREHOLDERS CORPORATE AFFAIRS CORPORATE ASSETS CORPORATE GOVERNANCE CORPORATE GOVERNANCE FRAMEWORK CORPORATE GOVERNANCE PRINCIPLE CORPORATE GOVERNANCE PRINCIPLES CORPORATE GOVERNANCE STANDARDS CORPORATE PERFORMANCE CORPORATION CREDITOR CREDITOR RIGHTS CREDITORS DEBT DEBTORS DERIVATIVE DERIVATIVE ACTION DISCLOSURE REQUIREMENTS DISCLOSURE STANDARDS DISCLOSURE VIOLATIONS DIVIDEND DIVIDENDS DUE DILIGENCE DUTY OF LOYALTY ECONOMIC DEVELOPMENT EMPLOYMENT CONTRACTS EQUITIES EQUITY INVESTMENT EQUITY TRADING EX ANTE EXCHANGE RATE EXPENDITURES FAIR MARKET VALUE FAMILY FIRMS FIDUCIARY DUTIES FINANCIAL DISCLOSURE FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL STATEMENTS FIXED INCOME FIXED INCOME TRADING FOREIGN INVESTORS GLOBAL DEVELOPMENT FINANCE GOLDEN PARACHUTES GOOD CORPORATE GOVERNANCE GOOD GOVERNANCE GOVERNANCE ISSUES GOVERNANCE PRACTICES GOVERNANCE STANDARDS HOLDING HOLDINGS ILLIQUIDITY INCOME TRADING INDEPENDENT AUDIT INDEPENDENT DIRECTOR INDEPENDENT DIRECTORS INDIVIDUALS INSIDER DEALINGS INSIDER TRADING INSTITUTIONAL FRAMEWORK INSTITUTIONAL INVESTORS INSTRUMENT INSURANCE INSURANCE COMPANIES INTERNAL AUDIT INTERNAL CONTROL INTERNAL CONTROLS INTERNATIONAL DEBATE INVESTIGATION INVESTMENT CORPORATIONS IPO ISSUANCE LARGE SHAREHOLDERS LEGAL CHANGES LEGAL DUTIES LEGAL FRAMEWORK LEGAL PROVISION LEGAL PROVISIONS LEGISLATIVE REFORM LIABILITY LIMITED LIQUIDATION MAJOR SHAREHOLDERS MAJORITY SHAREHOLDERS MANAGERS MANDATORY PENSION FUNDS MARKET ANALYSTS MARKET CAPITALIZATION MARKET PARTICIPANTS MARKET REGULATOR MERGER MERGERS MINISTRY OF FINANCE MINORITY INVESTORS MINORITY SHAREHOLDER MODEL CODE NATIONS NUMBER OF SHAREHOLDERS OWNERSHIP CONCENTRATION OWNERSHIP STRUCTURE PENSION PENSION FUND PENSION FUND INVESTMENT PENSION FUND INVESTMENTS PENSION FUNDS PORTFOLIO PRIVATIZATIONS PROPORTIONAL REPRESENTATION PROTECTING MINORITY SHAREHOLDERS PROTECTION OF MINORITY SHAREHOLDERS PROXY PRUDENTIAL REGULATION PUBLIC COMPANIES PUBLIC OFFERINGS REGULATORS REGULATORY BODIES REGULATORY FRAMEWORK RESERVES RETURN RETURNS RIGHTS OF SHAREHOLDERS RISK FACTORS RISK MANAGEMENT SAVINGS SECURITIES SECURITIES ISSUES SECURITIES MARKET SECURITIES REGULATOR SETTLEMENT SHARE CAPITAL SHARE OWNERSHIP SHAREHOLDER SHAREHOLDER ACTIVISM SHAREHOLDER ACTIVIST SHAREHOLDER AGREEMENTS SHAREHOLDER APPROVAL SHAREHOLDER MEETING SHAREHOLDER MEETINGS SHAREHOLDER PROTECTION SHAREHOLDER PROTECTIONS SHAREHOLDER RIGHTS SHAREHOLDER VOTE SHAREHOLDERS SHARES OF COMPANY SINGLE SHAREHOLDER STAKEHOLDER STAKEHOLDERS STOCK COMPANY STOCK EXCHANGE STOCK EXCHANGES STOCK OPTIONS TAKEOVER TAX TAX EXEMPTIONS TENDER OFFER TRADING TRADING SYSTEMS TRADING VOLUME TRANSACTION TRANSFER RISKS TRANSPARENCY TURNOVER TURNOVER RATIO VALUATION WITHDRAWAL WORLD DEVELOPMENT INDICATORS
Online Access:	http://documents.worldbank.org/curated/en/2003/08/20220674/colombia-report-observance-standards-codes-rosc-corporate-governance-country-assessment http://hdl.handle.net/10986/20436

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Summary:	This report assesses the corporate governance policy framework, enforcement and compliance practices in Colombia. The capital markets are small relative to the economy and trading volume is low equity trading totals about USD one million, as compared to USD one billion in fixed income trading. The corporate sector is largely owned and controlled by family groups and conglomerates. The challenge is to create an environment where medium-sized companies can raise capital in the market and help them make the transition from tightly-controlled family firms to public companies. While pension funds represent a large and rapidly growing source of funds, they are reluctant to invest in equities. It has been demonstrated across countries that capital market development correlates positively with the degree of shareholder protection and good corporate governance. Awareness of the importance of corporate governance issues is growing. Success stories of privatizations linked with good corporate governance highlight the importance of the issue. Colombia is an interesting example of the interplay between legal changes and voluntary initiatives based on the incentive to attract capital. It has put a minimum corporate governance disclosure regime in place for companies that wish to be eligible for pension fund investments. The report recommends (i) the adoption of a securities bill as proposed by the securities regulator supevalores; (ii) the adoption of International Accounting Standards (IAS) and International Standards on Auditing (ISA) and the creation of an independent audit oversight board; (iii) improved enforcement; (iii) enhanced monitoring of compliance with the code of good governance, for example by introducing a comply-or-explain requirement; and (iv) the creation of a director training organization.

Corporate Governance Country Assessment : Colombia

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