After six years in which there was no real progress on the part of the Colombian issuing companies in terms of adopting the recommendations on good corporate governance, in 2021 the Implementation Report of the Country Code showed progress in the figures up to 61.4%.
(Read: The US Treasury will issue bonds for 98,000 million dollars).
According to the Financial Superintendence, at a general level, more than half of the securities issuers registered some increase in the number of recommendations included within the good corporate governance practices, among which the control architecture such as the greater implementation with 72.20%, followed by the area of transparency of financial and non-financial information with 67.4%.
On the other hand, during 2021, the highest level of application of the Country Code recommendations within the issuers that belong to the MSCI Colcap basket of the Colombian Stock Exchange (composed of 20 issuers, of which 19 are required to report the survey), was presented at the area of transparency and financial and non-financial information.
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Thus, 100% of the issuers in this group accept the recommendations related to the adoption by the Board of Directors of the necessary measures to guarantee that all financial and non-financial information about the company is transmitted to the financial and capital markets. .
The Superfinanciera report says that compared to the group of issuers related to financial conglomerates -composed of 35 issuers, of which 22 are from the financial sector and 13 from the real sector- the results of the 2021 report indicate that the adoption of the recommendations is 78.63%almost three percentage points over what was registered in 2020 (75.87%).
new players
In 2021, five simplified stock companies entered the stock market, issuing securities in the second market in order to mitigate the deterioration of economic conditions and adverse consequences generated by the covid-19 pandemic and using as a source of financing the capital market.
As of December 31, 2021, the Report on the Implementation of Best Corporate Governance Practices was completed by 132 issuers registered in the National Registry of Securities and Issuers, compared to 127 registered in 2020.
To date there are issuers belonging to financial conglomerates, financial entities, real sector entities, pension institutions and infrastructure provider entities.
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