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. The corporate sector is largely owned and controlled...
| Main Author: | |
|---|---|
| Format: | Accounting and Auditing Assessment (ROSC) |
| Language: | English en_US |
| Published: |
Washington DC
2013
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2003/08/6556478/colombia-report-observance-standards-codes-rosc-corporate-governance-country-assessment-colombia-report-observance-standards-codes-rosc-corporate-governance-country-assessment http://hdl.handle.net/10986/14553 |
| id |
okr-10986-14553 |
|---|---|
| recordtype |
oai_dc |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCESS TO INFORMATION ACCOUNTABILITY ADVISORY SERVICES AUDIT COMMITTEES AUTHORITY AUTHORIZATION AUTHORIZED CAPITAL BALANCE SHEET BOARD BOARD MEMBERS BOARD OF DIRECTORS BOLSA CAPITAL INVESTMENT CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKET LAW CAPITAL MARKETS CASH FLOW CLASSES OF SHARES COMPANY CONFEDERATION CONFLICT OF INTEREST CONFLICTS OF INTEREST CONGLOMERATES CONSTITUTION CORPORATE CONTROL CORPORATE GOVERNANCE CORPORATE PERFORMANCE CORPORATE RESTRUCTURING CORPORATE STRATEGY CORPORATION CORPORATIONS COURT PROCEDURES COURT SYSTEM DECREE DEGREE OF CONTROL DISCLOSURE DIVIDENDS DUE DILIGENCE EMPLOYMENT ENVIRONMENTAL LEGISLATION EQUITY INVESTMENT EXECUTION EXPENDITURES FAIR MARKET VALUE FINANCIAL CONTROL FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL SITUATION FINANCIAL STATEMENTS FIRMS FIXED INCOME FOREIGN INVESTORS FOREIGN SHAREHOLDERS GOOD GOVERNANCE INSIDER TRADING INSOLVENCY INSOLVENCY LAWS INSTITUTIONAL FRAMEWORK INSTITUTIONAL INVESTORS INSURANCE COMPANIES INTERNAL AUDIT LABOR LAW LAWYERS LEGAL CHANGES LEGAL FRAMEWORK LEGAL LIABILITIES LEGAL PROVISION LEGISLATION LEGISLATIVE REFORM LIQUIDATION LISTED COMPANIES LOCAL LAWYERS MANAGEMENT MARKET CAPITALIZATION MERGERS MINISTRIES OF FINANCE MINISTRY OF FINANCE MINORITY SHAREHOLDER MINORITY SHAREHOLDERS NATIONS NUMBER OF SHARES OFFERINGS OWNERSHIP CONCENTRATION OWNERSHIP DISCLOSURE REQUIREMENTS OWNERSHIP STRUCTURE PENSION FUND PENSION FUNDS PORTFOLIO PRICE INDEX PRIVATE SECTOR PRIVATIZATIONS PROTECTION OF MINORITY SHAREHOLDERS PUBLIC ANNOUNCEMENT PUBLIC BODIES PUBLIC COMPANIES PUBLIC OFFERINGS PYRAMID STRUCTURES REGULATORY BODIES REGULATORY FRAMEWORK REPRESENTATIVES RISK MANAGEMENT SECURITY LAW SHARE CAPITAL SHARE OFFERINGS SHARE OWNERSHIP SHAREHOLDER MEETING SHAREHOLDER MEETINGS SHAREHOLDER PROTECTION SHAREHOLDERS SOCIAL SECURITY STAKEHOLDERS STATEMENT STATEMENTS STOCK EXCHANGE TAX EXEMPTIONS TRANSPARENCY VOTING VOTING SHARES |
| spellingShingle |
ACCESS TO INFORMATION ACCOUNTABILITY ADVISORY SERVICES AUDIT COMMITTEES AUTHORITY AUTHORIZATION AUTHORIZED CAPITAL BALANCE SHEET BOARD BOARD MEMBERS BOARD OF DIRECTORS BOLSA CAPITAL INVESTMENT CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKET LAW CAPITAL MARKETS CASH FLOW CLASSES OF SHARES COMPANY CONFEDERATION CONFLICT OF INTEREST CONFLICTS OF INTEREST CONGLOMERATES CONSTITUTION CORPORATE CONTROL CORPORATE GOVERNANCE CORPORATE PERFORMANCE CORPORATE RESTRUCTURING CORPORATE STRATEGY CORPORATION CORPORATIONS COURT PROCEDURES COURT SYSTEM DECREE DEGREE OF CONTROL DISCLOSURE DIVIDENDS DUE DILIGENCE EMPLOYMENT ENVIRONMENTAL LEGISLATION EQUITY INVESTMENT EXECUTION EXPENDITURES FAIR MARKET VALUE FINANCIAL CONTROL FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL SITUATION FINANCIAL STATEMENTS FIRMS FIXED INCOME FOREIGN INVESTORS FOREIGN SHAREHOLDERS GOOD GOVERNANCE INSIDER TRADING INSOLVENCY INSOLVENCY LAWS INSTITUTIONAL FRAMEWORK INSTITUTIONAL INVESTORS INSURANCE COMPANIES INTERNAL AUDIT LABOR LAW LAWYERS LEGAL CHANGES LEGAL FRAMEWORK LEGAL LIABILITIES LEGAL PROVISION LEGISLATION LEGISLATIVE REFORM LIQUIDATION LISTED COMPANIES LOCAL LAWYERS MANAGEMENT MARKET CAPITALIZATION MERGERS MINISTRIES OF FINANCE MINISTRY OF FINANCE MINORITY SHAREHOLDER MINORITY SHAREHOLDERS NATIONS NUMBER OF SHARES OFFERINGS OWNERSHIP CONCENTRATION OWNERSHIP DISCLOSURE REQUIREMENTS OWNERSHIP STRUCTURE PENSION FUND PENSION FUNDS PORTFOLIO PRICE INDEX PRIVATE SECTOR PRIVATIZATIONS PROTECTION OF MINORITY SHAREHOLDERS PUBLIC ANNOUNCEMENT PUBLIC BODIES PUBLIC COMPANIES PUBLIC OFFERINGS PYRAMID STRUCTURES REGULATORY BODIES REGULATORY FRAMEWORK REPRESENTATIVES RISK MANAGEMENT SECURITY LAW SHARE CAPITAL SHARE OFFERINGS SHARE OWNERSHIP SHAREHOLDER MEETING SHAREHOLDER MEETINGS SHAREHOLDER PROTECTION SHAREHOLDERS SOCIAL SECURITY STAKEHOLDERS STATEMENT STATEMENTS STOCK EXCHANGE TAX EXEMPTIONS TRANSPARENCY VOTING VOTING SHARES World Bank Corporate Governance Country Assessment : Colombia |
| geographic_facet |
Latin America & Caribbean Colombia |
| description |
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. 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
makes policy recommendations that may be grouped under three
broad headings: legislative reform, institutional
strengthening and voluntary/private initiatives. The report
recommends (1) adopting a securities bill as proposed by the
securities regulator Supevalores; (2) adopting international
standards and creating an independent audit oversight board;
(3) improving enforcement; (4) enhancing compliance
monitoring with the code of good governance; and (5)
creating a director training organization. |
| format |
Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Corporate Governance Country Assessment : Colombia |
| title_short |
Corporate Governance Country Assessment : Colombia |
| title_full |
Corporate Governance Country Assessment : Colombia |
| title_fullStr |
Corporate Governance Country Assessment : Colombia |
| title_full_unstemmed |
Corporate Governance Country Assessment : Colombia |
| title_sort |
corporate governance country assessment : colombia |
| publisher |
Washington DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2003/08/6556478/colombia-report-observance-standards-codes-rosc-corporate-governance-country-assessment-colombia-report-observance-standards-codes-rosc-corporate-governance-country-assessment http://hdl.handle.net/10986/14553 |
| _version_ |
1764429179028242432 |
| spelling |
okr-10986-145532021-04-23T14:03:18Z Corporate Governance Country Assessment : Colombia World Bank ACCESS TO INFORMATION ACCOUNTABILITY ADVISORY SERVICES AUDIT COMMITTEES AUTHORITY AUTHORIZATION AUTHORIZED CAPITAL BALANCE SHEET BOARD BOARD MEMBERS BOARD OF DIRECTORS BOLSA CAPITAL INVESTMENT CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKET LAW CAPITAL MARKETS CASH FLOW CLASSES OF SHARES COMPANY CONFEDERATION CONFLICT OF INTEREST CONFLICTS OF INTEREST CONGLOMERATES CONSTITUTION CORPORATE CONTROL CORPORATE GOVERNANCE CORPORATE PERFORMANCE CORPORATE RESTRUCTURING CORPORATE STRATEGY CORPORATION CORPORATIONS COURT PROCEDURES COURT SYSTEM DECREE DEGREE OF CONTROL DISCLOSURE DIVIDENDS DUE DILIGENCE EMPLOYMENT ENVIRONMENTAL LEGISLATION EQUITY INVESTMENT EXECUTION EXPENDITURES FAIR MARKET VALUE FINANCIAL CONTROL FINANCIAL INFORMATION FINANCIAL INSTITUTIONS FINANCIAL SITUATION FINANCIAL STATEMENTS FIRMS FIXED INCOME FOREIGN INVESTORS FOREIGN SHAREHOLDERS GOOD GOVERNANCE INSIDER TRADING INSOLVENCY INSOLVENCY LAWS INSTITUTIONAL FRAMEWORK INSTITUTIONAL INVESTORS INSURANCE COMPANIES INTERNAL AUDIT LABOR LAW LAWYERS LEGAL CHANGES LEGAL FRAMEWORK LEGAL LIABILITIES LEGAL PROVISION LEGISLATION LEGISLATIVE REFORM LIQUIDATION LISTED COMPANIES LOCAL LAWYERS MANAGEMENT MARKET CAPITALIZATION MERGERS MINISTRIES OF FINANCE MINISTRY OF FINANCE MINORITY SHAREHOLDER MINORITY SHAREHOLDERS NATIONS NUMBER OF SHARES OFFERINGS OWNERSHIP CONCENTRATION OWNERSHIP DISCLOSURE REQUIREMENTS OWNERSHIP STRUCTURE PENSION FUND PENSION FUNDS PORTFOLIO PRICE INDEX PRIVATE SECTOR PRIVATIZATIONS PROTECTION OF MINORITY SHAREHOLDERS PUBLIC ANNOUNCEMENT PUBLIC BODIES PUBLIC COMPANIES PUBLIC OFFERINGS PYRAMID STRUCTURES REGULATORY BODIES REGULATORY FRAMEWORK REPRESENTATIVES RISK MANAGEMENT SECURITY LAW SHARE CAPITAL SHARE OFFERINGS SHARE OWNERSHIP SHAREHOLDER MEETING SHAREHOLDER MEETINGS SHAREHOLDER PROTECTION SHAREHOLDERS SOCIAL SECURITY STAKEHOLDERS STATEMENT STATEMENTS STOCK EXCHANGE TAX EXEMPTIONS TRANSPARENCY VOTING VOTING SHARES 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. 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 makes policy recommendations that may be grouped under three broad headings: legislative reform, institutional strengthening and voluntary/private initiatives. The report recommends (1) adopting a securities bill as proposed by the securities regulator Supevalores; (2) adopting international standards and creating an independent audit oversight board; (3) improving enforcement; (4) enhancing compliance monitoring with the code of good governance; and (5) creating a director training organization. 2013-07-25T14:50:28Z 2013-07-25T14:50:28Z 2003-08 http://documents.worldbank.org/curated/en/2003/08/6556478/colombia-report-observance-standards-codes-rosc-corporate-governance-country-assessment-colombia-report-observance-standards-codes-rosc-corporate-governance-country-assessment http://hdl.handle.net/10986/14553 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington DC Economic & Sector Work :: Accounting and Auditing Assessment (ROSC) Economic & Sector Work Latin America & Caribbean Colombia |