Colombia - Report on the Observance of Standards and Codes (ROSC) : Corporate Governance Country Assessment

REPORT ON THE OBSERVANCE OF STANDARDS AND CODES (ROSC) Corporate Governance Country Assessment COLOMBIA August 2003 I. Executive Summary II. Capital Markets and Institutional Framework III. Review of Corporate Governance Principles IV. Summary of Policy Recommendations V. Annexes A. Summary of Observance of OECD Corporate Governance Principles B. Summary of Policy Recommendations C. Colombia's Electoral Quotient System D. Ownership of Top Ten Companies in Colombia This Corporate Governance Assessment was completed as part of the joint World Bank-IMF program of Reports on the Observance of Standards and Codes (ROSC). It benchmarks the country's observance of corporate governance against the OECD Principles of Corporate Governance and is based on a template developed by the World Bank. The diagnostic was undertaken on the basis of the completed template prepared by Fedesarrollo. The assessment took place in parallel with the Accounting and Auditing ROSC and the CFAA conducted by the World Bank. Acknowledgments are due to the Ministry of Finance, the Superintendency of Securities, the Stock Exchange of Colombia, the Central Depository, the Chambers of Commerce, Association of Pension Funds, Association of Accountants, leading experts on legal, accounting and auditing issues, capital market issuers and institutional investors. Olivier Fr