El gobierno corporativo se centra en mantener el equilibrio tanto entre los objetivos económicos y sociales como entre los individuales y colectivos. El marco de. Translation for 'gobierno corporativo' in the free Spanish-English dictionary and many other English Gobierno corporativo en las entidades financieras . The Board of Directors of Red Eléctrica Corporación have appointed Mr. Jordi Sevilla as the new Chairman of the Group, replacing Mr. José.
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Corporate governance overhaul In the aftermath of the worldwide financial crisis or "great recession", international gobierno corporativo regulation bodies such as the Basle Committee on Banking Supervision and the International Association of Insurance Supervisors IAIS scrambled for answers to the question "What caused this crisis?
Boards of directors that were asleep gobierno corporativo the helm, "runaway" CEOs, figurehead audit and risk committees, and a lack of checks on moral hazard, gobierno corporativo was said, were to blame for many of the problems.
This led them to re-evaluate existing corporate governance rules and policies as applied in the financial services industries, specifically in the context of risk-based supervision, Basel III and Solvency II-type systems.
Costa Rica has not escaped this phenomenon and recently Costa Rica's financial services regulator, the National Financial System Supervisory Council known as "CONASSIF" for its acronym in Spanishadopted a new set of corporate governance regulations that would replace existing rules for banks, insurers, pensions managers and securities market participants.
Sources close to CONASSIF indicate that the main drivers behind the adoption of these new regulations are the banking and insurance gobierno corporativo, both of which have been pushing for a modernization of Costa Rica's financial services regulatory system to bring it closer to a risk-based approach.
Gobierno corporativo way of summary, the following are some of the key features of the proposed regulation: The new regulation would repeal the existing corporate governance rules adopted in June The rules currently in force have much more of a "checklist" or prescriptive nature, gobierno corporativo that they spell out a series of requirements that all companies, regardless of their specific size, industry, scale and risks, must meet.
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To quote the draft, "regulation should provide orientation with respect to the supervisor's expectations in connection with the management of regulated entities and empower the board of directors, as the primary responsible party in charge of the business or entity, in the definition of gobierno corporativo manner in which the principles contained in the regulation are satisfied.
This has been one of the main criticisms of the draft. The regulations will apply to all sectors, including State and privately-owned commercial banks, non-bank financial entities, savings and loans associations and coops, currency exchanges, securities traders, mutual fund managers, securitization companies, insurers, reinsurers, insurance brokers and agents, pension fund managers, and, somewhat unexpectedly, non-financial securities issuers.
One of the main features that distinguishes these proposed regulations from the existing rules is the introduction of proportionality and differentiation criteria, which will allow each supervised entity, depending on it size, ownership structure, business and type of entity, to define its own risk profile and assess the potential impact of its operation on third parties.
The draft sets forth definitions gobierno corporativo the duties of care and loyalty. Although both duties exist in Costa Rica as derived from basic commercial law principles, this would be an attempt put them black and white.
The draft provides for a series of duties incumbent upon boards of directors, sets minimum guidance on gobierno corporativo profile that candidates should meet to be eligible to hold a position on the board, board member selection, the role of the chairperson, etc.
The new rules would require companies to define and state their risk appetite through a formal risk appetite statement, including quantitative and qualitative parameters. This would then need to be managed through effective risk management mechanisms, including lines of defence and an entity risk manager.
A new compliance unit or function will also be necessary. Internal and external audit rules are also reinforced.
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The new rules will require the adoption of a conflicts of interest policy. The new rules refer specifically to the role and duties of various committees, including audit, risk, appointments, and compensation. Guidance is provided on the duties and qualifications that a general manager must meet, as well as compensation, transparency and accountability parameters.
Special guidance is provided for corporate governance of financial groups or conglomerates. It is likely that the core of the regulations will not vary, since this new corporate governance approach is a key component of CONASSIF's risk-based supervision plan for upcoming years.
There may be some changes in the wording of the rules to ensure that the above-referenced "principles-based approach" is not trumped by gobierno corporativo overly prescriptive, checklist-type requirement.
The public consultations period has now passed and it is likely that the final version of the new regulation will gobierno corporativo adopted this year.
Although the new regulation would come into effect six months to a year after adoption it is not clear if CONASSIF will stick to its initial six-month proposal or if the one-year period that banks and insurers have requested will finally prevailfinancial services companies are already moving to get a grip on what this new regulation will mean.
For now, gobierno corporativo would do well by familiarizing themselves with the proposed requirements, assessing how much their current corporate governance systems and culture would need to adapt in order to comply, and setting up a plan to ensure that the required adaptations can be done with the least amount of cost.
Increased levels gobierno corporativo board member duties and responsibilities may even prompt a shake-up of current boards of directors. Where companies do not yet have a risk manager, hiring may become necessary.
Conclusion The ultimate goal is for corporate governance rules to aid businesses in operating more effectively while taking account of the interest of all of the company's relevant stakeholders.
While understandable that local regulators are seeking to modernize existing corporate governance rules, many in the Costa Rican financial services sector wonder if Costa Rica requires state-of-the art rules that will come with a significant cost and administrative burden.
With few exceptions, Costa Rica's financial entities have operated soundly for many decades with the existing corporate governance gobierno corporativo. To use a metaphor, do Costa Rican drivers really need a Ferrari?
Can one actually drive a Ferrari on Gobierno corporativo Rican roads?