Corporate Governance in Chile 2010
OECD Publishing, January 2011, Pages: 65
This review of corporate governance in Chile describes the corporate governance setting including the structure and ownership concentration of listed companies and the structure and operation of the state-owned sector. It then examines the legal and regulatory framework and company practices to assess the degree to which the recommendations of the OECD Principles of Corporate Governance and the OECD Guidelines on Corporate Governance of State-Owned Enterprises have been implemented.
This Review of Corporate Governance in Chile is part of a series of reviews of national policies undertaken for the OECD Corporate Governance Committee. It was prepared as part of the process of Chile’s accession to OECD membership.
The OECD Council decided to open accession discussions with Chile on 16 May 2007 and and Accession Roadmap, setting out the terms, conditions and process for accession, was adopted on 30 November 2007. In the Roadmap, the Council requested a number of OECD Committees to provide it with a formal opinion. In light of the formal opinions received from OECD Committees and other relevant information, the OECD Council decided to invite Chile to become a Member of the Organisation on 15 December 2009. After completion of its internal procedures, Chile became an OECD Member on 7 May 2010.
The Corporate Governance Committee (the “Committee”) was requested to examine Chile’sposition with respect to core corporate governance features and to provide Council with a formalopinion on Chile’s willingness and ability to implement the recommendations laid down in the OECD Principles of Corporate Governance (the “Principles”) and the OECD Guidelines on Corporate Governance of State-Owned Enterprises (the “SOE Guidelines”).
Chapter 1. Assessment and Recommendations
1. Corporate Governance Framework
2. Assessment
3. Recommendations
Chapter 2. Corporate Governance Review.
1. Chile’s Corporate Governance Framework
2. Ensuring a consistent regulatory framework
3. Disclosure of Corporate Information
4. Separation of Ownership and Regulation
5. Ensuring a Level Playing Field
6. Stakeholder Rights and Boards of Directors
7. Conclusions
Notes
Bibliography
Annex A. Analytical Framework for the Accession Review
Annex B. Key Characteristics of Chile’s State-Owned Enterprises
Tables
2.1. SVS Censorships, Suspensions and Sanctions Record, 2005-07
2.2. Chilean SOEs with less than 100% State Ownership
Figures
2.1. SSE trading volume breakdown by participants
2.2. Sanctions for use of privileged information and personnel assigned to investigations .
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