The Superintendence of Banks and Financial Institutions (Superintendencia de Bancos e Instituciones Financieras – SBIF) is open to receive comments and observations on different regulations. In this case, the organism seeks to complement banking decision-making with recommendations and guidelines of an international nature. All interested parties may submit their contributions on the matter until next Monday February 19th, to be considered in the amendment of Title II of Chapter 1-13 of the Updated Compilation of Standards (Recopilación Actualizada de Normas – RAN).
Some of the main aspects of the regulation is to improve the good governance of institutions, deepening the knowledge of the SBIF on the functioning of the Board of Directors (as the most relevant instance of the administration) and promoting the sustainable development of the company in the long term. The idea is that some of these recommendations are carried out as soon as possible by the heads of each company and that the following items are established:
- Appetite framework for risk (taking into account participation in a business group).
- Compensation policies and compensation mechanisms (for the purpose of transmitting prudent behavior).
- Code of good corporate governance (as an internal action guide).
- Internal communication channels (for collaborators’ use).
- Adequate mechanisms to comply with current legislation and regulation.
It should be noted that, before beginning this process, the Principles of Corporate Governance for Banks of the BIS (Bank for International Settlements) and the Principles of Corporate Governance (Organization for Economic Cooperation and Development – OCDE) were consulted. You can access to the regulations under study here .