Final Agenda. The 2014 Meeting of the Latin American Corporate Governance Roundtable

Transcription

1 Final Agenda Hsted by : The 2014 Meeting f the Latin American Crprate Gvernance Rundtable Nvember, 2014 Htel Hiltn Bgtá, CARRERA 7 NO , BOGOTA, 00000, COLOMBIA With the funding supprt f: Supprting institutin:

2 Backgrund and Objectives f the Latin American Rundtable n Crprate Gvernance This Rundtable meeting will serve as an pprtunity t participate in the OECD s review f the Principles f Crprate Gvernance, and t address key pririties fr crprate gvernance imprvement identified by the Rundtable. The Rundtable s sessins have been designed and structured t address several f the special characteristics f Latin American markets, such as the prevalence f cncentrated wnership, lw liquidity and cnglmerates, and the challenges that this presents fr crprate gvernance as well as versight f related party transactins; trends twards integratin f Latin American markets thrugh the MILA and market cnslidatin; the strng rle played by institutinal investrs; and crprate gvernance challenges fr issuers f bnds. The Rundtable aims t facilitate crprate gvernance imprvements by prviding a frum fr the structured exchange f experience between senir plicy-makers, regulatrs and market participants. Rundtable participants have cme frm Argentina, Brazil, Chile, Csta Rica, Clmbia, Dminican Republic, Ecuadr, El Salvadr, Italy, Mexic, Nicaragua, Panama, Peru, Spain, Turkey, Uruguay, the United States and Venezuela. By cnvening the leading institutins and persnalities that are invlved in crprate gvernance refrm in Latin America, the Rundtable prvides an pprtunity bth t take stck and help set the agenda fr further crprate gvernance imprvements in the regin. Guidance fr chairs, mderatrs, speakers and Rundtable participants Mderatrs are invited t encurage pen discussin amng all participants, t maintain the fcus n the theme f their sessin and t be strict in managing time. The bjective is t stimulate reflectin and encurage an active exchange f views and experience n the discussed issues amng all participants. They will be asked t summarize key pints and fllw-up steps at the cnclusin f the sessin. Speakers are reminded that their presentatins shuld be n lnger than 10 minutes and shuld be designed t help frame the discussin. Please limit the use f slides t a maximum f 5 slides, which shuld be prvided t the OECD in advance, s they can be made available n-line. Cmmentatrs are invited t highlight the main challenges and key questins fr further discussin. Fr the break-ut sessins, lead speakers are invited t prvide a brief presentatin, which shuld be n lnger than 10 minutes, based n the discussin papers distributed prir t the meeting. Chairs in these break-ut sessins are invited t encurage pen and inclusive discussins during these sessins. Rapprteurs are expected t present the cnclusins f the discussins in the plenary. Rundtable participants are encuraged t actively participate in discussins t prvide the Rundtable with their experience, as well as react, expse their views and discuss the issues raised by speakers. Simultaneus interpretatin will be prvided between Spanish and English. With special thanks t CNMV f Spain and ur Clmbian spnsrs: Banclmbia, Bancldex, EY, Gvernance Cnsultants, Grup Args, Isa, Isagen, Psse Herrera Ruiz, Prmigas, Prspecta and Segurs Blivar; and the IFC, supprted by the Swiss State Secretariat fr Ecnmic Affairs (SECO). 2

3 Day 1 Tuesday 18 Nvember, :30-8:15 Registratin 8:15-9:00 Welcming remarks by: Maurici Cárdenas Santamaria, Minister f Finance and Public Credit Juan Pabl Córdba, President, Clmbia Stck Exchange Sangkym Kim, Deputy Directr, OECD Financial and Enterprise Affairs Directrate 9:00-10:30 Sessin 1: The Integrated Latin American Market (MILA): What is the future fr Latin American regulatry cnvergence and crss-brder enfrcement? Mderatr: Ricard Avila, Editr-in-Chief, Prtafli, Clmbia Speakers: Gerard Hernandez Crrea, Superintendent, Superfinanciera, Clmbia Carls Pavez Tlsa, Superintendent, SVS, Chile Lilian Rcca Carbajal, Superintendent, SMV, Peru Eduard Flres Herrera, Vice-President fr Securities Supervisin, CNBV, Mexic Juan Munguira, CNMV, Spain and member f the OECD Crprate Gvernance Cmmittee Bureau The MILA is nw fur years ld and is cntinuing t expand with the frmal decisin f Mexic t jin Chile, Clmbia and Peru in this initiative. What implicatins des this have fr ptentially spurring further crprate gvernance regulatry refrms and strengthening f crss-brder enfrcement acrss the regin? Hw des the future f MILA cmpare t the experience f Eurpe t develp integrated reginal standards? 10:30-11:00 Cffee/Tea 11:00-12:45 Sessin 2: Crprate Gvernance f Cmpany Grups C-Presenters: Pabl Sut, Glbal Outcmes, Argentina and Andrés Bernal, Gvernance Cnsultants, Clmbia; cnsultants fr the OECD Cmmentatrs: Luciana Dias, Cmmissiner, CVM, Brazil Haim Sachs, Ministry f Justice, Israel Luis Marian Enríquez Mejía, Internatinal Finance Crpratin 3 The Rundtable has identified the dminance f cnglmerates and cmpany grups in Latin American capital markets, and the specific crprate gvernance challenges that they raise, as a key pririty fr its future fcus. The Rundtable s Task Frce n Related Party Transactins has agreed t becme a Task Frce n Crprate Gvernance f Cmpany Grups, and will reprt t the Rundtable n new wrk that it is develping, based n a survey f Latin American regulatrs, aimed at prviding plicy ptins and recmmendatins t strengthen crprate gvernance f cmpany grups. New wrk f the Latin American Cmpanies Circle n best crprate gvernance practices fr cmpany

4 grups frm the perspective f its member cmpanies will als be presented and discussed. 12:45-14:15 Lunch 14:15-15:30 Sessin 3: Crprate gvernance challenges fr issuers f crprate bnds. The Rundtable s last meeting signalled interest in develping a better understanding f what crprate gvernance pririties are mst imprtant fr issuers f crprate bnds, and hw this may differ frm equity. The CAF Latin American Develpment Bank and CEPAL will present their latest wrk with Latin American cmpanies n this issue, carried ut with supprt frm OECD. Mderatr: Andreas Grimminger, Managing Directr, PGS Advisrs, United States Lead c-presenters: Andres Onet, CAF Latin American Develpment Bank and Gergina Nunez, Ecnmic Affairs Officer, ECLAC Washingtn Office Cmmentatrs: 15:30-15:45 Liliana Casafranca, Lima Stck Exchange, Peru Mariana Psse, Partner, Psse Herrera Ruiz, Clmbia Intrductry speaker fr breakut sessins n OECD Principles f Crprate Gvernance: Winfrid Blaschke, OECD Senir Ecnmist The OECD will highlight prpsed changes t the OECD Principles f Crprate Gvernance with reference t revised text and a brief backgrund paper t be intrduced in plenary sessin, prir t asking Rundtable participants t divide int three grups fr breakut sessin discussins t prvide their cmments and suggestins t serve as input t the OECD Crprate Gvernance Cmmittee s upcming decisin. 15:45-16:15 Cffee/Tea 4

5 16:15-17:45 Sessin 4: Breakut Sessins t discuss revisins t the OECD Principles f Crprate Gvernance Breakut Sessin 1: Getting sharehlder rights, equitable treatment and the enfrcement framewrk right (Chapters 1-3). Mderatr: Winfrid Blaschke, OECD Senir Ecnmist, Crprate Gvernance Cmmittee Secretary Lead speakers: Carls Barsall, Partner, Delitte, Panama Maur da Cunha, Executive Directr, AMEC, Brazil Rapprteur: Claudia Barrerr, Priet y Carrizsa, Clmbia Breakut Sessin 2. Disclsure and stakehlder rights: hw much infrmatin is sufficient, and hw much is t much? (Chapters 4 and 5) Mderatr: Daniel Blume, Senir Plicy Analyst, OECD Lead speakers: Alfred Ibarguen, IAAG Cnsultants, Spain Javier Díaz, Vice President, Clmbia Stck Exchange Rapprteur: Patrici Peña Rmer, President, Ecuadr Institute f Crprate Gvernance Breakut Sessin 3. Bard respnsibilities: what are the essential plicy cnditins and what shuld be left t the market? (Chapter 6) Mderatr: Sangkym Kim, Deputy Directr, OECD Financial and Enterprise Affairs Directrate Lead speakers: Adalbert Palma, Center fr Excellence in Crprate Gvernance, Mexic Eulalia Sanin, Managing Directr, Prspecta, Clmbia Rapprteur: Santiag Chaher, C-rdinatr, Latin American Cmpanies Circle, Argentina 19:30-21:30 Ccktail at the Htel Hiltn Bgtá 5

6 Day 2 Wednesday, 19 Nvember, :00-10:30 Sessin 5: Prgress Reprts: Crprate Gvernance and Institutinal Investrs Mderatr: Santiag Mntenegr, Head f Clmbian Pensin Fund Assciatin Speakers: Brun Bastit, adviser t the Brazilian Assciatin f Capital Markets Investrs (AMEC), Managing Directr, Quetzal Strategy ESG Advisrs, UK Hug Cane, Directr f Research, University f Chile Crprate Gvernance Center Max Mntecins, Chief f the Finance Divisin, Superintendencia de Pensines, Chile The 2013 meeting f the Rundtable featured reprts by Brazil, Clmbia and Peru n prgress against the Rundtable s recmmendatins n institutinal investrs. As a fllwup, Brazil has established a task frce n institutinal investrs, and Chile will als present recent develpments and ambitins with respect t this issue. 10:30-11:00 Cffee/Tea 11:00-12:00 Sessin 6: Reprts f breakut sessins n the OECD Principles f Crprate Gvernance Mderatr: OECD Secretariat Claudia Barrerr, Priet y Carrizsa, Clmbia Patrici Peña Rmer, President, Ecuadr Institute f Crprate Gvernance Santiag Chaher, C-rdinatr (IFC), Latin American Cmpanies Circle, Argentina Discussin Breakut sessin rapprteurs will reprt n the results f the cnsultatins n prpsed changes t the OECD Principles f Crprate Gvernance. 12:00-12:45 Cnclusins: Lking Ahead Mderatr: Daniel Blume, Senir Plicy Analyst, OECD Crprate Affairs Speakers: Juan Pabl Córdba, President, Blsa de Valres de Clmbia Open discussin fr all Rundtable participants 6