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A mutually beneficial relationship
Colombia is currently in the accession process with the OECD. On 29 May 2013, the OECD Council Meeting at the Ministerial Level decided to open accession discussions with Colombia.
The review and evaluation procedure allows for the sharing of OECD standards and good practices with Colombian authorities, and the identification of areas for future reforms. Colombia values the opportunity to discuss major policy issues and challenges in a multilateral context and to learn from the experiences of OECD countries facing similar challenges in many areas. In turn, this dialogue enriches the OECD’s knowledge and policy advice, and benefits OECD members and non-OECD economies by enabling them to acquire a better understanding of Colombia.
Ángel Gurría, Secretary General of the OECD and Juan Manuel Santos, President of Colombia in November 2014
“Colombia already has clear evidence of the impact that the OECD can have in a Latin American country. The accession process has initiated several institutional reform processes and triggered very important internal reflections. The OECD does well to turn their eyes towards our region, as evidenced by its new Regional Programme for Latin America and the Caribbean. This is a region that has much to learn and much to offer in experiences of social and economic policies. Our countries have challenges and experiences on issues that are of increasing importance in most developed countries, including growth, increasing productivity without leaving behind the most vulnerable, and governance in the context of an increasingly demanding population. It is a region that can benefit greatly from the concepts promoted by the OECD in the areas of governance, transparency and inclusiveness. Indeed, it is not easy to decide which is more true: Latin America needs the OECD or the OECD needs Latin America.”
Juan Manuel Santos, President of Colombia
The report describes the corporate governance setting for both listed companies and the state-owned sector (SOEs). The review then examines the legal and regulatory framework and company practices to assess the degree to which the recommendations of the G20/OECD Principles of Corporate Governance and the OECD Guidelines on Corporate Governance of State-Owned Enterprises have been implemented. The review finds that Colombia's framework for the corporate governance of listed companies is largely consistent with the Principles, although some companies have been reluctant to implement some of the good practices recommended in Colombia's national corporate governance code.
Find the executive summary of this report here.
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