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Asociación de Dirigentes de Empresas

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Presentación del tema: "Asociación de Dirigentes de Empresas"— Transcripción de la presentación:

1 Asociación de Dirigentes de Empresas
Gobierno Societario “Desempeño del Código y próximas tendencias” Dr.Héctor Helman Asociación de Dirigentes de Empresas

2 Algunas observaciones s/ el cumplimiento del Código
United States – SEC requires a statement on opportunities and risks for mergers, divestitures, and acquisitions, as well as a description (in 10-K and 10-Q statements) of distinctive characteristics that may have a material impact on the organizations’ future financial performance. COSO, or the Committee of the Sponsoring Organizations of the Treadway Commission, encourages a framework for ERM to reasonably assure that an organization’s business objectives can be achieved. The report, “Internal Control – An Integrated Framework,” was issued in September of and amended in May of AICPA, via the Jenkins Report “Improving Business Reporting – A Customer Focus,” recommends improvements in the way organizations report opportunities and risks. Recommendation includes disclosures regarding opportunities or risks that: are current; are of serious concern; have an impact on earnings or cash flow; are specific or unique; or, have been identified and considered by management. International reporting standards are also encouraged. The Jenkins Report was issued in September of Institutional Investors are focusing more attention and questions on an organization’s corporate governance procedures, as they pertain to risk management. Canada – Dey Report, commissioned by the Toronto Stock Exchange (TSE), requires reporting on the adequacy of an organization’s internal controls. TSE requirement: “The Board of Directors…should assume responsibility for…the identification of principle risk of the corporation's business and ensure the implementation of appropriate systems to manage these risks.” This report was issued in December of CoCo Report, produced by the Canadian Institute of Chartered Accountants – “Guidance on Control,” defines internal controls as including processes of risk assessment and management. This report, issued in November of 1995, does not create a legal compliance obligation by organizations, but it has encouraged organizations to adopt ERM approaches. United Kingdom – Combined Code, issued by the London Stock Exchange, consolidates previous corporate governance reports issued by the Cadbury, Greenbury, and Hampel committees. It requires that directors establish internal control systems (operational, compliance, and risk management), review their effectiveness and report findings to shareholders. The combined code is applicable to all accounting periods ending on or after December 23, Turnbull Report, issued in September of 1994, established guidelines for reporting nonfinancial controls. Turnbull report stresses that the Board cannot discharge its responsibility for reviewing the effectiveness of the company’s internal control system. It should regularly receive and review reports on internal control from line managers and, as appropriate, from specialists in such areas as internal audit and health and safety. The Board should focus on the limited number of residual risks identified as significant to the company. The Board will need to consider whether they have sufficient timely and relevant information on the company’s risks. Key risk indicators and the results of embedded monitoring should be regularly supplied to the Board or designated committees. A firm’s chairman should encourage a regular discussion of risk and control issues at Board meetings. When there’s a proposed acquisition, directors should be informed if a full risk analysis was part of the process. Also, a risk assessment should be included in the evaluation of proposed major capital investments. Management reports to the Board should provide a balanced assessment of the system of control for managing significant risk in the areas covered by them. Any control failings or weaknesses should be discussed in the context of their actual or potential consequences and corrective actions. The Board should be comfortable, at any given time, that it has an up-to-date picture of significant issues in the company’s control environment. Turnbull report does not call on directors to discuss their main risks in their annual report. It does ask them to disclose if there’s an ongoing process for identifying, evaluating, and managing significant corporate risks that is regularly reviewed by the Board. (Nigel Turnbull, Financial Times, April 25, 2000) Germany – Kon TraG is a law that requires an organization’s management Board to establish supervisory systems for risk management and internal revision. It requires reporting on these systems to the supervisory Board and examination by auditors of the implementation of risk management and internal revision systems. This law went into effect in 1998. Netherlands – Peter’s Report provides 40 detailed non-mandatory recommendations regarding corporate governance. One recommendation encourages that the management Board submit to the supervisory Board an annual report on corporate objectives, strategy, related risks and control systems. This report was issued in 1997. Australia and New Zealand – Risk Management Standards include a formalized system to manage risk and report risk management performance to management. These standards are not yet binding. Incluimos en el estudio las presentaciones del primer ejercicio desde la vigencia del Código. Es una aproximación interpretativa porque no se incluyó un procedimiento de certificación. El mecanismo “cumpla o explique” es una modalidad normativa inusual en nuestro medio. La totalidad de las sociedades obligadas a cumplir con la RG 516/07 presentaron el Informe.

3 World Bank - Country Assessment - Dic. 2006 -
Gobierno Societario en Argentina. World Bank - Country Assessment - Dic Recomendaciones. Mejorar la confianza de los inversores mediante el fortalecimiento de las instituciones del mercado de capitales: Enforcement. Concientización (emisores, intermediarios, inversores). Recursos y coordinación de entes reguladores. Autorregulaciòn del mercado no asegura por sí misma, confianza del inversor, se requiere: Supervisión directa de institución reguladora sobre agentes. Mejorar transparencia y responsabilidad. Código de Transparencia.

4 Cambios en el Paradigma Empresarial
Calidad -ISO, Six Sigma- Normas Contables Intl. Capital Humano Calidad de Auditoría Salud, Seguridad, Medio Ambiente (H.S.E.) Agenda Empresarial Temas prioritarios ´80  actual Responsab. Social Empresaria Gobierno Corporativo Gestión Estratégica del Riesgo

5 Gestión Estratégica del Riesgo
Impacto Externo Inestabilidad financiera Competidores / Nuevos Entrantes Liquidez Riesgo Financiero Capacidad productiva Riesgo Estratégico Escasez de Crédito Impacto Interno Reputación de Marca Tasas de Interés Impacto Exposición contable Adquisiciones Estratégicas Demora Nuevo Producto Crisis Económica Incremento de inventarios por adquisiciones Prestigio de Marca Saturación mercado Disponibilidad de Capital Competencia de Productos y Precio Desarrollo de Producto Flujo fondos por deuda Responsabilidad s/Producto Cadena de Proveedores Sistemas Informáticos Riesgo Político Conflictos laborales Deudas Y Omisiones Fallas masivas de producto Capacitación Escasez Mano de Obra Responsabiliadd Ambiental E-Commerce Daños mayores en Instalaciones Escasez energética Riesgos No Previsibles Incremento Costos de inmuebles Catástrofes Riesgo Operacional Cambios en Regulaciones Y Normas

6 Principales cuerpos normativos.
Marco Legal aplicable. Principales cuerpos normativos. Ley de Sociedades Comerciales Ley Oferta Pública Régimen Transparencia O.Pública - Decreto 677/01 Normas CNV T.O.2001 y Res.Generales posteriores. Ley (Mod.23962). Régimen ONs. Ley de Fondos Comunes de Inversión 24083, Mod. Ley Ley Fideicomisos 24441 Calificación de Riesgo. Dto. delegado 656/92, Mod.Dto 749/2000. Otras.

7 Observaciones. Código de Gobierno Societario I II III IV V VI
Ámbito de aplicación Directorio en gral. Independencia directores Relación con accionistas Relación con la comunidad Comités Adopta Total 5,38% 41,32% 7,31% 12,92% 7,69% 23,08% Adopta Parcial 15,38% 19,56% 10,77% 10,46% 84,62% 8,72% Marco Legal, Normativa vigente 70,77% 27,25% 73,46% 69,54% 6,15% 59,23% No Contesta 8,46% 11,87% 7,08% 1,54% 8,97%

8 Nivel de adopción general
United States – SEC requires a statement on opportunities and risks for mergers, divestitures, and acquisitions, as well as a description (in 10-K and 10-Q statements) of distinctive characteristics that may have a material impact on the organizations’ future financial performance. COSO, or the Committee of the Sponsoring Organizations of the Treadway Commission, encourages a framework for ERM to reasonably assure that an organization’s business objectives can be achieved. The report, “Internal Control – An Integrated Framework,” was issued in September of and amended in May of AICPA, via the Jenkins Report “Improving Business Reporting – A Customer Focus,” recommends improvements in the way organizations report opportunities and risks. Recommendation includes disclosures regarding opportunities or risks that: are current; are of serious concern; have an impact on earnings or cash flow; are specific or unique; or, have been identified and considered by management. International reporting standards are also encouraged. The Jenkins Report was issued in September of Institutional Investors are focusing more attention and questions on an organization’s corporate governance procedures, as they pertain to risk management. Canada – Dey Report, commissioned by the Toronto Stock Exchange (TSE), requires reporting on the adequacy of an organization’s internal controls. TSE requirement: “The Board of Directors…should assume responsibility for…the identification of principle risk of the corporation's business and ensure the implementation of appropriate systems to manage these risks.” This report was issued in December of CoCo Report, produced by the Canadian Institute of Chartered Accountants – “Guidance on Control,” defines internal controls as including processes of risk assessment and management. This report, issued in November of 1995, does not create a legal compliance obligation by organizations, but it has encouraged organizations to adopt ERM approaches. United Kingdom – Combined Code, issued by the London Stock Exchange, consolidates previous corporate governance reports issued by the Cadbury, Greenbury, and Hampel committees. It requires that directors establish internal control systems (operational, compliance, and risk management), review their effectiveness and report findings to shareholders. The combined code is applicable to all accounting periods ending on or after December 23, Turnbull Report, issued in September of 1994, established guidelines for reporting nonfinancial controls. Turnbull report stresses that the Board cannot discharge its responsibility for reviewing the effectiveness of the company’s internal control system. It should regularly receive and review reports on internal control from line managers and, as appropriate, from specialists in such areas as internal audit and health and safety. The Board should focus on the limited number of residual risks identified as significant to the company. The Board will need to consider whether they have sufficient timely and relevant information on the company’s risks. Key risk indicators and the results of embedded monitoring should be regularly supplied to the Board or designated committees. A firm’s chairman should encourage a regular discussion of risk and control issues at Board meetings. When there’s a proposed acquisition, directors should be informed if a full risk analysis was part of the process. Also, a risk assessment should be included in the evaluation of proposed major capital investments. Management reports to the Board should provide a balanced assessment of the system of control for managing significant risk in the areas covered by them. Any control failings or weaknesses should be discussed in the context of their actual or potential consequences and corrective actions. The Board should be comfortable, at any given time, that it has an up-to-date picture of significant issues in the company’s control environment. Turnbull report does not call on directors to discuss their main risks in their annual report. It does ask them to disclose if there’s an ongoing process for identifying, evaluating, and managing significant corporate risks that is regularly reviewed by the Board. (Nigel Turnbull, Financial Times, April 25, 2000) Germany – Kon TraG is a law that requires an organization’s management Board to establish supervisory systems for risk management and internal revision. It requires reporting on these systems to the supervisory Board and examination by auditors of the implementation of risk management and internal revision systems. This law went into effect in 1998. Netherlands – Peter’s Report provides 40 detailed non-mandatory recommendations regarding corporate governance. One recommendation encourages that the management Board submit to the supervisory Board an annual report on corporate objectives, strategy, related risks and control systems. This report was issued in 1997. Australia and New Zealand – Risk Management Standards include a formalized system to manage risk and report risk management performance to management. These standards are not yet binding. Nivel de adopción general Adopta Total; 16,28% Marco legal; Normativa vigente; 51,07% Adopta Parcial; 24,92% No Contesta; 7,73%

9 I.- Ámbito de aplicación del Código.
United States – SEC requires a statement on opportunities and risks for mergers, divestitures, and acquisitions, as well as a description (in 10-K and 10-Q statements) of distinctive characteristics that may have a material impact on the organizations’ future financial performance. COSO, or the Committee of the Sponsoring Organizations of the Treadway Commission, encourages a framework for ERM to reasonably assure that an organization’s business objectives can be achieved. The report, “Internal Control – An Integrated Framework,” was issued in September of and amended in May of AICPA, via the Jenkins Report “Improving Business Reporting – A Customer Focus,” recommends improvements in the way organizations report opportunities and risks. Recommendation includes disclosures regarding opportunities or risks that: are current; are of serious concern; have an impact on earnings or cash flow; are specific or unique; or, have been identified and considered by management. International reporting standards are also encouraged. The Jenkins Report was issued in September of Institutional Investors are focusing more attention and questions on an organization’s corporate governance procedures, as they pertain to risk management. Canada – Dey Report, commissioned by the Toronto Stock Exchange (TSE), requires reporting on the adequacy of an organization’s internal controls. TSE requirement: “The Board of Directors…should assume responsibility for…the identification of principle risk of the corporation's business and ensure the implementation of appropriate systems to manage these risks.” This report was issued in December of CoCo Report, produced by the Canadian Institute of Chartered Accountants – “Guidance on Control,” defines internal controls as including processes of risk assessment and management. This report, issued in November of 1995, does not create a legal compliance obligation by organizations, but it has encouraged organizations to adopt ERM approaches. United Kingdom – Combined Code, issued by the London Stock Exchange, consolidates previous corporate governance reports issued by the Cadbury, Greenbury, and Hampel committees. It requires that directors establish internal control systems (operational, compliance, and risk management), review their effectiveness and report findings to shareholders. The combined code is applicable to all accounting periods ending on or after December 23, Turnbull Report, issued in September of 1994, established guidelines for reporting nonfinancial controls. Turnbull report stresses that the Board cannot discharge its responsibility for reviewing the effectiveness of the company’s internal control system. It should regularly receive and review reports on internal control from line managers and, as appropriate, from specialists in such areas as internal audit and health and safety. The Board should focus on the limited number of residual risks identified as significant to the company. The Board will need to consider whether they have sufficient timely and relevant information on the company’s risks. Key risk indicators and the results of embedded monitoring should be regularly supplied to the Board or designated committees. A firm’s chairman should encourage a regular discussion of risk and control issues at Board meetings. When there’s a proposed acquisition, directors should be informed if a full risk analysis was part of the process. Also, a risk assessment should be included in the evaluation of proposed major capital investments. Management reports to the Board should provide a balanced assessment of the system of control for managing significant risk in the areas covered by them. Any control failings or weaknesses should be discussed in the context of their actual or potential consequences and corrective actions. The Board should be comfortable, at any given time, that it has an up-to-date picture of significant issues in the company’s control environment. Turnbull report does not call on directors to discuss their main risks in their annual report. It does ask them to disclose if there’s an ongoing process for identifying, evaluating, and managing significant corporate risks that is regularly reviewed by the Board. (Nigel Turnbull, Financial Times, April 25, 2000) Germany – Kon TraG is a law that requires an organization’s management Board to establish supervisory systems for risk management and internal revision. It requires reporting on these systems to the supervisory Board and examination by auditors of the implementation of risk management and internal revision systems. This law went into effect in 1998. Netherlands – Peter’s Report provides 40 detailed non-mandatory recommendations regarding corporate governance. One recommendation encourages that the management Board submit to the supervisory Board an annual report on corporate objectives, strategy, related risks and control systems. This report was issued in 1997. Australia and New Zealand – Risk Management Standards include a formalized system to manage risk and report risk management performance to management. These standards are not yet binding. Adopta de forma Total 6,15% 4,62% Adopta de forma Parcial 16,92% 13,85% Marco Legal, Normativa vigente 67,69% 73,85% No Contesta 9,23% 7,69% Adopta Total Adopta Parcial 8,46% 70,77% CUMPLIMIENTOS ÁMBITO DE APLICACIÓN DEL CÓDIGO 1-Relación Emisora- Grupo Económico 2-Inclusión en Estatuto Societario POR PREGUNTA POR SECCIÓN 15,38% Adopta Total; 5,38% No Contesta; 8,46% Marco legal; Normativa vigente 70,77% Adopta Parcial; 15,38% 5,38% Bajo nivel de adopción general. Se ajustan adecuada y estrictamente al Marco Legal / Normativo vigente (71%). En particular, la consideración de reformas estatutarias para reflejar las previsiones del código es poco adoptada (18%).

10 II.- Del Directorio en general.
Tiene el mayor porcentaje de adopción total de la muestra. Los puntos más aceptados son la definición de las políticas y estrategias de la compañía por parte del directorio (punto 3). Incluye uno de los puntos menos adoptados en toda la muestra: la evaluación de la gestión del directorio de acuerdo a un procedimiento diseñado al efecto (punto 10). La adopción total es de sólo el 1.54% Otro punto poco adoptado es la evaluación de los directores que se desempeñan en otras compañías (punto 9). Adopta Total; 41,32% Adopta Parcial; 19,56% No Contesta; 11,87% Marco Legal, Normativa vigente; 27,25%

11 II.- Del Directorio en general.
United States – SEC requires a statement on opportunities and risks for mergers, divestitures, and acquisitions, as well as a description (in 10-K and 10-Q statements) of distinctive characteristics that may have a material impact on the organizations’ future financial performance. COSO, or the Committee of the Sponsoring Organizations of the Treadway Commission, encourages a framework for ERM to reasonably assure that an organization’s business objectives can be achieved. The report, “Internal Control – An Integrated Framework,” was issued in September of and amended in May of AICPA, via the Jenkins Report “Improving Business Reporting – A Customer Focus,” recommends improvements in the way organizations report opportunities and risks. Recommendation includes disclosures regarding opportunities or risks that: are current; are of serious concern; have an impact on earnings or cash flow; are specific or unique; or, have been identified and considered by management. International reporting standards are also encouraged. The Jenkins Report was issued in September of Institutional Investors are focusing more attention and questions on an organization’s corporate governance procedures, as they pertain to risk management. Canada – Dey Report, commissioned by the Toronto Stock Exchange (TSE), requires reporting on the adequacy of an organization’s internal controls. TSE requirement: “The Board of Directors…should assume responsibility for…the identification of principle risk of the corporation's business and ensure the implementation of appropriate systems to manage these risks.” This report was issued in December of CoCo Report, produced by the Canadian Institute of Chartered Accountants – “Guidance on Control,” defines internal controls as including processes of risk assessment and management. This report, issued in November of 1995, does not create a legal compliance obligation by organizations, but it has encouraged organizations to adopt ERM approaches. United Kingdom – Combined Code, issued by the London Stock Exchange, consolidates previous corporate governance reports issued by the Cadbury, Greenbury, and Hampel committees. It requires that directors establish internal control systems (operational, compliance, and risk management), review their effectiveness and report findings to shareholders. The combined code is applicable to all accounting periods ending on or after December 23, Turnbull Report, issued in September of 1994, established guidelines for reporting nonfinancial controls. Turnbull report stresses that the Board cannot discharge its responsibility for reviewing the effectiveness of the company’s internal control system. It should regularly receive and review reports on internal control from line managers and, as appropriate, from specialists in such areas as internal audit and health and safety. The Board should focus on the limited number of residual risks identified as significant to the company. The Board will need to consider whether they have sufficient timely and relevant information on the company’s risks. Key risk indicators and the results of embedded monitoring should be regularly supplied to the Board or designated committees. A firm’s chairman should encourage a regular discussion of risk and control issues at Board meetings. When there’s a proposed acquisition, directors should be informed if a full risk analysis was part of the process. Also, a risk assessment should be included in the evaluation of proposed major capital investments. Management reports to the Board should provide a balanced assessment of the system of control for managing significant risk in the areas covered by them. Any control failings or weaknesses should be discussed in the context of their actual or potential consequences and corrective actions. The Board should be comfortable, at any given time, that it has an up-to-date picture of significant issues in the company’s control environment. Turnbull report does not call on directors to discuss their main risks in their annual report. It does ask them to disclose if there’s an ongoing process for identifying, evaluating, and managing significant corporate risks that is regularly reviewed by the Board. (Nigel Turnbull, Financial Times, April 25, 2000) Germany – Kon TraG is a law that requires an organization’s management Board to establish supervisory systems for risk management and internal revision. It requires reporting on these systems to the supervisory Board and examination by auditors of the implementation of risk management and internal revision systems. This law went into effect in 1998. Netherlands – Peter’s Report provides 40 detailed non-mandatory recommendations regarding corporate governance. One recommendation encourages that the management Board submit to the supervisory Board an annual report on corporate objectives, strategy, related risks and control systems. This report was issued in 1997. Australia and New Zealand – Risk Management Standards include a formalized system to manage risk and report risk management performance to management. These standards are not yet binding. DEL DIRECTORIO EN GENERAL 3-Responsabilidad por Estrategia de la Compañía. a-Plan Estratégico o de negocio/objetivos de gestión/presupuestos anuales b-Política de Inversiones y Financiación c-Política de Gobierno Societario Por pregunta Adopta de forma Total 63,08% 58,46% 47,69% Adopta de forma Parcial 16,92% 18,46% 24,62% Marco Legal, Normativa vigente 4,62% 10,77% No Contesta 15,38% Por sección Adopta Total 41,32% Adopta Parcial 19,56% 27,25% 11,87%

12 II.- Del Directorio en general.
3-Responsabilidad por Estrategia de la Compañía. d-Política de Resp. Social Empresaria e-Políticas de control y gestión de riesgos y toda otra que tenga por objeto el seguimiento periódico de los sistemas internos de información y control. f-Desarrollo de Programas de entrenamiento contínuo para directores y ejecutivos gerenciales Por pregunta Adopta de forma Total 52,31% 53,85% 47,69% Adopta de forma Parcial 18,46% 23,08% 26,15% Marco Legal, Normativa vigente 7,69% 4,62% 6,15% No Contesta 21,54% 20,00% Por sección Adopta Total 41,32% Adopta Parcial 19,56% 27,25% 11,87%

13 II.- Del Directorio en general.
4-Control de la Gestión 5-Información y Control Interno. Gestión de Riesgos. 6-Comité de Auditoría 7-Cantidad de Integrantes del Directorio Por pregunta Adopta de forma Total 53,85% 50,77% 66,15% 30,77% Adopta de forma Parcial 27,69% 23,08% 20,00% 43,08% Marco Legal, Normativa vigente 10,77% 13,85% 6,15% 18,46% No Contesta 7,69% 12,31% Por sección Adopta Total 41,32% Adopta Parcial 19,56% 27,25% 11,87%

14 II.- Del Directorio en general.
8-Integración del Directorio 9-Pertenencia a Diversas Sociedades 10-Evaluación del Desempeño del Directorio 11-Capacitación y Desarrollo de Directores Por pregunta Adopta de forma Total 15,38% 1,54% 21,54% Adopta de forma Parcial 6,15% 0,00% 20,00% Marco Legal, Normativa vigente 67,69% 81,54% 89,23% 55,38% No Contesta 10,77% 3,08% Por sección Adopta Total 41,32% Adopta Parcial 19,56% 27,25% 11,87%

15 III.- Independencia de los Directores.
Adopta Total; 7,31% Adopta Parcial; 10,77% No Contesta; 8,46% Marco Legal, Normativa vigente; 73,46% La mayoría de las sociedades se ajusta estrictamente al marco legal y normativo vigente -73.5%-. La sociedad exige justificar públicamente la independencia de los Directores propuestos, y la difusión del porcentaje de directores ejecutivos, no ejecutivos e independientes. También incluye la promoción de reuniones de directores independientes. Ambos puntos (14 y 15) registran un reducido nivel de adopción.

16 III.- Independencia de los Directores.
12-Directores Independientes 13-Designación de Ejecutivos Gerenciales 14-Proporción de Directores Independientes 15-Reunión de Directores Independientes Por pregunta Adopta de forma Total 9,23% 7,69% 3,08% Adopta de forma Parcial 15,38% 12,31% 10,77% 4,62% Marco Legal, Normativa vigente 66,15% 69,23% 78,46% 80,00% No Contesta 6,15% Por sección Adopta Total 7,31% Adopta Parcial 73,46% 8,46%

17 IV.- Relación con los accionistas.
United States – SEC requires a statement on opportunities and risks for mergers, divestitures, and acquisitions, as well as a description (in 10-K and 10-Q statements) of distinctive characteristics that may have a material impact on the organizations’ future financial performance. COSO, or the Committee of the Sponsoring Organizations of the Treadway Commission, encourages a framework for ERM to reasonably assure that an organization’s business objectives can be achieved. The report, “Internal Control – An Integrated Framework,” was issued in September of and amended in May of AICPA, via the Jenkins Report “Improving Business Reporting – A Customer Focus,” recommends improvements in the way organizations report opportunities and risks. Recommendation includes disclosures regarding opportunities or risks that: are current; are of serious concern; have an impact on earnings or cash flow; are specific or unique; or, have been identified and considered by management. International reporting standards are also encouraged. The Jenkins Report was issued in September of Institutional Investors are focusing more attention and questions on an organization’s corporate governance procedures, as they pertain to risk management. Canada – Dey Report, commissioned by the Toronto Stock Exchange (TSE), requires reporting on the adequacy of an organization’s internal controls. TSE requirement: “The Board of Directors…should assume responsibility for…the identification of principle risk of the corporation's business and ensure the implementation of appropriate systems to manage these risks.” This report was issued in December of CoCo Report, produced by the Canadian Institute of Chartered Accountants – “Guidance on Control,” defines internal controls as including processes of risk assessment and management. This report, issued in November of 1995, does not create a legal compliance obligation by organizations, but it has encouraged organizations to adopt ERM approaches. United Kingdom – Combined Code, issued by the London Stock Exchange, consolidates previous corporate governance reports issued by the Cadbury, Greenbury, and Hampel committees. It requires that directors establish internal control systems (operational, compliance, and risk management), review their effectiveness and report findings to shareholders. The combined code is applicable to all accounting periods ending on or after December 23, Turnbull Report, issued in September of 1994, established guidelines for reporting nonfinancial controls. Turnbull report stresses that the Board cannot discharge its responsibility for reviewing the effectiveness of the company’s internal control system. It should regularly receive and review reports on internal control from line managers and, as appropriate, from specialists in such areas as internal audit and health and safety. The Board should focus on the limited number of residual risks identified as significant to the company. The Board will need to consider whether they have sufficient timely and relevant information on the company’s risks. Key risk indicators and the results of embedded monitoring should be regularly supplied to the Board or designated committees. A firm’s chairman should encourage a regular discussion of risk and control issues at Board meetings. When there’s a proposed acquisition, directors should be informed if a full risk analysis was part of the process. Also, a risk assessment should be included in the evaluation of proposed major capital investments. Management reports to the Board should provide a balanced assessment of the system of control for managing significant risk in the areas covered by them. Any control failings or weaknesses should be discussed in the context of their actual or potential consequences and corrective actions. The Board should be comfortable, at any given time, that it has an up-to-date picture of significant issues in the company’s control environment. Turnbull report does not call on directors to discuss their main risks in their annual report. It does ask them to disclose if there’s an ongoing process for identifying, evaluating, and managing significant corporate risks that is regularly reviewed by the Board. (Nigel Turnbull, Financial Times, April 25, 2000) Germany – Kon TraG is a law that requires an organization’s management Board to establish supervisory systems for risk management and internal revision. It requires reporting on these systems to the supervisory Board and examination by auditors of the implementation of risk management and internal revision systems. This law went into effect in 1998. Netherlands – Peter’s Report provides 40 detailed non-mandatory recommendations regarding corporate governance. One recommendation encourages that the management Board submit to the supervisory Board an annual report on corporate objectives, strategy, related risks and control systems. This report was issued in 1997. Australia and New Zealand – Risk Management Standards include a formalized system to manage risk and report risk management performance to management. These standards are not yet binding. Registra un bajo nivel de cumplimiento El punto más resistido es la explicación de su decisión de adherirse o no al régimen de OPA (punto 19). Con igual porcentaje no adopción se ubica el punto 20, referido a la política de dividendos. También muy resistido, pero en menor término que los anteriores es el punto 16, referido a la promoción de reuniones periódicas con los accionistas. Adopta Total; 12,92% Adopta Parcial; 10,46% No Contesta; 7,08% Marco Legal, Normativa vigente; 69,54%

18 IV.- Relación con los accionistas.
16-Información a los Accionistas 17-Atención a inquietudes y consultas de los Accionistas 18-Participación de Accionistas Minoritarios en Asambleas 19-Mercado de Control (Adhesión o no al régimen oblig de OPA) 20-Política de Dividendos Por pregunta Adopta de forma Total 20,00% 10,77% 6,15% 13,85% Adopta de forma Parcial 21,54% 7,69% Marco Legal, Normativa vigente 63,08% 58,46% 75,38% No Contesta 9,23% 12,31% 3,08% 4,62% Por sección Adopta Total 12,92% Adopta Parcial 10,46% 69,54% 7,08%

19 V.- Relación con la comunidad.
Adopta Total; 7,69% Adopta Parcial; 84,62% No Contesta; 1,54% Marco Legal, Normativa vigente; 6,15% RELACIÓN CON LA COMUNIDAD 21-Comunicación vía Internet y Requisitos del Sitio Por pregunta Adopta de forma Total 7,69% Adopta de forma Parcial 84,62% Marco Legal, Normativa vigente 6,15% No Contesta 1,54% Por sección Adopta Total Adopta Parcial Alto nivel de adopción parcial y adopción total, en todos los puntos del Capítulo.

20 VI.- Comités. United States – SEC requires a statement on opportunities and risks for mergers, divestitures, and acquisitions, as well as a description (in 10-K and 10-Q statements) of distinctive characteristics that may have a material impact on the organizations’ future financial performance. COSO, or the Committee of the Sponsoring Organizations of the Treadway Commission, encourages a framework for ERM to reasonably assure that an organization’s business objectives can be achieved. The report, “Internal Control – An Integrated Framework,” was issued in September of and amended in May of AICPA, via the Jenkins Report “Improving Business Reporting – A Customer Focus,” recommends improvements in the way organizations report opportunities and risks. Recommendation includes disclosures regarding opportunities or risks that: are current; are of serious concern; have an impact on earnings or cash flow; are specific or unique; or, have been identified and considered by management. International reporting standards are also encouraged. The Jenkins Report was issued in September of Institutional Investors are focusing more attention and questions on an organization’s corporate governance procedures, as they pertain to risk management. Canada – Dey Report, commissioned by the Toronto Stock Exchange (TSE), requires reporting on the adequacy of an organization’s internal controls. TSE requirement: “The Board of Directors…should assume responsibility for…the identification of principle risk of the corporation's business and ensure the implementation of appropriate systems to manage these risks.” This report was issued in December of CoCo Report, produced by the Canadian Institute of Chartered Accountants – “Guidance on Control,” defines internal controls as including processes of risk assessment and management. This report, issued in November of 1995, does not create a legal compliance obligation by organizations, but it has encouraged organizations to adopt ERM approaches. United Kingdom – Combined Code, issued by the London Stock Exchange, consolidates previous corporate governance reports issued by the Cadbury, Greenbury, and Hampel committees. It requires that directors establish internal control systems (operational, compliance, and risk management), review their effectiveness and report findings to shareholders. The combined code is applicable to all accounting periods ending on or after December 23, Turnbull Report, issued in September of 1994, established guidelines for reporting nonfinancial controls. Turnbull report stresses that the Board cannot discharge its responsibility for reviewing the effectiveness of the company’s internal control system. It should regularly receive and review reports on internal control from line managers and, as appropriate, from specialists in such areas as internal audit and health and safety. The Board should focus on the limited number of residual risks identified as significant to the company. The Board will need to consider whether they have sufficient timely and relevant information on the company’s risks. Key risk indicators and the results of embedded monitoring should be regularly supplied to the Board or designated committees. A firm’s chairman should encourage a regular discussion of risk and control issues at Board meetings. When there’s a proposed acquisition, directors should be informed if a full risk analysis was part of the process. Also, a risk assessment should be included in the evaluation of proposed major capital investments. Management reports to the Board should provide a balanced assessment of the system of control for managing significant risk in the areas covered by them. Any control failings or weaknesses should be discussed in the context of their actual or potential consequences and corrective actions. The Board should be comfortable, at any given time, that it has an up-to-date picture of significant issues in the company’s control environment. Turnbull report does not call on directors to discuss their main risks in their annual report. It does ask them to disclose if there’s an ongoing process for identifying, evaluating, and managing significant corporate risks that is regularly reviewed by the Board. (Nigel Turnbull, Financial Times, April 25, 2000) Germany – Kon TraG is a law that requires an organization’s management Board to establish supervisory systems for risk management and internal revision. It requires reporting on these systems to the supervisory Board and examination by auditors of the implementation of risk management and internal revision systems. This law went into effect in 1998. Netherlands – Peter’s Report provides 40 detailed non-mandatory recommendations regarding corporate governance. One recommendation encourages that the management Board submit to the supervisory Board an annual report on corporate objectives, strategy, related risks and control systems. This report was issued in 1997. Australia and New Zealand – Risk Management Standards include a formalized system to manage risk and report risk management performance to management. These standards are not yet binding. Registra un mayor nivel de adopción total y parcial que otras secciones. El punto más resistido es el 27, referido a la existencia de un comité de Nombramientos y Gobierno Societario. Le sigue el Comité de Remuneraciones (punto 26). Es entendible el bajo grado de adopción de estos puntos, por la poca experiencia en organizar el directorio a través de comités. Adopta Total; 23,08% Adopta Parcial; 8,72% No Contesta; 8,97% Marco Legal, Normativa vigente; 59,23%

21 VI.- Comités. COMITÉS 22-Presidencia del Comité por un Director Independiente 23-Rotación de Síndicos y/o Auditores Externos 24-Doble Carácter de Síndico y Auditor 25-Sistemas de Compensación (Remuneraciones) 26-Comité de Nombramientos y Gobierno Societario 27-Política de no discriminación en la integración del Directorio Por pregunta Adopta de forma Total 41,54% 18,46% 56,92% 9,23% 0,00% 12,31% Adopta de forma Parcial 15,38% 10,77% 3,08% 1,54% Marco Legal, Normativa vigente 26,15% 66,15% 78,46% 89,23% 76,92% No Contesta 16,92% 4,62% 6,15% 7,69% Por sección Adopta Total 23,08% Adopta Parcial 8,72% 59,23% 8,97%

22 Temas clave no contemplados
Gobierno Societario. Mercados. BRASIL ARGENTINA Temas clave no contemplados s/ R.G.516/07. Novo Mercado 89 Integración Acc.Ordinarias Adhesión obligatoria Tag Along. 25% dispersión mínima. Nivel 2 20 107 42 Nivel 1 285 Tradicional Bovespa

23 Tendencias. La primera etapa: concluir un código con algunas pautas superadoras de los mínimos legales. Era esperable un nivel bajo / medio de aceptación, de acuerdo a otras experiencias regionales. La RG 516 establece la revisión periódica del Código, recoger las experiencias y las nuevas tendencias comparativas. El horizonte es el establecimiento de un código mínimo con la inclusión de aspectos estructurales. En otros mercados se incluyeron los siguientes aspectos: Mayor proporción de Directores Independientes. Tag Along rights Identidad entre acciones y votos.


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