Summary

Taking into consideration the developments in Corporate Governance globally, and in order to meet new business circumstances, particularly after the world economic crisis which revealed, among many other things, the deep weaknesses that lingered in the Corporate Governance functioning, the Financial Superintendency of Colombia (FSC) has led a process of revision of the Country Code, taken as a key referent the CAF’s publication “Lineamientos para un Código Latinoamericano de Gobierno Corporativo” [Guidelines for a Latin American Corporate Governance Code], as well as the comments and input from the industry, to develop a new Country Code that suits the Colombian market situation. This Office, in using of its powers, especially those establishes in paragraph a) of Article 6 of Law 964 of 2005 and paragraph 9 of Article 11.2.1.4.2 of Decree 2555 of 2010, considers it appropriate to present the new Code of Best Corporate Governance Practices of Colombia (hereinafter New Country Code) and establishes the obligation to fill in and submit the Implementation Report.