Companies registered with the Superintendency of Securities and Exchange in Panama will have to comply with standards of good corporate governance.
The Superintendency of Securities (SMV) of Panama announced the topics that it has been working on with the Institute of Corporate Governance Panama (IGCP), to prepare companies selling products on the stock market to comply with the upcoming implementation of the Good Corporate Government, reported Critica.com.pa.
A bill aims to give more legal guarantees for investors holding less than 20% of shares in companies.
The bill 19,530 also provides that "... Companies classified as large companies, as classified by the Ministry of Economy, Trade and Industry, and companies whose shares are registered in the National Registry of Securities and Intermediaries, and which trade through an authorized stock exchange , must adopt corporate governance policies approved by the board or equivalent body, which must include at least:
In order to prevent a repetition of cases such as that of Financial Pacific, the Superintendency of Securities is preparing legislation which incorporates an obligation to comply with good corporate governance practices.
Although details of the proposal have not yet been released, the Superintendence authorities indicated that "... it is related to general corporate governance recommendations, such as having an audit committee, a risk committee, having an independent director, among other things.
The management of intangible assets such as reputation and brand, are a key part of good corporate governance.
The practice of good corporate governance should be a common rule for all types of enterprises, including family businesses, because it allows an increase in the availability and terms of securing financial resources and better agreements with other stakeholders.
Corporatism in Latin American state institutions, especially those dedicated to the production of goods or services, means that its officials are losing sight of the sole reason for their existence, which is to serve the interests of the country and its citizens.
In Costa Rica a public company has rejected a proposal for a fiber optic network project recognizing that "it serves the country, but is not good business for the company."
Even though new Panamanian legislation has added important adjustments, it still lacks necessary controls for minority shareholder protection.
Aiming to highlight the rights that minority shareholders enjoy in today's legislation, and reviewing, from these, corporate government structures in the country, the Corporate Governance Institute of Panama carried out a workshop in Panama City.
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