Estos son los documentos de las diferentes presentaciones que se llevaron acabo en la Mesa Redonda Latinoamerica de la OCDE

 

A continuación puede encontrar la información de lo que fue el evento, la agenda, participantes, entre otras.

 

portada-mesa-ocde

Contents

04 Overview
06 Agenda
11 Speakers
35 The OECD Secretariat

Overview

2016 meeting of the Latin American Roundtable on Corporate Governance

Date 8-9 September, 2016
Venue Intercontinental Hotel, San José, Costa Rica
Language English and Spanish (Simultaneous interpretation provided in English-Spanish)
Hosted by The Costa Rican Presidency, the Ministry of Foreign Trade of Costa Rica (COMEX) and the Costa Rican Institute of Corporate Governance
With support from The government of Spain
Major Sponsors Bolsa Nacional de Valores de Costa Rica, Diligent and Grupo Instituto Nacional de Seguros (INS)
Sponsors Banco de Costa Rica (BCR), Florida Ice and Farm Company (FICO), Banco Nacional de Costa Rica, Deloitte Costa Rica and PricewaterhouseCoopers.

Background and Objectives

This year’s Roundtable meeting will focus on four key themes identified as a priority for corporate governance improvement in the region:

  1. Global and Latin American experience with corporate governance codes and lessons learned;
  2. Transparency and corporate governance of company groups;
  3. Corporate governance and business integrity (breakout sessions dealing with the role of the board, cybersecurity and anti-corruption); and
  4. SOE Reform: recent experience

The Roundtable aims to facilitate corporate governance improvements by providing a forum for the structured exchange of experience between senior policy-makers, regulators and market participants. Roundtable participants have come from Argentina, Brazil, Chile, Costa Rica, Colombia, Dominican Republic, Ecuador, El Salvador, Italy, Mexico, Nicaragua, Panama, Peru, Spain, Turkey, Uruguay, the United States and Venezuela. By convening the leading institutions and personalities that are involved in corporate governance reform in Latin America, the Roundtable provides an opportunity both to take stock and help set the agenda for further corporate governance improvements in the region.

Guidance for moderators, speakers, discussants and Roundtable participants

This year’s Roundtable sessions will be structured to promote as interactive discussion as possible both among designated speakers and discussants, among all Roundtable participants.

  • Moderators are invited to encourage open discussion among all participants, to maintain the focus on the theme of their session and to be strict in managing time. The objective is to stimulate reflection and encourage an active exchange of views and experience. They will be asked to summarize key points and follow-up steps at the conclusion of the session.
  • Discussants will be invited to respond to moderator questions to discuss their subjects on an interactive basis, rather than making formal presentations. Use of Powerpoint is not recommended for discussants in order to allow more flexibility and time for wider discussion with all Roundtable participants.

For the break-out sessions, lead speakers are invited to provide a brief introduction to the topic and main issues of no longer than 10 minutes, based on the discussion papers distributed prior to the meeting. Moderators in these break-out sessions are invited to encourage open and inclusive discussions, and to serve as rapporteurs to present the conclusions of the discussions the next morning in the plenary. Roundtable participants are encouraged to actively participate in discussions to provide the Roundtable with their experience, as well as react, expose their views and discuss the issues raised by speakers.[/vc_column_text][/vc_column][/vc_row]

Agenda

DAY 1

Thursday, 8 September 2016

8:15-9:00

Registration /Coffee

9:00-9:30

Introductory remarks

  • Mr. Luis Guillermo Solis, President, Costa Rica
  • Mr. Marcello Bianchi, Chairman, OECD Corporate Governance Committee

9:30-11:00

Session 1: Global and Latin American experience with corporate governance codes
Moderator: Mr. Matthew Sullivan, President, Costa Rica Institute of Corporate Governance
Introductory Speaker (on results of Roundtable survey):

  • Mr. Santiago Chaher, Managing Director, Cefeidas Group, Argentina

Discussants

  • Ms. Clara Eugenia Castillo, Deputy Superintendent for Risk, Conglomerates and Corporate Governance, Superfinanciera (SFC), Colombia
  • Mr. Patricio Valenzuela, Intendent of Regulation, SVS, Chile
  • Mr. Daniel Garcia, General Intendent of Economic Studies, SMV, Peru
  • Mr. Isaac Castro, Intendent, Costa Rica Securities Market (SUGEVAL)

Summary
This session will provide an overview of both global and Latin American recent experience with the development and revision of national corporate governance codes, generally implemented on a “comply or explain” basis, along with presentations of recent Latin American countries’ changes in approach. The results of a Roundtable survey on this topic will be prepared as a background reference for the first two sessions, and presented to open this session.
Key questions

  • What are international and Latin American trends and most promising practices in terms of the development of national corporate governance codes and their effectiveness in promoting good corporate governance practices?
  • What lessons can be learned from differing approaches to developing, revising reporting on, and using such codes as a guide for corporate governance improvement?

11:00 – 11:20

Coffee break

11:20-12:45

Session 2: Corporate governance codes and experience with market-driven solutions
Moderator: Mr. Santiago Chaher, Managing Director, Cefeidas, Argentina
Discussants:

  • Mr. Carmine Di Noia, Commissioner, CONSOB (Banking and securities commission), Italy
  • Mr. Leonardo Pereira, Chairman, CVM, Brazil
  • Ms. Marta Vaca Viana, Corporate Sustainability Director, Center for Excellence in Corporate Governance and Delphi Consulting, Mexico
  • Mr. Patricio Peña, President, Ecuadorian CG Institute, Ecuador

Summary
This session will provide an opportunity to explore specific countries’ recent experience with development, use and promotion of corporate governance codes in greater depth, with a particular focus on good practices for engaging market actors, including particularly institutional investors and companies, to give consideration to the implementation of and reporting on such codes.
Key questions

  • What institutions, or mix of institutions (e.g. regulators, stock exchanges, investor or company associations, CG institutes, etc.), are best placed to promote awareness of corporate governance code disclosure results and actions to improve both the practices recommended in the code as well as the quality of explanations provided in such reports?
  • How can active attention of the market to the results of such codes best be promoted? Should such practices be left to the market to develop, or are their steps that policy-makers or regulators should or can take?

12:45-14:15

Lunch break

14:15-15:45

Session 3: Transparency and corporate governance of company groups
Co-Moderators: Mr. Daniel Blume, Senior Policy Analyst, OECD and
Mr. Pasquale di Benedetta, Senior Financial Sector Specialist, World Bank
Introductory speakers:

  • Mr. Pablo Souto, Senior Associate, Global Outcomes, Argentina

Discussants:

  • Ms. Yearim Valles, Deputy Director General of Economic Studies, CNBV, Mexico
  • Ms. Rocío Balestra, Commissioner, CNV, Argentina
  • Mr. Mauro Rodrigues da Cunha, Executive Director, Association of Capital Market Investors (AMEC), Brazil

Summary
The Roundtable’s Task Force on Corporate Governance of Company Groups issued the publication, “Corporate Governance of Company Groups in Latin America” in 2015 following the last Roundtable meeting in Colombia. As a follow-up, the Task Force has combined forces with the World Bank/IFC-sponsored Latin American Academic Network to develop further, focused research on frameworks for corporate governance-related disclosure and actual practices among Latin America’s largest listed group companies. The main findings of this research and the Task Force’s recommendations will be presented to the Roundtable for discussion.
Key questions

  • Following the release of the “Panama Papers”, growing attention is being given to the importance of identifying the ultimate owners of company groups and fully understanding their structure. Are current requirements in Latin American economies sufficient to fully understand the structures and ownership of complex conglomerates, including assessing the scope and nature of their related party transactions (RPTs)?
  • What further steps may be necessary to ensure adequate understanding in the market and by regulators of company group structures, ownership and RPTs?

15:45–16:00

Coffee break
16:00-16:30 Session 4 Introduction: Breakout sessions on Corporate Governance and Business Integrity
This part of the meeting will feature 3 separate, smaller, breakout group discussion sessions, each dealing with a different aspect of the broad theme of “Corporate Governance and Business Integrity.” Ideally, these sessions should be future-oriented, looking 10 or more years ahead, with an aim to flesh out what policy-makers, regulators, stock exchanges or market participants can do to prepare better for the future.
The theme of corporate governance and business integrity has been chosen against the backdrop of recent corporate scandals to which no industry or country appears to be immune. They have eroded market trust, affecting the foundation of doing business in an effective and sustainable fashion. The purpose of corporate governance is precisely to create an environment of trust, transparency and accountability necessary for obtaining long-term investment, financial stability and sustainable growth. How do corporate governance frameworks and company practices need to evolve to restore trust?
Introductory Speaker: Mr. Héctor Lehuedé, Senior Policy Analyst, OECD
Background materials:
Corporate Governance and Business Integrity: A Stocktaking of Corporate Practices (OECD, 2015)
Anti-corruption and Business Integrity Measures for SOEs (OECD, 2016)
Good Practice Guidance on Internal Controls, Ethics, and Compliance (OECD, 2010)
Roundtable Discussion Note and Key Questions for Breakout Sessions
16:30-18:00 Breakout Session 4A: Building trust from the top Breakout Session 4B: The digital economy and cybersecurity risks Breakout Session 4C: Getting ahead of the anti-corruption curve
Session 4A: Building trust from the top
Moderator and rapporteur: Mr. Héctor Lehuedé, Senior Policy Analyst, OECD
Lead speakers:

  • Mr. Fabrizio Papaianni, Chairman, Latin American Companies Circle, and Corporate Auditor, Florida Ice & Farm, Costa Rica
  • Mrs. Eulalia Sanín, Founder, Liga de Directores and Partner, A.T. Kearney, Colombia

Summary
Recent OECD work underscores that companies that seriously want to live up to their integrity commitments must support these ambitions with a well-defined internal structure of responsibilities, accountability and reporting. The main building blocks of such a framework are laid down in the recently updated G20/OECD Principles of Corporate Governance, and it is the challenge of the board of directors and senior managers to ensure that the right structures and practices are effectively implemented and remain updated, using incentives and monitoring. How do business leaders who are entrusted with the future of their firms and the welfare of their stakeholder, build a culture of doing business with integrity as a key strategic objective going forward.
Session 4B: The digital economy and cybersecurity risks
Moderator and rapporteur: Mr. Dan Konigsburg, Chairman of the OECD Business Industry Advisory Committee, Deloitte, United States
Lead speakers:

  • Mr. Stavros Costarangos, Vice-Chair, Latin American Foundation for Risk Management (ALARYS), Panama
  • Mr. Elian Villegas, Executive President, Instituto Nacional de Seguros (INS), Costa Rica

Summary
As information technology continues to advance and evolve (on-line sales, cloud computing, big data, social media, connected objects, etc.), companies become massively exposed to cyber risks. The WEF has placed it top 5 among global risks. Many countries have reinforced their regulatory framework to better protect consumers and incentivize companies to adopt a proactive protection strategy. How will corporate governance policy frameworks need to adjust for this? How will they protect the confidentiality and integrity of the information and information systems of the company from risk of financial loss, disruption or reputational damage resulting from a cyber-attack? What is extent to which insurance can mitigate these risks?
Session 4C: Getting ahead of the anti-corruption curve
Moderator/Rapporteur: Ms. Marta Viegas, Board Member, Brazilian Institute of Corporate Governance, Brazil
Lead speaker:

  • Mr. Evan Epstein, Executive Director, Rock Center for Corporate Governance, Stanford University, United States
  • Mr. Gonzalo Diéguez, Director, Center for Implementation of Public Policies for Equity and Growth, Argentina

Summary
The OECD Secretary General recently called upon making the fight against corruption a central issue for the OECD’s corporate governance work. Each and every leaders’ summit and international organisation is actively pursuing to step up the enforcement and compliance efforts to prevent business crimes, focusing particularly on bribery. The U.S., the UK and many other OECD members have renewed their commitments to prosecute corporate corruption well beyond their own borders to ensure a level playing field for international transactions, while growing attention to corruption and efforts to prosecute corruption has also been seen domestically in Latin American countries. How are companies in Latin America adapting to this changing landscape? What measures (codes of ethics, whistleblower mechanisms, well-enforced anti-bribery compliance and internal control systems, international audit standards, etc.) are most effective to fight corruption at the corporate level in the region? Do these measures need to be different for SOEs?

19:30 Cocktail / Dinner: Meeting participants are cordially invited to a cocktail / dinner offered by our Costa Rican co-hosts
Dress code: Casual
Address: Costa Rica Country Club, Escazú
DAY 2

Friday, 9 September 2016


9:30-11:15

Session 5: SOE reform: Recent experience
Moderator: Mr. Richard Frederick, Consultant to the OECD
Discussants:

  • Mr. Juan Munguira, Bureau Member, OECD Working Party on State Ownership and Privatisation Practices, Spain; on the revised OECD Guidelines on Corporate Governance of SOEs and Global Knowledge-Sharing Roundtable on SOE Governance
  • Mr. Camilo Barco, Director General for SOEs, Ministry of Finance, Colombia
  • Mr. Carlos Barsallo, Panama Corporate Governance Institute; on study of CG of SOEs in Panama
  • Ms. Flavia Mouta, Director, BM&F Bovespa, Brazil

Summary
The aim of this session will be for Roundtable participants to have an opportunity to learn about recent reform experience and assessments of SOE corporate governance, including challenges and obstacles to achieving progress, focusing particularly on Latin American countries.
Background materials: (in English and Spanish)
OECD Guidelines on Corporate Governance of State-Owned Enterprises

11:15-11:35 Coffee break
11:35 – 12:15 Session 6: Results of breakout sessions
Moderator: Minister Alexander Mora, Ministry of Foreign Trade (COMEX), Costa Rica
Rapporteurs from Session 4 on Day 1:

  • Mr. Héctor Lehuedé, Senior Policy Analyst, OECD
  • Mr. Dan Konigsburg, Chairman of the OECD Business Industry Advisory Committee, Deloitte, United States
  • Ms. Marta Viegas, Board Member, Brazilian Institute of Corporate Governance, Brazil

Summary
Breakout session rapporteurs will report on the results of the three breakout session discussions.

12:15-13:00 Conclusions and Next Steps
Co-Moderators: Mr. Daniel Blume, Senior Policy Analyst, OECD and Mr. Matthew Sullivan, President, Costa Rica Corporate Governance Institute
Closing comments:

  • Mr. Fernando Alvarez-Cienfuegos, Senior Advisor, Ministry of Economy and Competitiveness, Spain
  • Mr. Marcello Bianchi, Chairman, OECD Corporate Governance Committee, Italy
  • Minister Sergio Iván Alfaro Salas, Ministry of the Presidency, Costa Rica

Summary
This session will provide an opportunity to review main findings of the meeting and possible follow-up steps.

Speakers

Day I: Introductory Remarks

President Luis Guillermo Solis
President, Republic of Costa Rica
Raised by a small-scale shoe manufacturer and a teacher, his story embodies the values of the Costa Rican identity: education, environment preservation, and respect for peace, multiethnicity, pluriculturalism, and sovereignty.
He studied History at the University of Costa Rica and attended a Master’s degree in Latin American Studies at Tulane University.
He has been a professor, researcher, and academic manager at the University of Costa Rica and the National University in Costa Rica. Also, he has been a visiting scholar at the Universities of Michigan and Florida in the United States.
While serving to the Ministry of Foreign Affairs, he cooperated with the negotiation and formulation of the peace plan in Central America (1986-1990) and became ambassador in Central American affairs and Director of Foreign Policy (1994-1998).
Throughout his career, he has worked in the Latin American Faculty of Social Sciences, the Ibero-American General Secretariat, and the Foreign Service for Peace and Democracy Foundation. He has published more than 10 books and thousands of articles in journals.
After historically receiving more than 1.300.000 votes, he was elected the 47th President of the Republic of Costa Rica, swearing to guide his country towards development, inclusion, and social justice.
He is a proud father of six children and partner of Mercedes Peñas.
 

Mr. Marcello Bianchi

Chairman, OECD Corporate Governance Committee
Born in Rome, 21st July 1960. Degree in Economics, Università la Sapienza di Roma.
At Consob from 1990 to February 2016, he worked on supervision (Head of Corporate Governance Division), regulation (Head of the Regulation Impact Analysis Unit and Head of the Regulatory Strategies Division), research (Head of Statistic Unit), and internal administration (Head of Human Resources Division).
Previously he focused on economic research at Centro Europa Ricerche (CER) and at Montedison Research Unit (FOR).
Since 2007 he is Chairman of the OECD Corporate Governance Committee: the G20 / OECD Principles on Corporate Governance are the International standard adopted by G20 and Financial Stability Board.
He was Chairman of the Working Group on Company Law at the European Council during the Italian Chairmanship (second semester 2014).
He has published extensively in national and international journals on Corporate Governance and Capital Markets..
Session 1: Global and Latin American experience with corporate governance codes
 

Mr. Matthew Sullivan

President, Costa Rica Institute of Corporate Governance
President of the Costa Rican Institute of Corporate Governance and one of the founders.
Prior to his time in Latin America, he was at the London Stock Exchange where he held a series of roles, starting as an insider dealing investigator, later project manager for the first attempt to merge London and Frankfurt and for the introduction of the euro into its markets – no Brexit jokes please – head of investor relations when the company listed, and head of internal audit.
He moved to Costa Rica in 2004 and worked at the Costa Rican stock exchange where he helped the exchange design and deliver various new products and services, including MAPA (the market for smaller companies) and the country’s first corporate governance code.
Matthew is now working with a large regional bank on several exchange-related projects and serves as consultant to various multilaterals on matters related to capital markets.
 

Mr. Santiago Chaher

Managing Director, Cefeidas Group, Argentina
Santiago Chaher is Managing Director at Cefeidas Group. He is also Co-Director of the Corporate Governance Program at Universidad de San Andrés and a Partner at Diaz & Chaher Abogados (DECH). Before founding Cefeidas Group, he worked at the International Finance Corporation (IFC) based in Washington, D.C. There he managed the Global Corporate Governance Forum’s projects in Latin America and the Caribbean. After returning to Argentina he continued to work with IFC and coordinated the Latin American Companies Circle and the Corporate Governance Institutes Network (IGCLA) until 2015. Nowadays he is part of the IFC Corporate Governance experts team. Prior to this, he worked as a lawyer at Chaher & Sticca Asociados, where he litigated in cases involving banks during the Argentinean financial crisis. A lawyer by training, he holds a Master’s Degree in Banking Law and International Finance from the London School of Economics where he graduated as a Chevening Scholar.
 

Ms. Clara Eugenia Castillo

Deputy Superintendent for Risk, Conglomerates and Corporate Governance, Superfinanciera (SFC), Colombia

Clara serves as Superintendent Designate for the Supervision of Conglomerates and Corporate Governance at the Colombian Financial Superintendency since 2009. She is a lawyer specialized in commercial and financial law and has more than 20 years’ experience in supervision and regulation of financial institutions. Over the past 10 years Clara has held positions related to the supervision of corporate governance in financial institutions, and has participated in the discussion process and structuring of the new Colombian Country Code. She actively participated in the process of accession of Colombia to the OECD Committee on Corporate Governance.

 

Mr. Patricio Valenzuela

Intendent of Securities Market Regulation, SVS, Chile
Mr. Valenzuala holds a commercial engineering degree, (Bachelor of Science in Business Administration) from the University of Chile, and also a Master in Finance from the same university.
Since he joined the staff of the Superintendence of Securities and Insurance of Chile in 1998, he has performed various duties related to the regulation and control of entities participating in the securities market and the products’ stock market.
As part of these responsibilities he has collaborated in the preparation and processing of several legislative and regulatory initiatives that have been aimed at improving the corporate governance of the entities in the securities market, protections to investors in this market, access to financing and management of funds and third party resources. He has been technical counterpart for the Organisation for Economic Cooperation and Development (OECD), the Council of Securities Regulators of the Americas (COSRA) and the International Organization of Securities Commissions (IOSCO).
 

Mr. Daniel Garcia

General Intendent of Economic Studies, SMV, Peru
Magister in Finance from ESAN University and Bachelor of Social Science with a major in Economics from the Pontificia Universidad Catolica del Peru. Mr. Garcia has over 10 years’ experience in the public and private sectors on issues related to corporate finance, business and investment consulting, capital markets and corporate governance. Additionally, he has the Claritas Investment Certificate certified by the CFA Institute and the Securities Business Specialist and Investment Analyst certified by the Centro de Estudios Bursátiles – BURSEN of the Lima Stock Exchange.
 

Mr. Isaac Castro

Intendent, Costa Rica Securities Market (SUGEVAL)
Mr. Isaac Castro Esquivel has a master’s degree in applied mathematics from the University of Costa Rica (UCR) and holds a degree in economics, both from the UCR. He has over 21 years of work experience. Among the numerous mandates that he has made are the following: part of teams of economic analysis, editor and researcher for economic magazine, analyst public offering of securities, project manager investment banking, Chief Economist Costa Rican stock group, director of supervision department funds and issuers in SUGEVAL, Chief Corporate Finance at a brokerage, Vice Minister of the Ministry of Economy, Industry and Commerce (MEIC) and currently serves as Intendent of the SUGEVAL.
Mr. Castro has taught the course International Financial Markets at the School of Business Administration, Analysis of Financial Instruments in the School of Mathematics and Negotiation and Quality Assurance in the School of History, all schools in the UCR.
Session 2 : Corporate governance codes and experience with market-driven solutions
Mr. Santiago Chaher Managing Director, Cefeidas, Argentina
See above
 

Mr. Carmine Di Noia

Commissioner, CONSOB, Italy
Degree in Economics from the University of Rome La Sapienza, he received his Ph.D. in Economics from the University of Pennsylvania (Philadelphia, USA) and a PhD in Economic Theory and Institutions at the University of Rome, Tor Vergata.
In 1995 he joined CONSOB (the Italian banking and securities regulator) in the Economic Studies Division. In 2001 he joined Assonime (Association of Italian Joint-Stock Companies) where, from 2003 to February 2016, he was Deputy General Manager and responsible for the “Capital Markets and Listed Companies”.
He was a board member of the Italian Stock Exchange, coordinator of the technical secretariat of the Committee for Corporate Governance, the stakeholder group component of ESMA (European Securities and Markets Authority) and chairman of the Policy Committee of European Issuers. He was a member of various working groups at the European Commission in the field of business and financial regulation.
 

Mr. Leonardo Pereira

Chairman, CVM, Brazil
Mr. Pereira is the Chairman of the Securities and Exchange Commission of Brazil (CVM). He represents CVM at the IOSCO Board and its Growth and Emerging Markets Committee. He also has a seat at the Financial Stability Board and at the IFRS Monitoring Board. In Brazil, he is a member of the Brazilian Technical Commission of Currency and Credit (COMOC), the Brazilian Market Regulators Committee (COREMEC) andthe Brazilian Committee of Financial Education (CONEF).
Prior to becoming CVM Chairman, Mr. Pereira was Executive Vice President/CFO of Gol Linhas Aereas S.A. He has also served as an officer and as a director in companies pertaining to different sectors of the Brazilian economy, and worked at Citibank for 13 years in Brazil, Asia, Latin America and the United States.
Mr. Pereira holds degrees from Universidade Federal do Rio de Janeiro, Universidade Candido Mendes and an MBA from the University of Warwick of the United Kingdom.
 

Ms. Marta Vaca Viana

Corporate Sustainability Director, Center for Excellence in Corporate Governance and Delphi Consulting, Mexico
Managing Director at Delphi Consulting and Advisory Firm since January 2015, Ms. Vaca Viana is also Corporate Sustainability Director at the Center for Excellence in Corporate Governance (CEGC) and Coordinator of the Latin American Institutes of Corporate Governance (IGCLA).
As part of the London School of Economics class of 2013, she completed a MSc in Development Management, where she specialized in ethics, governance, information and communication technologies (ICTs) and development. She has a BSc in Economics from Universidad Anáhuac México Sur where she is currently professor of Corporate Governance and Business Ethics.
Ms. Vaca Viana has contributed to numerous publications and has travelled extensively in her work on Corporate Governance. She was nominated for the ‘Corporate Governance Rising Star’ by Yale University Millstein Center in 2012.
 

Mr. Patricio Peña

President, Ecuadorian Corporate Governance Institute, Ecuador
Patricio Peña Romero is the Vice Chairman of Ecuador’s Chamber of Industries and Production since 2016, and Founding Partner of Noboa, Peña, & Torres, since 2001.
He was CEO of Quito Stock Exchanges (2000­2002); Chairman of Quito Stock Exchange (2002­2013); Member of the Board of Directors of Ecuadorian Clearing and Settlement Depository (2000­2013); Member of the Board of Directors of Corporación de Titularización Hipotecaria (2002­ 2012); Chairman of Iberoamerican Stock Exchanges Federation (2007­2009); and Chairman of Ecuadorian Corporate Governance Institute, since 2012.
He was a founding member of Fabián Ponce & Asociados law firm (1977 to 1994); Superintendent of Banks outside adviser (1993­1994); Member of the Ecuadorian Security and Exchange Commission (1993­1994); and Member of the Banking Commission (1998­1999). He earned a law degree at the Pontificia Universidad Católica del Ecuador and a degree in business from Instituto de Desarrollo Empresarial (1997).
.

Session 3: Transparency and corporate governance of company groups

 

Mr. Daniel Blume

Senior Policy Analyst, OECD
Daniel Blume manages the Latin American Roundtable on Corporate Governance and the Latin American Network on Corporate Governance of State-Owned Enterprises. He also manages the annual update of the OECD Corporate Governance Factbook, comparing corporate governance policies and frameworks across all OECD and key partner countries. He has carried out corporate governance reviews involving Chile, Colombia, Estonia and Latvia as part of their accession to the OECD against the G20/OECD Principles of Corporate Governance and OECD Guidelines on Corporate Governance of State-Owned Enterprises. He has also led corporate governance country reviews of Brazil, France, Israel, the Netherlands, Norway and South Korea. He has worked at the OECD since 1994. He worked at the U.S. Office of Management and Budget (1991-1994) and received his master’s degree in public policy from Duke University (1991).
 

Mr. Pasquale di Benedetta

Senior Financial Sector Specialist, World Bank
Pasquale Di Benedetta is currently Senior Financial Sector Specialist at the World Bank, and is responsible for the corporate governance work in Latin America. He has advised more than 20 countries across the globe on corporate governance reforms in both corporate and banking sectors. Mr. Di Benedetta has co-drafted the framework for the current World Bank methodology to review and evaluate corporate governance practices for banks, and conducted numerous corporate governance diagnostic assessments for listed companies and banking sectors, providing legal advice and action plans for reform. He is a lawyer by training. He studied International, European, and Comparative Law in Salzburg (Austria), Trento and Bari (Italy) graduating with honors. He holds a Master‘s degree in International Relations and Finance from the Johns Hopkins University.
 

Mr. Pablo Souto

Senior Associate, Global Outcomes, Argentina
Pablo Souto started a consultant career in 2007 and is currently Senior Associate at Global Outcomes, a strategic business advisory firm. He has been lecturer at the Economics Department and the School of Business of the Universidad Católica Argentina since 2003. In 2012 he became Council Member at Gerson Lehrman Group.
He obtained his undergraduate degree in Economics from Universidad de Buenos Aires (1998) and holds graduate degrees from Universidad de San Andrés (2000) and from the Kiel Institute for World Economics (2003).
His specialization areas are corporate governance, financial regulation and supervision, capital markets, monetary economics, and contractual savings.
From 2004 to 2011 he served at the Center for Financial Stability (an independent and non-partisan think-tank), first as Senior Economist and then as Executive DirectorPreviously, he was advisor at the International Operations Department (1999-2003) and tax compliance auditor at an Auditor Division (1994-1998) of the Federal Tax Bureau (AFIP).
 

Ms. Yearim Valles

Deputy Director General of Economic Studies, CNBV, Mexico
Yearim Valles is Deputy Director General of Economic Research at the “Comisión Nacional Bancaria y de Valores” (National Banking and Securities Commission in Mexico – CNBV), where she has conducted research oriented to support the regulatory process and policy making. She represents the Commission in several regional and international working groups related to corporate governance and securities markets. She holds a B.A. in Economics from the Instituto Tecnologico y de Estudios Superiores de Monterrey (ITESM) and an M.A. and a Ph.D in Economics from Cornell University.
 

Ms. Rocío Balestra

Commissioner, CNV, Argentina
Ms. Balestra joined the Commission after an extensive career serving as legal counsel specialized in finance and capital markets in leading law firms in Argentina and New York. Commissioner Balestra has participated in a wide array of domestic and cross-border bank finance and capital markets transactions. In addition, Balestra has led a significant number of public debt issuances and participated in the Republic of Argentina debt restructuring in 2005. She also has extensive experience in regulatory matters related to capital markets, banking, anti-money laundering, foreign exchange and corporate governance.
Ms. Balestra has lectured for several years on Commercial Instruments course at Austral University Law School and participated as judge in the US Northeast Super Regional Rounds of the Jessup International Law Moot Court Competition.
Ms. Balestra obtained an academic excellence scholarship from Austral University Law School and received a law degree with honors.
 

Mr. Mauro Rodrigues da Cunha

Executive Director, Association of Capital Market Investors (AMEC), Brazil
Prior to taking his position as Executive Director of AMEC, Mr. Rodrigues da Cunha served as CIO, Equities, Opus Gestão de Recursos (2010-2012); as owner of Mauá Investimentos (2007-2010); and as Chairman of the Board of the Instituto Brasileiro de Governança Corporativa (2008-2010). He received his
BA in Economics from Pontifícia Universidade Católica do Rio de Janeiro, and is a CFA Charterholder.

Session 4 Introduction: Breakout sessions on Corporate Governance and Business Integrity

 

Mr. Héctor Lehuedé

Senior Policy Analyst, OECD
Héctor Lehuedé is a senior manager at the OECD Corporate Affairs Division, which is responsible for developing of the G20/OECD Principles of Corporate Governance and the OECD Guidelines for Corporate Governance of State-Owned Enterprises. There, he is in charge of policy dialogue, research and assessments on the implementation of OECD standards, as well as manager of the OECD Trust and Business (TNB) Project and the OECD Russia Corporate Governance Roundtable. Before joining the OECD in 2010, he was a Senior Advisor to the Minister at the Chilean Ministry of Finance, which he joined after a decade of legal practice at some of the largest legal and auditing firms in Chile. Héctor holds a Juris Doctor Degree from Universidad de Chile Law School and a Juris Science Master Degree from Stanford University Law School. LinkedIn: www.linkedin.com/in/héctor-lehuedé-6a32aa37.
Breakout Session 4A: Building trust from the top
Mr. Héctor Lehuedé Senior Policy Analyst, OECD
See above
 

Mr. Fabrizio Papaianni

Chairman, Latin American Companies Circle, Corporate Auditor, Florida Ice & Farm, Costa Rica
Fabrizio Papaianni is the chairman of the Latin American Companies Circle, which brings together a group of leading Latin American companies who have adopted good corporate governance practices in order to provide private sector input into the work of corporate governance regional development and to share their experiences with each other and other companies in the region and beyond. Fabrizio has been the corporate auditor within Florida Bebidas, Costa Rica, for more than six years, and the Chairman of the Audit Committee for Cerveceria Centroamericana in Nicaragua, and, before, he was internal audit manager within Chiquita Brands International. He holds a master of international management degree from Thunderbird School of Global Management and a bachelor degree from Universidad del Norte, Colombia.
 

Mrs. Eulalia Sanín

Founder, Liga de Directores and Partner, A.T. Kearney, Colombia
Eulalia Sanín is a Partner at the global management consulting firm A.T. Kearney, based out of the company’s Bogotá office. For over fifteen years Eulalia has specialized in working with the leadership teams of private and public sector organizations in matters of firm strategy, organization and governance, and in particular, working on and with Boards of Directors, evaluating their stewardship and performance. Three years ago Eulalia founded La Liga de Directores, a not-for-profit platform for the development of Board Members of Latin American companies. She serves on the Board of Directors of two Colombian consumer products companies, is an active member in the Colombian Endeavor network and in the Family Business Network. Previously she was Founding Partner of Prospecta, and taught at the School of Management at Universidad de los Andes. Eulalia holds a B.A. in Economics from Universidad de los Andes and an M.A. from SAIS Johns Hopkins University.
Breakout Session 4B: The digital economy and cybersecurity risks
 

Mr. Dan Konigsburg

Chairman of the OECD Business Industry Advisory Committee, Deloitte, United States
Dan Konigsburg is managing director of corporate governance and public policy for Deloitte Touche Tohmatsu Limited. In addition, Dan leads Deloitte’s Global Center for Corporate Governance, and is based in New York. As one of the leaders for Deloitte’s public policy work, Dan seeks to engage government officials, policy-makers, investors, and non-government organizations on key policy questions affecting our capital markets, economy and society. The Center promotes dialogue on corporate governance through a network of local governance centers across 42 countries.
Prior to joining Deloitte, Dan served as Director of Corporate Governance at Standard & Poor’s in London and then New York. Dan serves as Chairman of the OECD’s Business Advisory (BIAC) Committee on Corporate Governance in Paris, is a member of the International Corporate Governance Network’s (ICGN) Business Ethics Committee, and serves on the board of the US Council for International Business (USCIB). Dan holds a B.A. in Russian and East European Studies from Yale University.
 

Mr. Stavros Costarangos

Vice-Chair, Latin American Foundation for Risk Management (ALARYS), Panama
Stavros Costarangos is Executive Vice President and partner at Padeco Seguros in Panama (www.PadecoSeguros.com) with almost thirty years’ experience providing Insurance and Risk Management services in Panama and throughout the region.
He is also partner at RiskCo Ltd., the largest and most important Latin American insurance broker network (www.RiskCoNet.com) with offices throughout Central and South America.
 

Mr. Elian Villegas

Executive President, Instituto Nacional de Seguros (INS), Costa Rica
Mr. Villegas is the Chief Executive Officer of Instituto Nacional de Seguros (INS) since May 2015, a public insurance company that has been in business successfully for 92 years. INS is the holding of a group of companies comprising a broker house, a mutual funds administrator, an insurance service provider, a health conglomerate with a hospital, a museum and a fire brigade.
For over 18 years, he has worked in the financial industry in numerous capacities both in the public and private sector.Prior to this position at the Instituto Nacional de Seguros, Mr. Villegas served as a legislative counsel from 1988 to 1994 and was involved in the creation and issuance of laws of the Republic.He graduated from the University of Costa Rica with a degree in Law and has extensive studies in the field of Political Science as well.
Breakout Session 4C: Getting ahead of the anti-corruption curve
 

Ms. Marta Viegas

Board Member, Brazilian Institute of Corporate Governance (IBGC)
Marta is a corporate lawyer, partner of TozziniFreire Advogados, focused on mergers and acquisitions and corporate governance. She is a member of the Board of Directors of the IBGC and has been actively involved in the 5th edition of the IBGC Code of Best Corporate Governance Practices. She has also been in the coordination of an effort to create a “comply or explain” Corporate Governance code for listed companies. She is a member of the fiscal council of Brasilprev Seguros e Previdência S.A. and acted as a member of the audit committee of the same company from 2007 to 2011. Between 2002 and 2003 she was a foreign associate at Weil Gotshal & Manges in the USA. She has a bachelor’s degree from Pontifícia Universidade Católica São Paulo (PUC/SP) and a LL.M/K degree from the Law School of Northwestern University and the Kellogg School of Management.
 

Mr. Evan Epstein

Executive Director, Rock Center for Corporate Governance, Stanford University, United States
Evan is the Executive Director of the Rock Center for Corporate Governance at Stanford University. He has led the international expansion of Rock Center programs and partnerships, and lectures on corporate governance and venture capital. He also co-founded and is the Co-Director of the Stanford Directors’ College for Venture-Backed Company Directors (VCDC), the Stanford CYBER DAY: Cybersecurity for Directors and C-Level Executives; and is the Co-Chair of the Rock Center International Advisory Council. He has also served as an advisory board member for a software company, and has written expert reports for litigation cases involving corporate governance disputes. Prior to his position at Stanford, Evan was the Chief Operating Officer and General Counsel at a high-tech business incubator in Silicon Valley. Prior, he was an associate at a leading Chilean law firm and a trainee with Allen & Overy. He holds a law degree (JD) (cum laude, 2002) from Pontificia Universidad Catolica de Chile and an LL.M. degree in Corporate Governance and Practice from Stanford Law School (2005).
 

Mr. Gonzalo Diéguez

Director, Center for Implementation of Public Policies for Equity and Growth, Argentina
Mr. Diéguez has a master’s degree in administration and public policies from the Universidad de San Andrés, as well as a postgraduate degree in public policy from the University of Massachusetts. He has a bachelor’s degree in political science from the University of Buenos Aires. He is currently a faculty member and research fellow of political science in University of Buenos Aires and an assistant professor of governance and e-government in Latin America. For 10 years he worked for the government of the province of Buenos Aires, where he was an advisor and later director of Interministerial Relations at the Cabinet of Ministries. He was project coordinator at the Institute of Social Prevention, and a parliamentary assistant of the Commissions of Political and State Reform of the Buenos Aires Chamber of Deputies. He was a Fulbright grantee in 2008.
Session 5: SOE reform: Recent experience
 

Mr. Richard Frederick

Consultant to the OECD
Mr. Frederick was one of the main authors of the 1999 OECD Principles of Corporate Governance, which have since become an inspiration for many national codes of governance.
He contributed to other international standards including the OECD Guidelines on the Governance of State-owned Enterprises, the OECD Guidelines for Multinational Enterprises, and the UN Guidance on Good Practices for Corporate Governance Disclosure.
As an advisor, Mr. Frederick has been involved in various activities, including the assessment of SOE governance practices and legislative frameworks for the World Bank.
On the company level, he has analyzed the governance practices of many SOEs and developed improvement plans for both boards and owners. He has developed quantitative tools to compare the governance practices of SOEs and track changes over time, and conducted the first ever international rating of SOEs according to their governance practices.
He holds an undergraduate degree from Yale University in the USA and an MBA from INSEAD in France.
 

Mr. Juan Munguira

Bureau Member, OECD Working Party on State Ownership and Privatisation Practices, Spain
Juan Munguira, director of international legal issues for the Spanish securities market regulator (CNMV), has been member of the European Company Law expert group in the European Commission (company law, corporate governance and money laundering).He represents Spain as a member of the OECD Working Party on State Ownership and Privatisation Practices, the OECD Corporate Governance Committee, where he also serves as a member of the Bureau. He is also a Member of the Assessment Committee of IOSCO, and the review panel of the European Securities Market Authority (ESMA). He is a lecturer on securities market and company law at the Master of Business Administration programme of the University Alfonso X “El Sabio”.
 

Mr. Camilo Barco

Director General for SOEs, Ministry of Finance, Colombia
Mr. Camilo Barco is a lawyer from Universidad del Rosario, specialized in Financial Law from Universidad de los Andes in Bogotá. He has also carried out postgraduate studies in finance at the London School of Economics and Chicago Booth School of Business at Chicago University. During his career, he has gained wide experience in project financing and corporate finance and has held several positions within public and private sectors including among others, Director of Investment Banking, Business Manager, and Counselor for Special Projects in infrastructure at the Ministry of Finance and Public Credit. His latest posts were as Investment Banking Managing Director in BBVA Colombia and Chief Financial Officer of ISA, a Colombian state-owned enterprise.
 

Mr. Carlos Barsallo

Panama Corporate Governance Institute; on study of CG of SOEs in Panama
Partner, Risk, Ethics and Independence, Deloitte Panama. Previously served as Chairman of the Panamanian Securities & Exchange Commission (1999-2008). He was a visiting attorney in the New York office of Allen & Overy and served as an alternate Special Judge on the Third Higher Court of Justice of Panama. Former professor of Company Law. Former Chairman of the Board of the Ibero-American Securities Markets Institute.
He is a founding member and director of the Corporate Governance Institute – Panama.
Mr. Barsallo has written more than 150 articles on corporate law and lectured in more than 100 conferences. Mr. Barsallo holds a Bachelor’s Degree in Law and Political Science from the University of Panama, summa cum laude; a Doctorate in Law, cum laude, from the Universidad Complutense in Madrid, a Master’s in Commercial Law from the University of Paris II, and a Master’s Degree in Law from the University of Pennsylvania.
Twitter: @barsallocarlos
 

Ms. Flavia Mouta

Director, BM&F Bovespa, Brazil
Flavia Mouta has been the BM&FBOVESPA Listing and Regulation Director since March of 2015, responsible for business relations with listed companies, investment funds and other issuers whose securities are accepted for trading at BM&FBOVESPA. She is also in charge of registering listed companies, supervising issuers, enhancing BM&FBOVESPA rules, and applying them to the market participants.
Prior to that, she worked at the Securities Commission of Brazil (CVM) about 14 years. In the last 4 years, she was the Head of Market Development Division, responsible for the drafting of CVM’s rules. Before that, her work has included public offerings, tender offerings, securitization products (MBS and ABS), real estate investment funds and private equity.
Mrs. Mouta holds graduate and postgraduate degrees in Law. She has received regulatory program certificates from the US Securities and Exchange Commission.
Finally, she teaches in the Capital Markets and Corporate Law LLM at FGV-Rio.
Session 6: Results of breakout sessions
 

Minister Alexander Mora

Minister, Ministry of Foreign Trade (COMEX), Costa Rica
Alexander Mora was appointed Minister of Foreign Trade of Costa Rica on May 8 2014. As Foreign Trade Minister, Mr. Mora oversees Costa Rica´s foreign trade and investment portfolios, as well as the relationship with multilateral organizations like the WTO, OECD, SIECA, among others.
Mr. Mora has extensive experience in trade, banking and digital technologies. Firstly, as a successful entrepreneur in the digital technologies, telecommunications and corporate services areas, with over 25 years of experience. Secondly, as representative of Costa Rica to the United Nations Commission on Science and Technology for Development, as member of the Foreign Trade Advisory Council, the National Commission on Information Technologies and Communication and the National Commission on Competitiveness. Also as President and Vice-President of the Costa Rican Chamber and Latin American Federation of Information and Communication Technologies, the Costa Rican Chamber of Exporters and as President and Vice-President of the Board of Directors of several banks, insurance brokers and investment management funds.
Mr. Mora has a degree in Economics and holds an MBA in Finance and Banking from the University of Costa Rica.
Mr. Héctor Lehuedé Senior Policy Analyst, OECD
See above
Mr. Dan Konigsburg Chairman of the OECD Business Industry Advisory Committee, Deloitte, United States
See above
Ms. Marta Viegas Board Member, Brazilian Institute of Corporate Governance, Brazil
See above
Conclusions and Next Steps
Mr. Daniel Blume Senior Policy Analyst, OECD
See above
Mr. Matthew Sullivan President, Costa Rica Institute of Corporate Governance
See above
 

Mr. Fernando Alvarez-Cienfuegos

Senior Advisor, Ministry of Economy and Competitiveness, Spain
Mr. Alvarez-Cienfuegos is currently at the Unit for Regulation and Financial Policy; General Secretariat of the Treasury and Financial Policy; Ministry of Economy and Competitiveness. His responsibilities include drafting of Laws and Regulations in the field of financial services regulation and negotiation of EU Directives and Regulations in the field of financial services regulation. He is also member of various international and European Committees and working groups including the OECD Corporate Governance Committee, the OECD Working Party on State-ownership and Privatisation Practices and the Latin American Roundtable on Corporate Governance
He was previously a Lawyer at the international Law Firm Uría Menéndez in Madrid from 2008 to 2010. He holds an Executive Master in Management of Financial Institutions from the Instituto de Estudios Bursátiles and a double degree in Law and Political Science from the Universidad Autónoma de Madrid.
Mr. Marcello Bianchi Chairman, OECD Corporate Governance Committee
 

Minister Sergio Iván Alfaro Salas

Ministry of the Presidency, Costa Rica
He studied Law at Escuela Libre de Derecho and at Universidad Autónoma de Centro América (1990-1996). From 1997 to 2001, he earned a Doctorate at the University of Salamanca, in the area of Political Science and Administration. In 1998, he became a professor at the University of Costa Rica and at the Universidad Libre de Derecho. In 1997, he was legal assistant to the Attorney General’s Office. He served as a researcher at the University of Salamanca (1999-2000). From 2001 to 2007, he worked as a lawyer and Notary Public. He was a member of the Costa Rican Congress from 2007 to 2010. He worked as a lawyer and notary public for Arias & Muñoz law firm (2010-2014). From May 2014 to May 2015, he served as CEO of the Instituto Nacional De Seguros (INS), which is the insurance company owned by the Costa Rican government. Since 1 May 2015, he is the Minister of the Presidency of Costa Rica.

 

 

The Latin America Roundtable team from the OECD Corporate Affairs Division

Daniel Blume
Senior Policy Analyst & Roundtable Manager
Héctor Lehuedé
Senior Policy Analyst
Katrina Baker
Project
Co-ordinator
Caio de Oliveira
Gradutate Intern
(On leave from Brazil CVM)

http://www.oecd.org/daf/ca/latinamericanroundtableoncorporategovernance.htm

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