Chile
What is it about?
General Standard No. 385 was issued by the Financial Market Commission, formerly the Superintendency of Securities and Insurance, on June 8, 2015.
The purpose of this regulation is to require publicly traded companies to disclose their corporate governance practices so that investors have sufficient information to make correct investment decisions.
For such purposes, the entities described in the preceding paragraph are required to report by March 31 of each year, their corporate governance, social responsibility and sustainable development practices with respect to the previous calendar year.
In practical terms, the Board of Directors must complete a Questionnaire composed of 99 practices, which are grouped into 4 main topics, and subdivided as described below:
In practical terms, the Board of Directors must complete a Questionnaire composed of 99 practices, which are grouped into 4 main topics, and subdivided as described below:
Operation of the Board of Directors
Of the evaluation by a third party
Relationship between the company, the shareholders and the general public
Risk management and control
This standard adopts the “Comply or Explain” methodology, where the company must state in a precise, clear and summarized manner the manner in which it has adopted the specific practice, or, alternatively, substantiate the reasons why that Board considered that the adoption of a particular practice was not appropriate or desirable in the best social interest given the particular reality of the entity.
Source: Superintendencia de Valores y Seguros
