The Superintendence of Corporations (Superintendencia de Sociedades), by means of External Circular, established the form by which it will develop the functions of supervision with respect to the Benefit and Collective Interest Corporations ("BIC Corporations").
Thus, the Superintendence of Corporations indicated that the policy of supervision of these corporations is based on three fundamental pillars, namely:
Given that the lack of compliance with corporate and accounting standards is partly due to ignorance of them, the Superintendence will emphasize pedagogy as the basis for achieving a culture of regulatory compliance.
Thus, efforts will be focused on promoting, informing, divulging, and training the community about the BIC condition, its benefits, regulation, rights, and duties, among others.
In particular, the following activities will be carried out:
a. Creation of spaces of promotion, training and education, with the purpose of divulging the rules governing BIC corporations, the activities of benefit and collective interest, their benefits, duties and obligations.
b. Creation of a space within the web page of the Superintendency of Corporations where contents of interest will be shared permanently, destined to encourage the adoption of the BIC condition and the compliance with the norms related to the matter.
c. Creation and administration of an e-mail to receive doubts, consultations, requests, complaints and claims.
d. Preparation of periodic reports on the adoption of and compliance with regulations by BIC corporations.
e. Creation of alliances with other public and private entities for the exchange of information, promotion and divulging of the BIC condition.
f. Creation of training spaces on the content, methodology and application of the standards recognized by the Superintendency of Corporations.
2. Regulatory Compliance
The Superintendency of Corporations will focus its efforts on ensuring that the BIC corporations comply with the associated rules on the matter and correct any possible non-compliance.
Thus, regulatory compliance is aimed at having BIC Corporations report the activities of benefit and collective interest developed in qualitative and quantitative terms of impact (the "BIC Management Report"). Within the framework of its supervisory work, the Superintendence of Corporations will verify the reality of the business practices, the adequate use of the methodologies of the chosen independent standard, and the presentation and publicity of the BIC Management Report. Likewise, it will carry out correction and sanction tasks in the event that the BIC Corporation or its managers have infringed any of the obligations under its charge.
3. Timely and early action
The Superintendency of Corporations will prepare and divulgate informative documents, practical guides, interactive videos and podcasts on good practices, the behaviors subject to sanctions, and other topics that are relevant to BIC Corporations.
Additionally, verifications will be designed and executed that, manually or through technological tools, allow the identification of situations of risk of non-compliance with regulations for the realization of timely corrections.