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LATIN AMERICAN COMPANIES CIRCLE Recommendations on Ethics and Compliance

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LATIN AMERICAN COMPANIES CIRCLE Recommendations on Ethics and Compliance LATIN AMERICAN COMPANIES CIRCLE Recommendations on Ethics and Compliance Wichtiger HINWEIS ! Innerhalb der Schutzzone (hellblauer Rahmen) darf kein anderes Element platziert werden! Ebenso darf der Abstand zu Format- resp. Papierrand die Schutzzone nicht verletzen! Hellblauen Rahmen der Schutzzonenie drucken! Siehe auch Handbuch „Corporate Design der Schweizerischen Bundesverwaltung“ Kapitel „Grundlagen“, 1.5 / Schutzzone www . cdbund.admin.ch In partnership with: ©2017 Copyright. All Rights Reserved This paper is one in a series by the members of the Latin American Companies Circle and intended as a thought piece to encourage debate on important corporate governance topics.The conclusions and judgments contained in this report represent the views of the authors and should not be attributed to, and do not necessarily represent the views of the IFC or its Board of Directors or the World Bank or its Executive Directors, or the countries they represent. IFC and the World Bank do not guarantee the accuracy of the data in this publication and accept no responsibility for any consequences of their use. The material in this work is protected by copyright. Copying and/or transmitting portions or all of this work may be a violation of applicable law. The Latin American Companies Circle encourages dissemination of works such as these and hereby grants permission to users of this work to copy portions for their personal, noncommercial use, without any right to resell, redistribute, or create derivative works there from. Any other copying or use of this work requires the express written permaission of the Latin American Companies Circle. For information, please contact Magdalena Rego at [email protected] About the Latin American Companies Circle The Latin American Companies Circle is a unique initiative launched in May 2005 in Sao Paulo, Brazil at the recommendation of the Latin American Corporate Governance Roundtable, a network of public officials, investors, non-governmental institutes, stock exchanges and associations as well as others interested in corporate governance improvements in the region. The Companies Circle bring 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. The Companies Circle is sponsored by IFC and it is supported by the Organisation for Economic Co-operation and Development (OECD). For more information, visit www.ifc.org/ companiescircle TABLE OF CONTENT I. INTRODUCTION..................................................................................1 II. ETHICAL PRINCIPLES........................................................................2 a) Code of Ethics........................................................................2 a.1) Content......................................................................2 a.2) Procedures................................................................3 III. THE COMPLIANCE FUNCTION......................................................4 a) The regulatory Environment ..............................................4 b) Responsibilities.......................................................................4 c) Rationale...................................................................................5 d) Structure...................................................................................5 d.1) Conglomerates and Subsidiaries..........................6 d.2) Independence...........................................................7 IV. EFFECTIVE COMPLIANCE PROGRAMS........................................7 a) Communication Practices.....................................................8 b) Manuals......................................................................................9 c) Awareness Evaluation............................................................10 LATIN AMERICAN COMPANIES CIRCLE I. INTRODUCTION The objective of this paper is to share a set of good practices for companies in Latin America toconsider in developing, implementing This paper comprises a set of recom- or improving their ethical guidelines and compli- mendations related to ethical principles and the ance policies and practices. This paper does not corporate compliance function. While ethics assume that all Companies Circle members will and compliance alone do not, and cannot, con- follow all of these practices; nor does it suggest stitute a comprehensive corporate governance that all companies should follow all the sug- system in a company, they do comprise two gested practices — each company is unique and critical components of such system. This paper needs to take into consideration its own individ- is based on discussions and input from, as well ual situation, needs and circumstances (such as as on responses to a questionnaire on compli- local laws and regulations, ownership patterns, ance distributed among, member companies history and culture, market practices, and the re- of the Compliance and Ethics Working Group quirements of its relevant stakeholders (whether (the “Working Group”) of the Latin American local or foreign, governmental or private)). The Companies Circle (the “Companies Circle”). The Companies Circle considers this paper as a ‘living’ Companies Circle is a group of Latin American document which may be updated from time to firms that have demonstrated leadership in time to reflect changing realities, as well as to advocating for corporate governance improve- draw attention to developments in the corporate ments in companies throughout Latin America, governance field. and which seek to practice advanced corporate governance themselves. This initiative is support- Ethical conduct is key to a company’s ed by the Swiss State Secretariat of Economic reputation and its own good standing. Unethical Affairs (SECO) as part of the Latin America and acts may not only tarnish the image or brands the Caribbean (LAC) Corporate Governance of an entire group of companies, but could also Program. The Companies Circle is composed result in severe legal consequences, including the of 13 companies: Los Grobo (Argentina); Algar, imposition of penalties and even the liquidation CPFL Energia, Embraer, Natura, and Ultrapar of the affected company. It is therefore imper- (Brazil); Grupo Argos and ISA (Colombia); Florida ative that a company ensures that its personnel Ice & Farm Co. (Costa Rica); Gentera (Mexico); abide by clear ethical guidelines and are subject Buenaventura, Ferreycorp, and Graña y Montero to sanction in the event of non-compliance. (Peru). Sound compliance programs are also The Working Group is chaired by Graña y highly important, not only for the purposes of Montero and its members comprise Algar, CPFL adherence to applicable laws, standards and reg- Energia, Grupo Argos, ISA, Florida Ice & Farm Co. ulations, but also in assessing the effectiveness and Ferreycorp. Drafting support for this paper of a company’s control system, and mapping was provided by Luis Mariano Enriquez, Santiago and mitigating the various risks relevant to a Chaher, Magdalena Rego Rodriguez and Oliver sustainable business operation. In certain cases, Orton from IFC. This paper is based on feedback major transactions may even be cancelled, and from Working Group members and does not profits reduced, as a result of compliance-related necessarily represent IFC’s or the World Bank concerns and, therefore, it is in every company’s Group’s views on these matters. In addition, this interest to pursue best practices regarding com- paper does not intend to cover all aspects related pliance. Other benefits of a sound compliance to ethics or compliance as it is solely intend- program come in the form of increased trust, ed to provide a general overview of suggested credibility and reputation both within the com- practices. pany itself as well as externally, which in turn can generate additional business opportunities, and ultimately enhanced profit LATIN AMERICAN COMPANIES CIRCLE 1 II. ETHICAL PRINCIPLES (i) Compliance with Laws and Regulations – Given the material adverse effects deriving a) Code of Ethics from legal or regulatory violations, any company should be clear in requiring that all its personnel To concentrate and disseminate its ethi- act in compliance with applicable laws and regu- cal values and principles, the standard practice is lations. No transgression should be tolerated. for a company to have such values and principles documented in policies developed by the compa- (ii) Respectful Conduct – It is suggested that a ny. An effective code of ethics serves as a means code of ethics expressly require the existence and to mitigate reputational and legal risks associ- maintenance of a respectful workplace environ- ated with misconduct within a company. The ment and, conversely, it should include provisions effectiveness of a code of ethics is strengthened expressly prohibiting any type of harassment and by the existence of so-called whistleblowing and discrimination. monitoring procedures to assess whether the code is in fact being complied with or not. To re- (iii) Confidential Information – Company flect its importance in a company as a whole and personnel should properly handle confidential to adopt it as an internal corporate regulation, a information (particularly with respect to mate- code of ethics should be approved by the Board rial non-public
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