Bogota, November 2023. The Superintendency of Companies, Confecámaras and the Bogota Chamber of Commerce today launched their third updated version of the "Guide to Good Corporate Governance Practices for Competitive, Productive and Sustainable Companies".

The new version of the guide represents a significant milestone in the promotion and adoption of sound and ethical corporate governance practices. A completely updated chapter addressing the importance of sustainability and responsible business conduct has been incorporated into this edition.

The guide provides clear guidelines on how to incorporate sustainability into corporate strategy, decision-making processes and risk management. To incorporate these measures, the document recommends that companies have mechanisms in place to map the legal and regulatory requirements that authorities demand of them in terms of sustainability and responsible business conduct. It also discusses in detail the importance of business ethics, transparency and accountability with recommendations on how to establish an organizational culture rooted in ethical principles and how to ensure that business conduct is consistent with stakeholder values and expectations.

The document emphasizes the importance of transparent disclosure of information related to sustainability and corporate responsibility. This fosters the trust of investors, customers and society in general. That is why one of the central points of the guide is to recommend measures so that the company can have a communication and relationship strategy with its different stakeholders that allows it to communicate and promote its sustainability strategy. Since its first version, this guide has been a fundamental tool for strengthening corporate governance in Colombia and has contributed to the competitive development of organizations and the business environment.

Billy Escobar, Superintendent of Companies, stated that: "today, globally, we are witnessing a relaxation of the principle of maximizing the benefit of shareholders as the purpose of the creation of companies. In this scenario, it is especially important that companies, the State, trade and chamber entities, academia and civil society in general reflect and act together to seek solutions to the various environmental and sustainability issues that loom over our communities. This guide is the result of this joint effort by the Superintendency with different actors to provide clear guidelines on sustainability and responsible business conduct, which we hope will be well received".

In this regard, Ovidio Claros, president of the Bogota Chamber of Commerce, stated that "The entity has been working for 15 years on concrete actions to promote corporate governance. This guide in particular is a contribution for smaller companies, which are the ones that require more tools to achieve sustainable business models. With these corporate governance practices they not only boost their success, improve their profitability and have greater opportunities in the market, but also contribute to the wellbeing of the community and the environment".

Julián Domínguez, president of Confecámaras, said: "Corporate governance is a vital element for business mobility and growth. Building trust, strengthening transparency and creating value are success factors for any organization. The new chapter of the guide will allow companies to have a clear path to develop their model by integrating components of sustainability and responsible business conduct into their strategy, issues in which entrepreneurs of all sizes have the support of the Network of Chambers of Commerce in the country".

The Superintendency of Companies, Confecámaras and the Bogota Chamber of Commerce reaffirm their commitment to promote excellence in corporate governance and sustainable development. The guide will be available in digital format on the websites of the three institutions, and socializations will be carried out to guide companies in the effective implementation of these updated practices.