ESG Global Vision

Law

In force as of 24 December 2020 

Companies incorporated in Colombia supervised by the Superintendency of Companies and that in the previous year had income or assets above the USD 10,240,000.00.

This amount is equal to 40,000 official minimum wages.

Current minimum wage: Col. Pesos 1 million.

Referenced Exchange rate: Col. Pesos 3,900 per USD 1. 

This Circular creates the Self-control and Risk Management System for Money Laundering and Financing of Terrorism (“SAGRILAFT”.). Companies must adopt the SAGRILAFT before August 31 of 2021.

Mandatory guidelines

In force as of 26 July 2016 

Companies incorporated under Colombian law

These Guidelines include specific procedures and administrative instructions directed to promote transparency, business ethics and internal mechanisms of auditory anticorruption and prevention of transnational bribery. The Guidelines are mandatory.

Law

In force as of 1 January 2015

Publicly listed companies in the Colombian Stock Exchange, incorporated in Colombia. 

On an annual basis, it is mandatory to report to the authorities and to the market the status of implementation of the Country Code. The Country Code is a set of 33 rules which include 148 recommendations of for (i) equal treatment of shareholders, (ii) corporate governance rules at the shareholders meetings, (iii) board of directors, (iv) organization of internal control-audit, (v) corporate transparency and information.

Law

In force since 2014

Financial companies, incorporated in Colombia, such as banks, trust companies, financial corporations, insurance companies, brokers and pension funds administrators. 

It requires supervised companies to implement a Money Laundering and Terrorist Financing Risk Management System –SARLAFT- in order to prevent them from being used to: (i) give the appearance of legality to assets from criminal activities and (ii) the channeling of resources towards carrying out terrorist activities.

Law

In force since 2020

Financial companies, incorporated in Colombia, such as banks, trust companies, financial corporations, insurance companies, brokers and pension funds administrators.

The supervised entities must periodically, at least every six months or in a shorter period, review the stages and elements of the SARLAFT in order to make the adjustments they deem necessary for its effective, efficient and timely operation. The supervised entities must carry out this review whenever situations arise that require the adoption of effective measures to strengthen the SARLAFT.

Law

In force as of 19 October 2015

Supervised, inspected and controlled companies by the Superintendency of Finance, as follows: issuers of publicly traded securities, banks and other financial companies, insurances companies, brokers, and pension fund managers.

This Circular provides the rules for the transmission of the Trimenstral Intermediate Financial Statements and Exercise Closing under the NIIF, Individual or Separate and Consolidated and their report in XBRL (eXtensible Business Reporting Language) and unification of the instructions contained in External Circulars 007 and 011 of 2015, that were repealed by this Circular.

Law

In force as of 17 November 2021 

Supervised and controlled companies by the Superintendecy of Companies that are not being supervised or controlled by another Superintendency.

Supervised companies are those that their total amount of assets or income in the previous year overcomes USD 7.894.000 approx. (30,000 Colombian minimum wages – exchange rate: USD 1 = 3,800 Col. Pesos).

Controlled companies are those under an special supervision status by the Superintendency,  due to the non-compliance of the general laws or the governance and corporate regulations. These companies would require previous governmental authorization for a number of actions. 

This Circular obligates companies to  present and report their Financial Statements with the closing date of December 31 of 2021, and establishes the dates for its presentation. The submission dates are between April 5 and 25 of 2022, and it depends  of the last digit of its Tax Identification Number.

Mandatory policy

In force since 2020 and will end in 2022.

Companies and entities incorporated under Colombian law.

This program provides actions and measures for the State and companies in harmony with strategies based on guidelines of a Public Policy on Human Rights and Companies, looking forward to the protection, respect and remedy of the violations of human rights in the business field.

Law

In force since 12 May 2021

Companies incorporated under Colombian laws who have workers within different contracting modalities in force in the Colombian legal system.

This law regulates the authorization of work at home as a way of providing the service in occasional, exceptional, or special situations, and imposes the obligation on companies or entities to train and establish procedures aimed at protecting this right and guaranteeing the proper use of information and communication technologies.

Law

In force since 6 January 2022

Companies incorporated under Colombian laws who have workers within the different contracting modalities in force in the Colombian legal system.

This law creates, regulates and promotes the labor disconnection of workers in labor relationships, in order to guarantee the effective enjoyment of free time and rest times, licenses, permits and/or vacations to reconcile personal, family and work life. And the employer is prohibited to issue orders or other requirements to the worker outside of the working hours and the working day.

Law

In force as of 10 October 2019

All companies that have projects or businesses that require an environmental licence.

The resolution adopts measures for the preparation, presentation and filing of the Environmental Impact Study of the exploitation of construction material projects protected by temporary authorizations, maintenance goals, improvement and rehabilitation of third level roads of Colombian Rural Program.

Law

In force as of 21 July 2009

Companies incorporated under Colombian law

This statute updates the rules about fair competition protection and optimizes the tools that national authorities use to protect free economic competition, such as giving competitors that participate in a cartel some benefits for collaborating with the authorities by helping to dismantle it. These benefits consist in the total or partial exemption of the penalty or sanction for participating in the prohibited competition practices.

Law

In force as of 5 October 2010

Companies incorporated under Colombian laws that participated in a cartel, except those who were instigators or promoters of the unfair competition practice.

This decree provides the conditions for when the Superintendency of Industry and Commerce can grant benefits to the companies that collaborated in the detection and repression of competitors that participated in unfair competition practices.

Law

In force as of 18 January 2022

Companies incorporated under Colombian law

This law updates the previous statute about fair competition protection (Law 1340 of 2009 and Decree 2896 of 2010) and provides total confidentiality for the identity of those who are companies that are collaborating with the investigation. This reserve also covers the information and documents they delivered to the investigation. Additionally, the liability for those who collaborate and obtain a total or partial exemption from the penalty imposed by the Superintendency of Industry and Commerce for participating in the unfair competition practices will not be jointly and severally liable. Instead, liability will be in proportion to their participation and according to the exemption granted.

Law

In force as of 12 October 2011

Any type of company that offers goods and services in Colombia regardless of where the company is incorporated.

This statute provides the minimum rules and conditions that any company advertising goods and services in Colombia shall follow.

Law

In force as of 6 July 2015

Colombian residents, Colombian companies and foreign companies.

This law provides rules and procedures for the participation and involvement of any type of person in community and social mechanisms, such as, popular initiative, referendums, popular consultation, mandate revocatory, plebiscite and open town hall.