and Its Applicability in Family Companies practices, known as Country Code (NCC), was published by the Financial Superintendence of Colombia (FSC) through its 2014 External Circular 028 as an effort to update the previous Country Code, issued in 2007. The NCC is an answer to the 2008 global financial crisis. By issuing the new FSC, the Colombian government is likely seeking to achieve two objectives: (i) update its internal provisions considering the best practices accepted by entities such as the Organisation for Economic Co-operation and Development (OECD) and the Development Bank of Latin America (CAF) that already consider the new business tendencies the former, considering that Colombia is in the process of becoming a permanent member. The new NCC provisions address issues in five corporate governance areas: measures related to crucial corporate issues and 148 recommendations that aim to facilitate and ease the understanding, analysis, implementation and adoption of the measures by Colombian corporations. Regarding the application of the NCC's provisions, they are built over the principle of Comply or Explain; although initially it is addressed to all Colombian "Security Issuers" regulated, supervised and controlled by the FSC, regardless of their size and level of capitalization. Considering the legal nature and autonomy of the issuers, they it, depending of their needs, and the schedule in which to do so. In order to trace the effectiveness of the included provisions and recommendations, once a year the securities issuers must fill out and submit to the FSC the form named "Report on the Implementation of Best Corporate Practices." The main objective of this report is to "describe, in general, their corporate governance practices and their adoption of the Country Code recommendations so that shareholders, investors, and the market at large may evaluate them." the NCC's recommendations. Treatment measures: (i) The acknowledging of the shareholders' rights, giving them equal treatment, real participation and vote in of corporate law for Pinilla, González & Prieto Attorneys. His main area of practice is civil and commercial law. & Prieto Attorneys. His main area of practice is civil and commercial law. Av Calle 72 no - 6-30 piso 14 Bogota, Colombia jalzate@pgplegal.com pgplegal.com Rodríguez |