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Revista chilena de derecho

versión On-line ISSN 0718-3437

Resumen

GODOY USON, María Paz; WALKER HITSCHFELD, Eduardo  y  ZEGERS RUIZ-TAGLE, Matías. ANALYSIS OF THE FIRST ATTEMPT AT IMPOSING SELF REGULATION ON CORPORATE GOVERNANCE IN CHILE: RESULTS OF AN OXYMORON. Rev. chil. derecho [online]. 2018, vol.45, n.1, pp.179-210. ISSN 0718-3437.  http://dx.doi.org/10.4067/S0718-34372018000100179.

Between 2012 and 2014 the regulator issued a Norm requiring issuers to answer a questionnaire related with corporate governance practices in a “comply or explain” mode. This article studies the answers given by 97 issuers for those years. This article first verifies whether the practices included in the questionnaire are considered “useful”, this is, if they were adopted and/or whether the answers evolved through time. Then, the article analyzes whether the answers were explicit and informative. Although there are differences between categories, on average 65% of the practices evaluated were adopted, of which 59% were adopted before the Norm. In addition, the information contained in the answers seems to be standardized and scarce, suggesting formal and not necessarily actual compliance. Questionnaire answers also indicate few reported changes in governance practices as a consequence of this Norm.

Palabras clave : Corporate Governance; Self-Regulation; Emerging Markets; Chile; NCG 341; Fiduciary Duties.

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