Valorem > Matters > Good governance and business ethics

Good governance and business ethics

Buen gobierno y ética empresarial
Valorem > Matters > Good governance and business ethics

Implementation of leading practices in the way governing bodies act,
accountability and decision-making processes.

Valorem Report 2018

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Valorem
good-governance-and-business-ethics
valorem-report-2018

Valorem achievements

  • A new ethical line was implemented as an effective, confidential and anonymous channel, to make complaints or suspicions of any unethical, inappropriate behavior, or of any violation of the laws and principles of the Conduct Code, or of the compliance policies and standards, by any stakeholder.
  • The new Self-control and Risk Management System for Asset Laundering and Terrorism Financing - SAGRLAFT was implemented, which establishes the norms and procedures to avoid that the activities and resources be used for illegal purposes.
  • The legal committee made up of those responsible for the legal area of the companies was formed. This committee seeks to generate communication channels and cooperation spaces, as well as to sharing good practices of each company, and to become more efficient through the exchange of knowledge, skills and experiences.
  • A document management tool was developed to make the contract procedures, the administration of societies and the administration of judicial processes more efficient.

Valorem’s outstanding initiative

  • The delisting process from the Colombian Stock Exchange was finished through a Public Offering of Acquisition (OPA).

Achievements

  • In the OPA Invernac & Cía S.A.S. obtained 7,11 % of the available shares.
  • Valorem became regulated by the Superintendency of Corporations and will maintain the highest standards of corporate governance.
  • Valorem, through an asymmetric spin-off by creation, split part of its equity to the company Kartal S.A.
  • The company turned into a Simplified Stock Company (S.A.S.)

Valorem challenges 2019 - 2020

  • To carry out the transition of an open company to a closed company maintaining the highest standards of corporate governance and good practices that it had implemented under the surveillance of the Financial Superintendency and of the Colombian Stock Exchange.

Caracol Televisión Report 2018

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Caracol Televisión
good-governance-and-business-ethics
caracol-television-report-2018

Caracol Televisión achievements

  • The internal policies and the Ethics Code were circulated and socialized with employees.

Caracol Televisión’s outstanding initiative

  • The Comprehensive Risk Management System for Caracol Televisión was consolidated, with the Risk Management Policy and the reinforcement of the components of the internal control system.

Achievements

  • The Comprehensive Risk Matrix was developed including the identification of issues related to HHRR (Human Rights). All the vice presidencies of the core processes participated in this exercise to accomplish a first matrix with responsible managers. This process included:
    • Definition of core processes, management processes and support processes for the different vice presidencies of the company.
    • Identification of leading risk managers and / or risk managers.
    • Enumeration of risks, risk profile and treatment thereof.
    • Definition of controls for risks.
    • Risk monitoring (validate execution and effectiveness of controls).
    • Treatment of events (notification of the materialization of a risk).

Caracol Televisión challenges 2019 – 2020

  • To implement e-learning systems to strengthen the diffusion and empowerment of employees in relation to the ethical issues of the company.
  • To socialize the Ethics Code with suppliers and advertisers.
  • To include the human rights perspective in the risk analysis and use the material matters identified within the framework of the Corporate Responsibility Mode as input for said analysis.

El Espectador Report 2018

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good-governance-and-business-ethics
el-espectador-report-2018

El Espectador achievements

  • The ethical line was implemented as a tool for the Compliance Officer to report unethical or illicit behavior.
  • The main sections of the anti-corruption policy were disseminated through the different internal communication channels.
  • The commitment of all officials to the anti-corruption policy was ratified.

El Espectador’s outstanding initiative

  • To achieve that 100% of clients and suppliers are verified prior to their creation in the system.

Achievements

  • An optimal supplier was hired for the provision of the required information for the ML/TF assessment (including OFAC, Office of Foreign Assets Control).
  • The guidelines for risk evaluation and third parties’ verification for ML/TF Asset Laundering and Terrorism Financing (including OFAC) were implemented.
  • Prior verification of ML/TF for the creation of clients and suppliers in the information system.

El Espectador challenges 2019 – 2020

  • To potentiate the ethical line by giving it greater diffusion to facilitate the reporting of unethical or illicit behavior.

Cine Colombia Report 2018

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Cine Colombia
good-governance-and-business-ethics
cine-colombia-report-2018

Cine Colombia achievements

  • Strict compliance with the procedures of SAGRLAFT (Self-control and Risk Management System for Asset Laundering and Terrorism Financing) by the Compliance Officer.
  • Meetings of the Board of Directors, Shareholders’ Assembly and Audit Committees in accordance with the schedules and the Corporate Governance guidelines.
  • Timely attention to all legal requirements of the company.
  • Active participation in the Legal Committee at Group level.
  • Follow-up on the few complaints from the company’s ethical line.

Cine Colombia’s outstanding initiative

  • Cine Colombia has stood out for its rigor in the control and fulfillment of all its actions.

Achievements

  • To consistently implement expense control processes in purchasing decisions, verifying against the budget and guaranteeing the quality of suppliers.
  • To carry out weekly purchasing and allocation committees, complying with the supplier evaluation policies.

Cine Colombia challenges 2019 – 2020

  • Due to the high turnover at the operational level, the great challenge is to maintain employees permanently informed of all the measures implemented to maintain the good corporate governance practices within the company.

Tiendas D1 Report 2018

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good-governance-and-business-ethics
tiendas-d1-report-2018

Tiendas D1 achievements

  • The Ethics and Conduct Code was updated.
  • Use of the tool ‘World-Check One’, which allows to consult and monitor suppliers and creditors for the opportune detection of asset laundering and / or terrorism financing activities. In addition, in regional offices and national headquarters queries are made on public lists and databases, to the Company’s counterparts (employees, suppliers and creditors), to see that they do not generate a risk factor.

Tiendas D1’s outstanding initiative

To promote awareness of the ethics line to ensure that it is an effective communication channel both internally and externally.

Achievements

The internal anti-corruption and bribery policies were diffused to 100% of the employees, which regulate and promote ethics and commitment to the business.

  • Diffusion of the availability of the channel dudas.etica@koba-group.com, in order to receive any doubt, suggestion or comment related to ethics, corruption or bribery issues. This channel is also available on the web page www.tiendasd1.com
  • This process is managed by the internal compliance officer, who objectively analyzes the complaints received in order to guide and / or support the internal or external necessary inquiries with the other members of the Ethics Committee.

Tiendas D1 challenges 2019 – 2020

  • To develop guidelines for third party evaluation.

Refocosta Report 2018

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Valorem
good-governance-and-business-ethics
refocosta-report-2018

Refocosta corporate achievements

  • The Ethics Code was updated and socialized in the organization.

Refocosta’s outstanding initiative

  • To continue complying with the standards established in terms of corporate governance and business ethics.

Achievements

  • The first corporate governance report of the company was prepared and presented at the general shareholders’ assembly meeting in March 2018.

Refocosta challenges 2019 – 2020

  • To diffuse corporate governance and business ethics guidelines within the companies in which the organization is investing.

Ditransa Report 2018

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good-governance-and-business-ethics
ditransa-report-2018

Ditransa achievements

  • A diagnosis of good governance practices was carried out, which should be consolidated to allow a unified consultation.

Ditransa’s outstanding initiative

  • To promote good practices of ethics and transparency in a sector characterized for its informality and has a high level of unfair competition.

Achievements

  • The transparency campaign was continued
  • Within the framework of the campaign, t-shirts were given to employees with the message “I receive no commission”, to promote the non-reception of money for the trips they make with the company.

Ditransa challenges 2019 – 2020

  • To build a single corporate governance document and make the disclosure to all stakeholders nationwide.

San Francisco Investments Report 2018

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San Francisco Investments
good-governance-and-business-ethics
san-francisco-investments-report-2018

San Francisco Investments achievements

  • An evaluation mechanism was implemented for critical and strategic suppliers.
  • An administrative and financial manual was prepared with which the company requires that all project subcontractors be consulted on restrictive and binding lists before contracting.

San Francisco Investment’s outstanding initiative

  • To implement good corporate governance practices

Achievements

  • SFI implemented an anti-corruption and anti-bribery policy within the organization, which guarantees greater transparency in the contracting processes.
  • It implemented Valorem’s ethical line, which allows for reporting channels for officials and contractors.

San Francisco Investments challenges 2019 – 2020

  • To strengthen current procedures as project progresses and additional contracts are made.

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