Update of guidelines for business ethics and transparency program
May 05 2023
business ethics and transparency

The Bogotá Mayor’s Office has taken a significant step towards greater transparency and business ethics by updating its guidelines for non-profit entities. These changes offer new avenues for organizations under the mayor’s supervision to maintain a robust compliance program and prevent corruption and bribery risks.

One of the key updates allows any top management member, except for the legal representative or statutory auditor, to oversee the PTEE compliance program. This modification creates exciting opportunities for non-profits to stay ahead of the curve.

Moreover, non-profit entities with total assets of 1,000 legal monthly salaries or more (USD 251.491,78) can now opt for an Integral PTEE at any time, ensuring they have the right level of protection in place. This change broadens their criteria for updating the program and helps them to focus on their mission and goals.

Finally, the Mayor’s Office has extended the reporting deadline for the approval and implementation of PTEE to May and June 2024. This extension provides non-profit entities with an extra year to meet the compliance requirements, offering them more time to focus on their core objectives. These changes are a win for non-profits, empowering them to stay compliant and maintain their commitment to ethics and transparency.

Original source in Spanish.