For the first time, the Delegation of Economic and Corporate Affairs of the Superintendence of Companies imposed a sanction within a sanctioning process against a company for non-compliance with the regime of Benefit and Collective Interest Companies (BCI).
Throughout the administrative investigation, deficiencies were identified in the preparation of the Management Report that the legal representative was obligated to submit to the highest social body. Additionally, there was a failure to comply with the orders issued by the Superintendence of Companies, resulting in a fine of COP 16,000,000.
The Superintendence underscores the importance of companies adhering to the BIC Societies regime and fulfilling their obligations to adequately achieve the objectives of creating economic, social, and environmental value.
