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 -Published: Wednesday, November 6, 2019- OECD approves Costa Rica
regarding corporate governance
By the A.M. Costa Rica staff The Corporate Governance Committee of the Organisation for Economic Cooperation and Development last week approved the requirement on corporate governance for Costa Rica, said the Finance Ministry Tuesday. According to the ministry, the organization, known as the OECD for short, valued the country's progress in implementing a series of recommendations to approach its standards in two areas: - Principles of corporate governance of the OECD and the G20. - OECD guidelines on the corporate governance of state-owned companies, known as EPEs. Based on the recommendations to comply with these two issues, an action plan was prepared by the financial superintendencies. According to Alberto Dent, president of the National Council of Supervision of the Financial System, in the last four years the financial superintendencies have developed concrete actions to approach international standards in corporate governance. Concerning the OECD Guidelines on Corporate Governance of State-Owned Enterprises, the Ministry of the Presidency, since 2016, made a series of actions to comply with the recommendations. Those focused on three areas: -Coordination between the state and its companies. -Transparency and accountability of the EPEs - Professionalization of the boards of directors of the EPEs. According to the Ministry, the OECD's mission is to promote policies aimed at improving the economic and social well-being of people around the world. It provides a forum where governments share experiences, develop public policy and jointly seek solutions to common and global problems. On April, after an evaluation of key areas of public administration, the OECD granted a formal opinion on the entry of Costa Rica into that organization. Among the main achievements recognized by the organization are the advances in fiscal matters and public employment. The evaluation process led by the Ministry of Planning and Economic Policy (MIDEPLAN) began in 2015 when this Committee published a Study on Public Governance in Costa Rica. That report, in addition to making a diagnosis, provided a series of recommendations in different areas such as: management capacity and coordination of the government center, monitoring and evaluation, public budgets, public employment, regional development and integrity policies in public procurement. According to the Ministries, the approval and implementation of the law to strengthen public finances was key to achieving this goal, particularly by providing tools to improve the efficiency of spending on specific salaries and destinations and establishing a clear fiscal rule that allows doing more with the same resources. With respect to the employment of the public sector, administrative measures were implemented to contain spending and regulations that regulate the remuneration of employees, which seek standardization in the salary system; additionally, it was defined from the rectory of public employment in the Ministry of Planning, and the creation of a performance evaluation system. Costa Rica began its formal entry process into the organization in 2015. With this recent approval requirement regarding corporate governance, the country meets 16 of the 22 requirements to enter the OECD in 2020, said officials. ------------------------ In which other international organizations should Costa Rica be included? We would like to know your thoughts on this story. Send your comments to news@amcostarica.com |
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