The aforementioned law promotes the increase of the transparency of the markets and the protection of the interests of the investors, especially of the minority ones.
The regulation to article 3 of this law, seeks that micro and small companies, companies and other entities regulated in the Commercial Code of Costa Rica that are not listed, adopt corporate governance policies.
Corporate governance defines how authority is assigned and decisions made by the company. That through principles, rules and control, structure productivity increments and manages the risk of the company.
Within the actions that are regulated, criteria are defined to identify relationships of influence that generate conflicts of interest and affect the company’s assets.
In addition, it establishes that the transactions of acquisition, sale, mortgage or pledge of assets of the company with an amount equal to or greater than 10% of the total assets, are communicated to the partners or shareholders or investors in an immediate, Accurate, and efficient, as well as its disclosure in the annual results report.
The formation of this regulation was supported by the National Council for the Supervision of the Financial System (CONASSIF) and complies with the best international practices recommended by the OECD and the World Bank.