Colombia was accepted into the Corporate Governance Committee of the of the international economic organisation OECD on Wednesday, marking a step towards the full membership sought by the South American country.
Entry to this committee marks the 15th of 23 stages in the ascension process towards full membership of the Organisation for Economic Co-operation and Development (OECD).
Colombia officially began the ascension process in October 2013 and this latest announcement is seen as a major milestone and recognition for their work regarding the economy.
“We have been doing very judicious work so that through good corporate governance, our state enterprises are becoming more efficient, more transparent and more successful. This OECD approval is a recognition of this work, “said Finance Minister Mauricio Cardenas.
Cardenas presented the delegates of the member countries of the OECD with the reforms undertaken by the South American country to improve their management of state enterprises and their efforts in raising the corporate governance standards.
The finance minister said the OECD experts “expressed their admiration for the rapid and effective way the government has managed to make and implement major reforms.
Among the decisions taken include the departure of the ministers from the boards of state enterprises, strengthening the Financial Supervisory Authority and updating the country code on corporate governance standards.
The government prepared the first annual report of state enterprises, where their current situation and performance was presented.
“We also strengthened the boards of our most important state enterprises such as Ecopetrol, ISA and the National Finance Development, by increasing the number of independent members. This gives us the assurance that the companies will manage their resources in the best way and make investments that generate the highest possible return to the country ,” the minister said.
Cardenas reiterated that this accolade by the OECD is a reflection of the work being done by the government of President Juan Manuel Santos to implement the best international practices of public policy.
Colombia now need to fulfill eight more stages in the ascension process towards full participation in the international economic committee.
The OECD is currently made up of 34 countries from the Americas, Europe and Asia.