SELF-REGULATION MODELS ADOPTED IN CHILE AS INSTRUMENTS TO IMPROVE GOOD CORPORATE GOVERNANCE: CRITICAL ANALYSIS AND PENDING CHALLENGES

Abstract

Chile has followed the guidelines of the OECD with regard to the BGC, modifying part of the regulations and promoting “self-regulation” processes. The design and implementation of this tool has been in charge of the Regulatory Body (SVS/CMF), which has issued different general regulations (NCG) for this purpose (341 in 2012; 385 and 386 in 2015; and 461 in 2021). The results, so far, have shown the failure of those, with the exception of 461, whose results will only be visible from 2023. This allows us to analyze the underlying reasons for the current state, and then carry out a proposal for improvement considering the pending challenges. This article focuses on a legal analysis of this matter.