Corporate Control, A Matter of Public Interest and Transparency

Corporate attorney Juan Felipe Arango wrote an article for Asuntos Legales about the importance of disclosing situations of control and/or business groups, even when they are established abroad but have effects in Colombia. Mr. Arango highlights that the Superintendence of Companies considers the disclosure of these situations is of public interest and a matter of transparency, especially in cases of conflicts of interest, operations between related parties, consolidation of financial statements, risk assessment and cases of insolvency. Furthermore, he explains that the obligation to disclose the control situation falls on the foreign controlling company of the parent company of the branch office domiciled in Colombia, and that for registration purposes, it must be declared in the commercial registry under the registration of the branch.

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