Below we share the letter to the editor written by our Compliance group director, Francisca Franzani.
Yesterday, President Gabriel Boric promulgated the “New Law on Economic Crimes”, which promotes important changes to the punitive system, as well as to Law No. 20,393, which establishes the criminal liability of legal entities. In this sense, it means an important challenge for the Boards of Directors and Senior Management of the companies.
In this new scenario, the directors will have a fundamental role in the establishment of a “compliance” culture, with the effective development of a Crime Prevention Model. Also, the board of directors will have to evaluate the scope and effectiveness of existing risk controls to determine the need to expand them. All this, accompanied by a continuous measurement to identify potential improvement mechanisms.
Undoubtedly, the new law represents an important challenge for corporate governance. Therefore, boards of directors should be very attentive to the changes it implies for the management of their companies.
Francisca Franzani | Compliance Director of Albagli Zaliasnik
