Minimum guidelines for Transparency and Business Ethics Programs 05 / 17 / 2024 ??

The Administrative Department of the Presidency of the Republic (DAPRE) has issued the draft decree that establishes the Minimum Guidelines required for the Transparency and Business Ethics Programs (PTEE).

In addition to addressing measures to prevent corruption, transnational bribery , and fraud, the decree also includes provisions on money laundering and terrorism financing, which contrasts with the current regulations of the PTEE issued by superintendencies, municipalities, and other authorities.

A notable aspect of the decree is its focus on regulating lobbying, which entails the requirement for maintaining records of meetings and expenses, as well as protocols for interactions with public officials. Additionally, it establishes guidelines to prevent unfair competition , collusion, and contractual breaches.

Furthermore, it addresses the management of conflicts of interest, the receipt of gifts, and expenses related to travel and entertainment. Moreover, it mandates reporting political financing to the Transparency Secretariat.

The project will be open to comments until May 21, 2024. Subsequently, authorities will have one year to issue or update sectoral guidelines for PTEE, adapting them to the specific needs of their supervisees.

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Colombia is the third-largest recipient of venture capital funds in Latin America, trailing only Brazil and Mexico, according to figures from LAVCA, the Latin American Private Equity and Venture Capital Association. In a challenging environment for Colombia's entrepreneurial ecosystem, a group of regional investors has come together to host Colombia VC Week from May 14 to 17, dedicated to venture capital.

The aim of this event is to address the interest of investors in understanding the local market and gaining insights into the country's business dynamics. We will be present at this significant gathering to explore potential contributions to DeepTech ventures and continue strengthening the intersection between the local science , technology , and innovation system and the venture capital industry.

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The legal dispute between the Italian museum Gallerie dell'Accademia and the German toy company Ravensburger continues. The origin of the dispute is that, according to the museum, Ravensburger illegally used the work of the Vitruvian Man for its own commercial purposes .

In Italy, state cultural property requires prior authorization and the payment of reproduction fees. After analyzing the case, the Court of Venice and the Italian Ministry of Culture determined that the unauthorized reproduction of the work could cause damage to the Treasury.However, a German court took a different position, ruling that Ravensburger could reproduce the work since in this country copyright does not apply to works in the public domain , and a national law was intended to be applied beyond the corresponding borders. The decision of the Stuttgart court may be challenged by the Italian authorities.

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In Colombia, legal action against resolutions of the annual shareholders' meeting can be pursued through specialized corporate jurisdiction, ordinary courts, or arbitration .

The choice of forum depends on factors including the shareholders' agreement as stipulated in the bylaws and the nature of the dispute. It's essential to carefully analyze the circumstances of each case to prevent any lapses that could impact shareholders.

Recently, the Superintendency of Corporations, a specialized court in corporate and shareholder litigation, rejected a lawsuit due to the statute of limitations because the plaintiff opted not to pay the arbitration costs agreed upon by the shareholders in the bylaws, attempting to access local courts while avoiding arbitration expenses.

The Superintendency emphasized that the termination of the arbitration proceeding due to non-payment does not suspend the statute of limitations for filing the claim, which is 2 months from the shareholders' meeting.

This decision underscores the importance of the dispute resolution mechanisms outlined in the bylaws. Once the forum is selected, shareholders must recognize that payment of costs for mechanisms such as arbitration is necessary for resolving disputes, and these costs may be reclaimed later. Opting out of arbitration to access another jurisdiction can have immediate consequences for dissenting shareholders' rights, validating decisions made at the annual meeting due to the limited time available for challenging them.

Original source in Spanish.