In order to keep you updated on new regulatory matters, we would like to inform you that Law 1778 of 2016, which penalizes transnational corruption acts, provides the need of implementing the business ethics program, focused on preventing such kind of behaviors.
Which companies must implement the business ethics program?
This program must be implemented only by companies under surveillance by the Superintendence of Companies that have performed businesses of any kind within the last year on a regular basis with individuals or corporate entities and that meet ANY of the following situations:
- That the company performs business through a third party: the company carries out businesses abroad through an intermediary, contractor or even through a subordinated company or a branch office in another country; or
- That the company performed businesses with specific economic sectors: by December 31st of the previous year, the company meets any of the following requirements, depending on the economic sector:
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* S.M.L.V. = legal standing monthly wagesECONOMIC SECTOR GROSS INCOME EQUAL TO OR ABOVE: TOTAL ASSETS EQUAL TO OR ABOVE: NO. EMPLOYEES EQUAL TO OR ABOVE: Pharmaceutical 75,000 S.M.L.V. 75,000 S.M.L.V. 2,000 direct employees Infrastructure and Construction 150,000 S.M.L.V. 150,000 S.M.L.V. 2,000 direct employees Manufacture 150,000 S.M.L.V. 150,000 S.M.L.V. 2,000 direct employees Mining and energy 150,000 S.M.L.V. 150,000 S.M.L.V. 2,000 direct employees Communication and Information Technologies 500,000 S.M.L.V. 500,000 S.M.L.V. 1,000 direct employees
Which is the term for implementing the business ethics program?
Resolution 100-002656 issued by the Superintendence of Companies established March 31st, 2017 as the term for implementing the subject program. Failure to implement the program could result in economic penalties pointed out in Law 1778 of 2016.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.