___________________________________________________________________________ 2017/PPWE/SEM/008 Board Members’ Composition in State Owned Companies: Recent Chilean Experience Submitted by: Chile Seminar on Women As Prime Movers of Inclusive Business Hue, Viet Nam 26 September 2017
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E.P. TALCAHUANO - SAN VICENTE E.P. PUERTO MONTT E.P. CHACABUCO
E.P. AUSTRAL METRO EFE
CORREOS ZOFRI POLLA
CASA MONEDA COTRISA SASIPA
ECONSSA SUBTOTAL OTRAS EMPRESAS
1997 2001
SAE, Enterprise
Administration System is
born
CORFO delegates on SAE
the supervision of its
companies
Board of 5 Members
SAE in charge of 20
Companies (Metro, Zofri,
Cotrisa, Polla, Enacar,
Sasipa, Sacor y 13 Sanitary
companies)
Until 1997 CORFO
Exercised its owner
rights directly over its
companies
CORFO devoted
resources to promote
economic development
and behave as
shareholder.
Year
Creation SAE Creation SEP
SEP’s Institutional Evolution
2017
6
SEP is born
State Owned Companies are
added to its supervision.
Additional 4 Board Members
New Comapnies added to the
System: 10 Ports, EFE, Mail
Emaza (inicially also ENAMI)
Forthcoming
SEP New
law
Entry and Exit of State Owned Companies (SOEs) to the SEP System
7
FirmYear
FoundationSEP entrance SEP Exit
EP ARICA 1998 2002 vigente
EP IQUIQUE 1998 2002 vigente
EP ANTOFAGASTA 1998 2002 vigente
EP COQUIMBO 1998 2002 vigente
EP VALPARAÍSO 1998 2002 vigente
EP SAN ANTONIO 1998 2002 vigente
EP THNO SVTE 1998 2002 vigente
EP PTO. MONTT 1998 2002 vigente
EP CHACABUCO 1998 2002 vigente
EP AUSTRAL 1998 2002 vigente
EFE 1884 2002 vigente
METRO 1968 1997 vigente
CASA DE MONEDA 2009 2009 vigente
CORREOS 1852 2002 vigente
POLLA 1934 1997 vigente
COTRISA 1986 1997 vigente
ZOFRI 1975 1997 vigente
SASIPA 1980 1997 vigente
ENACAR 1852 1997 2017
FirmYear
Foundation
SEP
entranceSEP Exit
EMAZA 1960 1997 2010
ESSAN (ECONSSA)1990 1997 vigente
ESSAT 1990 1997 2004
EMSSAT 1990 1997 2004
ESSCO 1990 1997 2004
ESSAM 1990 1997 2001
ESSAR 1990 1997 2004
EMSSA 1990 1997 2003
ESMAG 1990 1997 2004
LAGO PEÑUELAS 1998 1998 2015
ESSVAL 1990 1997 1999
EMOS (A. Andinas)1990 1997 2000
ESSEL 1990 1997 2000
ESSAL 1990 1997 1999
ESSBIO 1990 1997 2001
Duties Exercised by SEP as Holding of SOEs
8
1. Perform duties of Shareholder by delegation (CORFO, MTT, Ministry of
Finance- MF-):
i. Attend General Shareholder Meetings
ii. Nominate Board Members (90 posts + 20 suggestions of related
companies).
iii. Dictate instructions together with MF related to Financial matters
(ej. Austerity, ceilings to spending, and commitment in negotiations
with employees , etc. )
iv. Validation of Strategic Planning and Firms Master plans
v. Establish annual performance Goals (CD, Goals, PGA)
vi. Evaluate Board members performance.
2. Performance Control of firms with debt guaranteed by the Government
(SEP firms -Metro, EFE and non- SEP firms- ENAER) (2002)
3. Dictate and revise best corporate government practices (2010)
i) Represent SOEs before OECD corresponding body
Funciones Sistema de Empresas Públicas- SEP. Holding de Empresas Públicas
9
4. Report & Transparency.
i. Prepare annual reports of SEP firms for the President and
Congress.
ii. Prepare periodical financial reports for the President and
Congress Commissions
5. Technical economic evaluation of some Firms’ investments
Voluntary Quotas on gender diversity in Boards of SEP SOEs
10
• The new 2014 Goverment had commited in its govermnet
Programme to expand the participation of women in Boards of SEP
companies to achieve a 40% level by the end of the government
mandate (march 2018)
• Since the new administration took office, and the new SEP Council
was established, continuos efforts were made to achieve promptly
the goal.
• The statrting point was the lowest since women were appointend as
Board members in the SEP era (as low as 5%)
• By the end of 2014 women in Bords achived over 28%
• By April 2017, Women represented 42% of the board members.
Best Practices in State Owned Companies. Achievements in gender diversity in Board members Composition
11
Diversity de la Diversidad (género) en Consejo SEP
12
Final Remarks
• It is an integral part of the duties of SEP’s Council to actively seek for a balanced composition of Board members in all dimensions, from areas of competences and excellence to gender diversity.
• The idea that women have not been willing to undertake responsabilities to run SOEs is not accurate, or largely incorrect.
• There is a large pool of women who have the proffessional profile to undertake the challenge to be in the Board in their full right.
• Voluntary quotas can become a useful policy to overcome hurdles to rightlfully appoint women in Board of SOEs.
• In doing so, the pool of women that may potentially fulfill other high managment positions is enlarged.
• But voluntary quotas may be a fragile tool if commitment to appoint women in SOEs Boards across administrations is uneven.
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9 al 11 de Mayo, 2017 Gobierno de Chile | Sistema de Empresas SEP 14