Governance Briefing — September 5, 2024

Executive briefing: On 5 September 2024 the Comisión para el Mercado Financiero (CMF) of Chile published Norma de Carácter General 501, redesigning the annual Formulario Ficha Estadística Codificada Uniforme (FECU). Issuers must explain governance of sustainability risks, board structures, and internal control frameworks beginning with FY2025 reports.

Key governance signals

• Board oversight narratives. Companies must disclose how boards supervise ESG risks, including committee mandates and director competencies.
• Risk management integration. Issuers must detail processes for identifying, assessing, and managing material sustainability risks across operations and value chains.
• Assurance transparency. CMF expects disclosure of assurance scope and providers for sustainability information, aligning with international standards.

Action checklist

• Update governance sections of the annual report to map board and committee responsibilities for sustainability oversight.
• Coordinate risk, sustainability, and finance teams to document methodologies for identifying and mitigating climate, social, and governance risks.
• Prepare assurance readiness plans that align sustainability data controls with financial reporting practices ahead of FY2025 submissions.

Sources

• CMF press release on General Rule 501
• Norma de Carácter General 501

Zeph Tech helps Chilean issuers integrate sustainability governance metrics into FECU updates and assurance programmes.

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