Colombia. The Superintendence of Companies confirmed the decision adopted in April of this year, by which it imposed a fine of forty million Colombian pesos (about US$10,000) on Phoenix Media S.A.S., for having omitted the timely, complete and correct registration of the situation of control exercised over Plural Comunicaciones S.A.S. (Channel 1). through HMTV Uno S.A.S.
In this case, although the parent company acquiesced to the charges made in the course of the administrative investigation, the disclosure of the control structure was made out of time. As a result of this omission, the identity of the true parent company was not disclosed for a significant period, which violated the principle of transparency that governs corporate information.
The timely registration of the control situation in the commercial register is of particular importance, as it allows third parties to know who effectively exercises the dominant direction or influence over a company, an aspect that is particularly relevant in the case of sectors of public interest such as the media.
In this regard, the Superintendent of Companies, Billy Escobar Pérez, stated that "administrative investigations into the adequate disclosure of business groups and control situations are essential within the framework of corporate governance, especially to generate confidence in the market. This Firm promotes good business practices with the different stakeholders, the clear identification of controlling parties and the implementation of mechanisms for conflict resolution, with a view to guaranteeing the sustainability of organizations."
