Exchanges Regionalization and Corporate Governance - Central America

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Lourdes Acosta Soriano
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1 Exchanges Regionalization and Corporate Governance - Central America Latin American CG Roundtable México 2008 Bolsa Nacional de Valores Costa Rica

2 Mercados centroamericanos El Salvador BVES Costa Rica BNV Panamá BVP GDP (PPP) $42bn $46bn $35bn Population 7.1m 4.1m 3.3m Poverty (Mod/Ex) 40%:13% 19%: 4% 37%:17% Unemployment 6.4% 4.6% 6.4% Exports $4bn $9bn $9bn Trading volumes * 1º market 2º market Listed Companies Exchange member firms Corporate structure $495m $205m Dem $2,990m $4,335m Mutual $870m $240m Dem *: Jan to Oct Data from Capitales.com

3 Creating a regional market AMERCA Alliance of Central American Markets Variation of NOREX model All exchanges and regulators retain own authority Shared system with common trading rules same access for all New figure in each country Remote Member overseas member with rights limited to participation in the Electronic Order Book All Public Offer securities offered in the National Markets starting with shares and bonds Shared governance managed through shared subsidiary

AMERCA Objectives Offer issuers a mass of investors sufficient to justify listing in the region Offer investors a mass of issuers sufficient to justify investing in the region Improve the quality of

4 AMERCA Objectives Offer issuers a mass of investors sufficient to justify listing in the region Offer investors a mass of issuers sufficient to justify investing in the region Improve the quality of the markets greater liquidity, lower volatility, lower spreads, improved standards of governance Share the cost of technology investment between exchanges overall cost and quality up, average cost down Principal impacts 3 listing venues - differentiation between national regimes at level of investors, firms and issuers Expectations Issuers will experience different regulatory approaches and investors will differentiate quality Regulatory convergence on transparency and corporate governance Convergence on firms regulation New exchange members will have to meet minimum standards

5 CG initiatives in region Regional Network of Institutes of Corporate Governance Panama Securities Regulator, private sector and Stock Exchange all key forces in creation of IGC-P. Significant support from Forum 2007 IGC-Panama launched aimed at all types and sizes of company 2008 Start of activities - CG Library within the National Library - Seminars - Bulletins - National CG Survey coordinated by the Exchange creation of network of sister Institutes in region, coordinating products and messages, initiate director training programmes Costa Rica Stock Exchange pushing to create early-mid 2009 Dominican Republic Stock Exchange has offered to act as central pivot El Salvador Stock Exchange to take lead role in pushing forward

CG initiatives in region Exchange Voluntary Code of Corporate Governance - Listing requirement as of 2009 (Comply or Explain) - Being adopted by non listed companies - Annual declaration requires

6 CG initiatives in region Exchange Voluntary Code of Corporate Governance - Listing requirement as of 2009 (Comply or Explain) - Being adopted by non listed companies - Annual declaration requires verification by approved auditor - Expanding scope to include Chamber of Industry, Accountants College, Association of Pension Funds, Chamber of Investment Funds MAPA new market model aimed at growth companies - Key focus is on CG - Requirement to put shareholder protections in statutes - Strong transparency requirements - Private offer to restrict access to companies information - Restricted access website

7 Themes emerging in CAm Objectives and corporate governance of Stock Exchange in developing country social or commercial? Power of Exchanges to influence private non-listed sector Regionalization goals creation of critical mass and relevance migration towards international standards in markets regulatory convergence towards what is necessary

8 END OF SLIDES

9 MAPA mezcla de dos Mundos Una estructura que ofrece: la flexibilidad de Oferta Privada las protecciones y beneficios de Oferta Pública Mercado segundario brinda referencia de precios Un sistema Web para información y negociación Transparencia ante accionistas El soporte del Patrocinador Código de Gobierno Corporativo Flexibilidad de Oferta Privada Derechos de estándar internacional para accionistas + La empresa controla quien tiene acceso al mercado + La Junta aprueba las transferencias (control del libro de accionistas) + No hay que revelar información a competidores + Regulaciones apropiadas a empresas más pequeñas

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