Sustainability Report
On November 21, 2023, the Superintendence of Companies, through External Circular 100-000010, added Chapter XV to the Basic Legal Circular 100-00008 of July 12, 2022, which contains recommendations for those supervised by this entity to incorporate International Standards in their reports within the framework of sustainability.
The main issues to be highlighted in this Circular are as follows:
Application
The recommendations issued are applicable to the following companies:
Description | Ranges | Activity |
Controlled or supervised business entities | Total income or assets equal to or greater than 40,000 SMLMV as of December 31 of the immediately preceding year. |
|
Mining - energy sector | Total income equal to or greater than 30,000 SMLMV as of December 31 of the immediately preceding year. | Energy and non-renewable natural resources, such as electric power, mining, hydrocarbons. |
Manufacturing sector | Mechanical or chemical transformation of organic and inorganic substances into new products, processed either by hand or with machinery. | |
Construction sector | Production of materials or supplies for the construction of buildings or infrastructure, such as stone, sand, plastic, cement, metal, among other inputs. | |
Tourism sector | Hotel and resort accommodations, travel agency activities, tour operators, reservation services and related activities. | |
Telecommunications and new technologies | That the use, creation, or commercialization of information and communication technologies is indispensable or is its activity. |
Contents of the report
The sustainability report shall incorporate the following:
1. Due diligence, which must contain at least:
- Evidence of the evaluation and scope of the activities carried out.
- Accreditation of an adequate risk management system that allows verifying and evaluating the impact of the activities of its business model.
- Follow-up on the effectiveness of the measures, processes and tools implemented in order to prevent, mitigate or reduce the negative impact that happened or could happen.
2. Sustainability Report, this report must contain:
- International standard.
- Table of contents.
- Business entity profile:
- Company name.
- Location and address of principal and secondary addresses, if any.
- Sector to which it belongs.
- Main business activity.
- Size expressed in assets and income reported in accordance with the latest financial statement report.
- Description of your value chain.
- Stakeholder mapping.
- Organizational governance.
- Assignment of a person responsible for the report.
Presentation, publicity and disclosure
The report must be presented and approved annually at the first meeting of the highest corporate body.
The report must be presented and approved annually at the first meeting of the highest corporate body.
Want to know more?
Carlos Andres Molano Camelo Managing Partner Colombia - Bogota
