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Gobierno Corporativo y Administradoras de Fondos de Pensiones (AFP). El caso chileno

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  • Soledad Hormazabal
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    Abstract

    El buen funcionamiento de los gobiernos corporativos incide positivamente en la competitividad y crecimiento de una economia. Las caracteristicas de los mercados de capitales inciden en la estructura del problema de agencia que se establece en las companias, por lo que determinara distintos modelos y requerimientos a los gobiernos corporativos que se establezcan en estos mercados. El objetivo de este trabajo es analizar la incidencia del sistema de pensiones de capitalizacion individual en las practicas de gobiernos corporativos, para lo cual se realiza un estudio del caso chileno. Se observa que el establecimiento de fondos de pensiones privados incide positivamente en la calidad de los gobiernos corporativos. Este efecto se produce mediante distintos mecanismos: i) indirectamente, al profundizar los mercados de capitales y financieros; ii) directamente, a traves de las mayores exigencias que ejercen las Administradoras de los fondos de pensiones (AFP) a las empresas en que invierten los recursos; iii) incidiendo en la institucionalidad publica y estructura regulatoria que incide en el gobierno de las empresas. Se identifican casos especificos que han contado con la activa participacion de las AFP, los que a su vez han posteriormente derivado en el establecimiento o perfeccionamiento de normativas. En particular, el trabajo realiza una revision en detalle del caso Fasa S.A. cuyo directorio tuvo un publico fracaso; en esta oportunidad, se impulso la promulgacion de la Ley de Gobiernos Corporativos y Directores Independientes en 2009.

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    Bibliographic Info

    Paper provided by BBVA Bank, Economic Research Department in its series Working Papers with number 1005.

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    Length: 39 pages
    Date of creation: Apr 2010
    Date of revision:
    Handle: RePEc:bbv:wpaper:1005

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