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In brief

In the last few days, the Superintendence of Companies (hereinafter “SoC”) has begun to invite various companies under its surveillance and control to participate, on a voluntary basis, in a diagnostic exercise on the implementation of sustainable practices. The above, in accordance with Chapter XV of the Basic Legal Circular of the SoC: “Administrative Recommendations for the Submission of the Sustainability Report” (hereinafter “Chapter XV”).

The purpose of this exercise proposed by the SoC is to collect, through a form of 87 questions, the relevant information to assess the current status of implementation of sustainable practices in the business sector, as well as to determine the level of preparedness of the surveilled companies to comply with the provisions of the aforementioned Chapter XV. In this way, the information provided by the companies and businessmen in the form will allow the SoC to gather the necessary information to carry out the diagnosis. When filling out the form, the company must provide, among other information focused on the corporate governance, environmental, social, financial and economic areas, the following general information:

1. Basic data of the company.

2. Quality of the company as a certified sustainable entity or validation of its sustainability processes.

3. Whether the company has a sustainability policy and/or program.

4. If the company has a risk matrix that allows the measurement of environmental, social, governance, economic, and financial impacts, and segmentation according to the characteristics of each identified risk

5. If the company has a different mechanism for assessing sustainability risks in the environmental, social, governance, economic, and financial areas, and if the segmentation is performed according to the characteristics of each identified risk.

6. If the company has a process for identifying and mapping its stakeholders.

7. Whether the company produces sustainability reports in which it publicly and transparently discloses its economic, governance, financial, social, and environmental performance, and the frequency with which this report is prepared, submitted, and disclosed.

8. Whether the sustainability report meets the recommendations in Chapter XV and is prepared using an international reporting standard.

9. Whether the company uses any reporting tools or methodologies to support the structuring of its sustainability report.

10. If the company has a person responsible for the development, structuring and review of the sustainability report.

11. If the report prepared is published and disclosed within the company and communicated to the different stakeholders, and if it has been posted on the website for public consultation.

12. Whether a due diligence process has been established within the sustainability policy.

It is important to note that the provisions of Chapter XV are currently a recommendation, but the SoC is working to make the submission of the Sustainability Report mandatory in the near future.

Click here to read the Spanish version.


Carolina Pardo joined Baker McKenzie in 1994 and is a Partner of the Firm since 2008. She is currently a member of the Global Steering Committee for the Firm’s TMT industry group and of the Global Steering Committee for the Firm’s Investigation, Compliance and Ethics Group. She was a member of the Global Steering Committee for the Firm’s Global Antitrust and Competition from 2016 and until 2020 and is currently a member of the Latam's Antitrust Steering Committee.
She graduated as a lawyer and a specialist in International Contracts Law from Universidad de los Andes in Bogotá. She obtained a LL.M. with emphasis in International Private Law and Competition Law from the London School of Economics and Political Science.
Over 25 years, she has advised major national and international clients on matters related to compliance with data protection, competition and consumer law rules. She has represented clients in investigations and submissions related to data protection and competition matters in Colombia and has successfully coordinated and prepared white paper proposals to national authorities on behalf of major industrial groups in Colombia.
In 2016 Global Competition Review selected her as one of the 100 most influential women in antitrust. The last two Superintendents of Industry and Commerce have selected Carolina as a Non-Governmental Advisor to the Colombian Antitrust Regulator.


Angelica Navarro is a partner in Baker McKenzie's Bogota office. She served as an advisor to the superintendent of Industry and Commerce on antitrust and merger control. Prior to that, she was an adviser to the director of the National Protection Unit, where she was in charge of the formulation and execution on protection and human rights programs. Previously, she worked as an associate at a legal services firm and an in-house attorney from the Mexichem Colombia company. She was selected by Global Competition Review, along with clients and colleagues to be included in the 2017, 2018, 2019, 2020, 2021 and 2022 Who's Who Legal: Competition – Future Leaders publication as one of the most outstanding lawyers in the right of free competition under 45 years of age. Angelica was also recognized by Legal 500 in 2017, 2018, 2019, 2020 and in 2021 as a "Next Generation lawyer" in competition law.


Carlos Ignacio Arboleda is a Lawyer graduated from Pontificia Universidad Javeriana in Bogota. He holds a post-graduate course in Competition Law and Free Trade from the same University and earned an LL.M. degree from the University of Chicago.
Carlos has 10 years' professional experience as external counsel to national and international companies in antitrust and competition matters.


Luis Alberto Castell is a Lawyer from the Pontificia Universidad Javeriana in Bogotá, with a specialization in Competition and Free Trade Law from the same university and a Master of Laws (LLM) in International Business from Queen Mary University of London.
Luis has more than 10 years of experience. He began his professional practice in the financial sector and has been specializing in the fields of competition law and corporate compliance. He was an advisor to the Superintendent of Industry and Commerce on matters related to antitrust and mergers and was part of the specialized group for the protection of competition in public procurement processes (Bid Rigging) of said entity. He was also part of Shop IV on Mergers of the Federal Trade Commission (FTC) of the United States of America as an International Fellow.
For more than three years he has been part of the Corporate Compliance team at Baker McKenzie, handling matters related to personal data protection, corporate compliance (prevention of corruption and prevention of money laundering and terrorist financing) and competition.

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