BTN News: The Superintendence of Companies has imposed a significant fine on Eduardo Pimentel Murcia after identifying him as the controlling figure behind Deportivo Boyacá Chicó Fútbol Club during the period from March 1, 2021, to March 9, 2023. This decision underscores a crucial point in the governance of family-owned businesses, highlighting the importance of transparency in corporate control. Pimentel’s oversight was in failing to disclose his controlling role in the club within the commercial registry, a lapse that has resulted in a penalty of 16.9 million pesos. This fine is grounded in Article 30 of Law 222 of 1995, which mandates the public revelation of control situations to ensure corporate accountability.
The case of Eduardo Pimentel sheds light on the complexities surrounding control in family-run enterprises. While his children held the majority of the shares, Pimentel maintained ultimate decision-making power through the usufruct granted to him. This situation illustrates that even if a parent does not hold ownership of the shares, they may still exert significant influence if they retain the ability to make key decisions within the company’s highest governing bodies. The Superintendence of Companies emphasized that such control must be registered in the commercial registry, ensuring that all stakeholders are aware of who truly holds the reins of the business.
Superintendent of Companies, Billy Escobar Pérez, stressed the importance of transparency in corporate governance. He noted that one of the fundamental principles of good corporate governance is the open and honest disclosure of who controls a company. Such transparency is crucial for building trust among the various stakeholders who interact with these companies, especially in sectors like professional sports, where clubs function as corporations.
Additionally, Escobar Pérez mentioned that the Superintendence is actively conducting inspections of professional sports clubs that operate as corporations. These visits aim to verify that these organizations adhere to the principles of good governance, thereby fostering confidence among the different groups with vested interests in these clubs. The emphasis is on ensuring that these entities not only comply with the legal requirements but also operate in a manner that promotes transparency, accountability, and good governance practices.
This case involving Eduardo Pimentel is a stark reminder of the responsibilities that come with controlling a company, particularly within the realm of family-owned businesses. It highlights the need for clear and accurate disclosure of control, as well as the broader implications of such control on corporate governance and stakeholder trust. The fine imposed serves as a warning to other business leaders about the importance of maintaining transparency in their corporate dealings, particularly when it comes to the control and decision-making processes within their organizations.
