Administrator Duties and Responsibilities Conferences
The sessions were organized by the Externado Commercial Law Department.
At the event, the existing legal scenarios on the duties and responsibilities of commercial organizations administrators in Colombia were addressed.
There are several types of business group administrators or legal representatives’ responsibilities.
On the one hand are the general responsibilities – civil, criminal and disciplinary. On the other hand are special responsibilities – financial, labor, accounting, environmental, and bankruptcy. As company managers play key roles in organizations’ decisions, they encounter big challenges while performing their work.
Although it may seem logical, it was emphasized that corporate administrators must act under the principles of good faith, loyalty, and the diligence of a ‘good businessperson,’ to protect shareholders and avoid disciplinary proceedings affecting the good name of the company.
An analysis was made of the above issue, contained in law 222 of 1995, establishing operating parameters for financial companies in our country.
For Dr. Saúl Sotomonte, director of the Commercial Law Department, the event is part of the Externado ongoing practice to continuously hold forums and academic meetings on current national and international legal topics. The accountability and administration of commercial entities and business groups is a permanently current topic, especially now, in Colombia, where corporate responsibility and managers’ accountability in a series of conflicts, are constantly in the limelight of the media daily news.
This meeting presented a very useful and important topic and raised the debate on the possibility to maintain, reduce, or broaden the spectrum of obligations, and responsibilities of commercial companies’ managers.