Regulation in force and effect

NCG No. 461/2021

On November 12th, 2021, the [Chilean financial markets authority] Board for the Financial Market (CMF from its Spanish acronym) published General Application Rule (NCG) 461, which amends the structure and contents of corporate annual reports published by issuers of public offer securities registered with the Securities Registry of the CMF in environmental, social, and corporate governance -or ESG- matters.

This rule eliminates the “Social Accountability and Sustainable Development” section of corporate annual reports (a section that had been included by NCG 386 from 2015, but which had a limited scope,) and, instead, incorporates the obligation to inform about ESG factors in every section of the corporate report, increasing minimum requirements for information. Additionally, it repeals NCG 385, which made it mandatory for open corporations to once a year inform the CMF, and the public by and large, about its corporate governance practices, information that is now included in the corporate annual report. Thus, ESG factors may be considered organically in every aspect of the company, without there being a need to analyse a section or specific report in that regard.

Additionally, the corporate annual report must include an index that makes express reference to the international reporting standards taken as a benchmark.

With the new rules, the structure of corporate annual reports is divided into the following sections:

Corporate Profile. It should include a description of the company, its mission, vision, purpose, and values. It should also include the corporate history, ownership and control structures, a description of stock series, and state its policy on dividends, as well as including statistical information on dividends, stock market transactions, and number of stockholders.

Corporate Governance. It should include the corporate governance structure and operation, as well as the adoption of good practices in various matters. For instance, as regards securing the smooth operation of corporate governance; the integration of a sustainability approach in environmental (emphasizing climate change), social, and human rights issues in strategic decision-making; managing the interests of the main stakeholders, and the fostering of research and development (R&D), among others.

Reports should be included, as well, on the composition and operation of the board of directors. It includes, also, the information obligations for main executives, including, totals and comparatives versus the prior fiscal year, the figures associated to remunerations perceived and a description of compensation packages or benefits, including payment details based on stock options.

Likewise, the corporate annual report shall include information on risk management, policies on the matter, especially for operational, financial, labour, environmental, social, and human rights matters, having to describe the impact of risks detected, and the strategy on the matter, to which ends the definitions and guidelines of renowned international bodies shall be taken into account.

Strategy. Among others, the corporate annual report must state the relevant short-, medium-, and long-term horizons of the company and its strategic objectives. At the same time, it must state the strategic commitments adopted, if any, in the context of the Sustainable Development Goals (SDGs) of the United Nations.

People. Information on all individuals rendering services for the company, which includes, among others, aspects of diversity, salary gap by gender (including the formulae to calculate it,) labour safety, mobbing, and sexual harassment.

Business Model. Description of the industrial sector of the company, including related business per entity, stakeholders, properties and facilities, information on subsidiaries and affiliates, and inclusion in said entities.

Vendor Management. Explaining the policy for vendor payment, payment timespans, and vendor assessment mechanisms.

Legal and Regulatory Compliance Indicators. Informing whether there are procedures to prevent and detect regulatory non-compliances affecting customers’ and/or employees’ rights, and environmental standards, as well as informing executable sanctions and the amounts thereof.

Issuers may voluntarily adopt the new regulation as of fiscal year 2022 (corporate report to be published in 2023;) however, regulation shall be compulsory, as follows:

  • As of December 31st, 2022: those open corporations which consolidated aggregate assets calculated as of the beginning of the fiscal year to which the annual report refers exceed the equivalent to UF20 million (USD $750 million approx.)
  • As of December 31st, 2023: those open corporations which consolidated aggregate assets calculated as of the beginning of the fiscal year to which the annual report refers exceed the equivalent to UF1 million (USD $37.5 million approx.)
  • As of December 31st, 2024, for special corporations recorded with the Securities Registry of the CMF, or which, pursuant to NCG 431 or Circular Letter 991, must submit their corporate annual report pursuant to NCG 30, and all remaining issuers of securities not contemplated in the two subsections above.

Download NCG No. 461/2021

Implementation and Supervision Guide for Section 8.2 of NCG No. 461

NCG No. 276/2020

On November 23rd, 2020, the Superintendency for Pensions published NCG 276, which amended Title I -Pension Funds’ Investments, Investment Policies and Solving Conflicts of Interests,- in Volume IV, as well as Title XIV -Instructions on Risk Management in Pension Funds Administrators,- in Volume V, all of them in the Compendium of Regulations on the Pension System.

Said rule incorporates climate risk and the environmental, social, and corporate governance factors (or ESG factors) in investment policies and in risk assessment and management activities of pension funds managers (AFPs.)

Additionally, this regulation requires AFPs to specify how these elements are incorporated into the investment analysis processes, and requires publishing an annual report addressed to its contributing affiliates and other stakeholders, containing the relevant financial factors considered in its investment decisions and risk analyses, expressly mentioning credit and market risk processing and, among them, that associated to climate risk and ESG factors.


The amendments entered into force and effect on May 3rd, 2021.

Download NCG No. 276/2020