Our model
At Bancolombia Group we have a set of transparency, ethics, Corporate Governance, internal control and risks practices that allow us ensuring a good and sustainable Corporate Governance model that generates confidence to all our stakeholders and guarantees the sustainability of the businesses of the companies across the countries where we are present.
Along our history we have founded the decision making process on sound, ethical and transparency principles, and our culture is a system of institutional values that are reflected on our actions to generate coherence among what we think, we say and we do.
All the companies across the coutries where we are presentapply the good corporate governance principles and policies, which allow us to:
- Assign clear responsibilities to our directive and administrative areas.
- Acknowledge and consolidate relationships with stakeholders.
- Attain solid systems for issues related with risk management, internal and financial affairs, accounting and administration control, and process management.
- Seek balance between conflicting interests.
- Ensure that all the benefits for our stakeholders, derived from the financial results have the fundamental premise of value generation.
- Resolve differences on a peaceful manner.
- Generate trust to our control bodies and supervisors.
Documents of Interest
Herein below there are files that support our goal to create an Ever More Human Banking environment, in which both, ethics and transparency, are always present.
Bylaws
The regulation of the Colombian Code of Commerce enforces the corporations to enact corporate bylaws which serve as regulatory framework for the operation of areas of all the corporations and, in turn, abiding to applicable standards.
Country Code Survey
At Bancolombia, as issuers of the securities market, we report on an annual basis the compliance with measures contained in the Corporate Governance Country Code established by the Superintendence of Finance through a survey designed by this surveillance entity. Herein below exhibited you may find the latest results disclosed by the bank:
Wolfsberg questionnaire
Wolfsberg Group is a worldwide bank association intended to develop standards and principles of the financial services industry for policies to fight money laundering and financing of terrorism. At Bancolombia Group, we abide to the Wolfsberg Questionnaire in order to check how we are aligned with these principles.
AML Certification
AML FT Policy Abstract
Good Corporate Governance Code
The Good Corporate Governance Code tis intended to reflect the philosophy and establish the practices and policies on Good Governance that should govern all activities of employees in all our companies, especially with regards to relations between the administration, the Board of Directors, shareholders and other groups with interest in in our institution’s good performance.
Within this code, the Rules of Operation of the Shareholders’ General Meeting and the Rules of Operation of the Board of Directors have been incorporated in sections 2 and 3, respectively.
Patriot Act
The USA Patriot Act law, makes it mandatory for the bank institutions domiciled outside USA and that keep international correspondent relationships with an USA bank institutions or USA brokers to provide information about the nature of their business and the level of applicable supervision.
Thus, our Group has filled out the Patriot Act certification.
Form W8 – Ben
The US Internal Revenue Service requires form fulfillment by the foreign accountholders, certifying that they are not residents or citizens of the United States of America. Such form certifies that the individual, business or any other legal entity is foreign non-resident and non-citizen of the USA. At Bancolombia Group we have implemented the Form Form W8 – Ben.
Shareholders
Protection of Shareholders
Find here the available mechanisms to minority shareholders to assert their rights before the Colombian Superintendency of Finance.
Shareholder agreements
To this date, we have not knowledge of any voting trust or shareholders agreement relating the shares, their rights, the exercise of such rights, the administration of the Bank or any related matters.
In the event that the Bank becomes aware of any agreement of this nature, we shall disclose such fact, through the mechanism of “Relevant Events” and through this web page.
Directors and Officers
Board of Directors
Pursuant to the amendment to the corporate bylaws of the bank, approved on March 7th, 2011 by the Shareholders’ General Meeting, our Board of Directors is made up by seven members elected for a two-year period who have been accepted by the Financial Superintendence with regard to their professional actions and their credit history. The current members, appointed on March 19, 2021, are as follows:
Non independent member
Gonzalo Alberto Perez Rojas
Non independent member
Juan David Escobar Franco
Independent member
Luis Fernando Restrepo Echavarria
Independent member
Andres Felipe Mejía Cardona
Profile of Board of Directors Members
This is the Profile of Board of Directors Members.
Additional information
The following documents contain information related to our Board of Directors and Directors:
Officers
Business Vicepresidency
María Cristina Arrastía Uribe*
Chief Internal Auditor Officer.
Jose Mauricio Rodriguez Rios*
Chief Financial Officer.
José Humberto Acosta Martin*
Vice President of Corporate Services
Chief Legal Officer and General Counsel
Claudia Echavarría Uribe*
*Non PEP under colombian law.
Negotiation of shares by officers
At Bancolombia, as a Good Corporate Governance practice and adopting the recommendation of the Country Code, we have established a share negotiation procedure for officers.
Subsidiaries Main Officers
Banca de Inversión Bancolombia S.A. Corporación Financiera Legal Representative
Fiduciaria Bancolombia Legal Representative.
Valores Bancolombia Legal Representative
Juan Felipe Giraldo Ospina
Renting Colombia Legal Representative
Bancolombia Panama and Bancolombia Cayman Legal Representative
Víctor Villaquirán Idrobo
Banco Agrícola S.A. (El Salvador) Chief Executive Officer
Banistmo Chief Executive Officer
Aimee Sentmat de Grimaldo
Bancolombia Puerto Rico Legal Representative
General Manager of Banco Agromercantil de Guatemala - BAM
Committees and Structure
At Bancolombia Group we have four committees that support the performance of the Board of Directors:
- Good Governance Committe.
- Audit Committee.
- Appointment, Compensation and Development Committee.
- Risks Committee.
By clicking here you may see in detail the Committees composition and their functions.
Organizational Structure of the bank and its subsidiaries
This is the organizational structure of Bancolombia Group.
Control Architecture
For Bancolombia Group the control architecture is a vital element of the Good Corporate Governance that gathers issues related with the Internal Control System and the Risk Management System, in such a way that the structure of governance, the policies and internal guidelines can be ensured in alignment with the achievement of strategic goals that we have set.
Internal Control System
In the Group we have an Internal Control System that contributes to the achievement of our goals.
Risks Management System
All risk policies and guidelines of Bancolombia Group companies are contained in the Risk Management System.
External auditor: PWC Contadores y Auditores Ltda.
Supervision: Bancolombia is supervised by the Superintendence of Finance of Colombia.
Ethics
In the Bancolombia Group we have stated that each of the people who work in our organization makes a difference. This commitment is lived and materialized every day in many ways, according to the role that each of us plays. And it must be reflected in our ethical behavior.
Corporate Ethics Committee
The purpose of the Ethics Committee of the Bancolombia Group is to build a series of criteria or guidelines that guide the actions of managers and employees in the face of those situations that could generate an ethical dilemma so that a correct action is chosen and lead to the promotion and internalization of ethics and integrity as a fundamental part of our organizational culture. Likewise, this Committee has the responsibility of evaluating the application of the Code of Ethics and establishing the necessary mechanisms for the dissemination and strengthening of its decisions or guidelines, seeking the highest internal standards of ethical conduct. This Committee is supported by local ethics committe is which collect the visions of the geographies where we have a presence, because our organizational culture is unique.
The members of the corporate ethics committee are:
- President of Bancolombia S.A.
- President of Banistmo
- General Manager Banco Agromercantil
- Executive Chairman of Banco Agrícola
- Corporate Vice President
- Corporate Vice President Human Management
- Corporate Vice President of Corporate Services
Ethics Line
The Ethics Line is a whistleblowing channel, arranged so that employees, allies, suppliers, customers, users, shareholders and other stakeholders can report confidentially or anonymously, if they wish, alleged violations of our Code of Ethics and Conduct, Code of Good Governance and Manual for the Prevention of Money Laundering and Financing of Terrorism. As well as other possible incorrect acts, fraud, corruption and aspects related to Human Management in the different entities of the Bancolombia Group.
How to contact the Ethics Hotline 24/7?
| From anywhere |
- Email: lineaetica@bancolombia.com.co
- QR
 |
| Colombia |
- Bancolombia App People > Help > Ethics Line
- Mobile Line: #955
- Fax: 6044531953
- National Line: 018000 524499
- Medellin: 6044484868
|
| Panama |
- National Lines: 01-100-800-157-00-76 and (507) 306-5574
|
| El Salvador |
- National Line: 503-2259-7898
|
| Guatemala |
- National Line: 502-2378-6933
- Email: etica@bam.com.gt
|
| Puerto Rico |
- National Line: 1-866-687-6201
|
What issues can be reported through the Ethics Hotline?
- False reports.
- Fraud or theft.
- Emblezzlement of assets.
- Manipulation of financial statements.
- Suspicious activities.
- Technological abuse.
- Violation of laws or regulations.
- Conduct of the Bank in relation to shareholders.
- Bank Conduct in Relation to Human Management.
- Insider Disclosure.
- Omissions or absence of controls in processes or products.
- Procedures related to the Code of Ethics and Conduct, Code of Good Governance, Manual for the Prevention of Money Laundering and Financing of Terrorism.
Code of Ethics and Conduct
Our behaviors, the decisions we make, the coherence between what we say and do, as well as the ethics and integrity that we reflect in our actions, are the basis that guarantees our personal future and that of our organization. In the Bancolombia Group we are committed to promoting sustainable economic development to achieve the well-being of all, that is why we seek that each action carried out generates shared value from the social, environmental and economic. In this process, we transcend beyond just offering financial services because we seek:
- Build lasting relationships based on trust with our stakeholders.
- Accompany life projects.
- Achieve results based always on people.
As responsible from the act and guided by integrity, we have our Code of Ethics and Conduct, through which the ethical guidelines for our employees are established, so that they reflect coherence between acting, thinking and doing; because trust is fundamental and, under this premise, it is understood that the application of the Code of Ethics in all actions sets the essential guideline to achieve our purpose.
Reports of Compliance with the Code of Ethics and Conduct:
Rules of Procedure for Work
These are the provisions prescribed by BANCOLOMBIA S.A by which we are governed by the bank.
Regulatory Framework for Anti-Corruption and Anti-Fraud
Tax Policy
The Bancolombia Group, as a social actor present in several countries of the region, as a generator of employment, promoter of the markets where it has a presence, and in its interaction with the different interest groups, authorities and control bodies, has as its fundamental premise the commitment to the financing of the State and the implementation of programs that potentiate public policies for the benefit of all citizens. In line with this purpose you contribute in a timely manner with the payment of your taxes in the different countries.
This is our tax policy.
