María Loreto Galaz – GC Powerlist
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Chile 2024

Commercial and professional services

María Loreto Galaz

General counsel, Chile | Deloitte

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Chile 2024

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María Loreto Galaz

General counsel, Chile | Deloitte

Team size: 13 

How do you approach managing legal aspects during periods of instability or crises, and how does your legal strategy align with the broader business strategy to ensure the organization’s resilience? 

Today’s organisations encounter frequent and sudden setbacks alongside complex changes across various aspects. Challenges such as emerging technologies, evolving regulatory frameworks, the future of work, and talent retention require active engagement from legal departments. The key to navigating these challenges is resilience. A resilient company can integrate changes effectively by fostering a synchronized and committed team culture. Resilience involves facing uncertainty with purpose and developing a strategy that integrates various company areas. This integration builds trust, embodying the principle of “Trusted institutions and sustainable futures.” In my role, I cultivate and advocate for this team culture, recognising that the legal department’s role is increasingly active, decisive, and strategic.

In a dynamic environment, legal departments must adapt to the complexities of the current legal landscape. This involves mitigating risks, implementing regulatory changes, and managing conflicts related to reputation, independence, and business operations. Anticipation is crucial for adaptation. At Deloitte, as part of our global growth strategy, we have undertaken an organisational restructuring to better meet our clients’ current needs. The legal department has played a pivotal role in this process, defending the company’s interests, and promoting best practices and transparency

What measures has your company taken to embed sustainability practices into its core business operations, and how does the role of the general counsel contribute to driving and ensuring sustainable practices within the company? 

The concept of social sustainability has gained significant importance as companies navigate a crisis of trust, prompting them to reevaluate their impact on people and communities. Integrating social sustainability into a company’s strategy demands both conviction and boldness, as it involves designing business strategies that consider environmental, social, and economic value across all operations, including the legal department.

Generating positive social and environmental impacts drives the entire value chain of a business. This sense of purpose is central to a company’s identity and what society and stakeholders value about it. At Deloitte, we integrate purpose into our business strategy, and in my role as counsel, I focus on embedding sustainability comprehensively across environmental, social, and governance dimensions.

Environmental: I promote and support sustainable practices within Deloitte’s operations, such as applying and advocating for our travel policy to help achieve our global goal of becoming a net-zero firm by 2030.

Social: This aspect aligns with my personal commitment to supporting vulnerable communities. I ensure high standards in agreements with NGOs, facilitating our services through volunteering, mentorships, donations, or pro bono work. Additionally, I oversee and promote the periodic review of our internal pro bono and donation processes to nurture a corporate culture that values community impact beyond business objectives.

Governance: I collaborate with the independence area to ensure that our alliances adhere to our company’s principles, comply with local regulations, and align with international standards for responsible business practices.

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