Team size: 55 

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 organisation’s resilience?  

Particularly in Colombia, legal risk is often the most serious threat to our operations and the most important source of uncertainty. Dispute resolutions, regulatory changes and political instability are risk that have serious implications for our business and consequently need and appropriate understanding and response. As a result, its necessary to have and update consistently an assessment of the legal and regulatory risks that may arise; therefore, any legal approach given during such time is not only aligned with the business strategy but also planned, organised and structured. 

Due to the periods of instability, it is essential to understand that legal’s advice to other areas of the organisation play an important role in how well these risks are managed. Therefore, having empowered employes is a key factor to create a culture of trust, collaboration, and engagement impacting the organisation in those scenarios, and besides, it is crucial for the team to work very closely, prioritised and have a clear and concise communication. 

Porvenir´s, legal department has the ability of long-term planning and foresight. We understand that the current fast-paced environment demands that the legal departments not only meet present-day objectives but also prepare into the future. Evidence of such is the current pension reform scenario, which we ensure regulatory compliance and provide legal and regulatory direction to minimise the legal risk under an adverse situation but also, we have been an active participant in the discussion of the reform and its regulation. 

What are the main cases or transactions you have been involved in recently?      

Colombia lawmakers approved a pension reform that will strengthen state pension fund, increase coverage for those without sufficient savings but will establishes new limits on investments in domestic and foreign securities, and the qualification requirements for admissible asset classes. As the Chief Legal Officer of a Pension Fund Administrator, we have been actively contributing to the debate on the new reform and working closely with our stakeholders in order to anticipate and preparate for the new regulatory framework, creating new business strategies and opportunities.  

Additionally, through the work of the legal team, the Colombian Constitutional Court reviewed and reverted some judicial decisions which condemned Porvenir for allegedly not give complete information to our affiliates; this decision will have a positive impact to the business of at least at least 20 million dollars. 

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?  

Our Sustainability strategy seeks to connect our business activities with a positive impact to the Colombian economy and society. We recognise that promoting a culture of sustainable management based under the pillars of coherence, excellence and transparency are the path to generate long-term value for our stakeholders.  

Through a proactive governance and a drive strategic direction, Porvenir has set up and maintained a detailed ESG reporting that aligns with the international best practice standards.  Moreover, Porvenir has implemented metrics to analyze the organisation’s sustainability practices with more than 104 indicators integrating financial and non-financial aspects in sustainability management. 

On the other hand, as an investment manager, Porvenir have been building sustainable investment portfolios moving to investments that have a positive environmental impact like renewable energy rather than investing in deforestation or fossil fuels. 

Finally, as the legal chief officer is my responsible for shaping corporate sustainability principles and encouraging our legal team to drive those principles in day-to-day decision-making. As well, it’s my responsibility to identify potential ESG risks and proactively address them, which in turn can prevent financial and reputational damage further down the line. 

How do you prioritise diversity and inclusion within your legal department, and what initiatives have you implemented to foster a more inclusive and equitable work environment?    

Diversity and inclusion in the legal department are important, an environment where many genders, nationalities, sexual orientations and identities are present promotes the innovation and the ability to develop and launch new products, services or ideas. Additionally, it increases the ability to recruit a diverse talent pool and more commitment from our employees. 

We recognise the unique needs, perspectives, and potential of our diverse workforce; therefore, we based our strategy on: 

Spaces free of discrimination. We encourage spaces where people are respected, regardless of their race, ethnicity, expression, sexual orientation, etc. therefore, we understand that is essential to hold educational sessions, where these concepts are explained and discussed in detail. 

Innovation and creativity. Through a culture that value new ideas and learning we encourage and enable creativity and innovation. We provide opportunities for brainstorming sessions, idea-sharing forums, and other open communication and collaboration scenarios that allow our employees to feel safe and value.  

Diverse Support Services: We ensure that 100% of our offices have easy access to the facilities, including ramps for wheelchairs for people with reduced mobility. Additionally, we implemented the Colombian NTC 5854 technical standard where we obtained the AA level of accessibility and sign language providing support to affiliates with hearing disabilities.