Model of Corporate Government
From its creation, SEP has boosted a model of Corporate Government which purpose is reaching a more efficient, integral and transparent in the State companies.
1. Implementation of good management principles
According to the Project of the State modernization, SEP boosts the principles of good management of the state companies: efficiency and competitiveness, transparency and probity.
SEP establishes that the companies of the Chilean State guide their management based on the following principles:
Efficiency and competitiveness: The management must be oriented to maximize the surpluses, optimize the use of their resources and operate in a competitive way, without advantages derived from the state property.
Transparency: The relevant information about their management must be public and be submitted to external audits. Their directors must guide themselves by standards allowing and promoting the knowledge of the contents, basis and procedures of the decisions adopted in the exercise of their positions (Corporate Law and Administrative Probity).
Administrative and finance Probity: People must observe an irreproachable behaviour, as well as loyal and honest performance in their positions, with preeminence of the general interest over the particular interest. In the Administrative Probity ineligibilities are established for directors of the companies and the obligation of presenting a declaration of interests before assuming the position or when some relevant fact deserves it.
2. Concentration of the decisions and the information
SEP concentrates the decisions of responsibility of the State as owner, allowing to acto ver the group of their companies, giving orientation and lining them up after higher goals to the particular interests of each one.
The concentration of the information in a technical entity has made easier to the companies to share their experiences and particular learning as well as the development of other synergies. This outline has made possible that SEP has successfully assumed the implementation of modernization in the group of Utility companies and in the group of port companies, as well as the better use of these experiences so as to contribute to the current modernization of EFE.
3. Supervision of a member, professional and technical body
The Council of SEP is a member body, composed of 9 members, the President of the Republic, and the Ministries of Treasury, Economy, Reconstruction and Development, Transport and Telecommunication Networks.
4. Professionalization of the directories
The directors of the State-owned companies have been designated by SEP based on their professional competences and their business career, which generates important benefits in several levels:
• Corporate Government
• Better strategic decisions
• Better management control
• Higher demand and technical support to the managements
• Relation between the State / Owner and their companies
• Better understanding of the financial goals of the State by the companies
• Better technical knowledge of the companies by the State
• Relation with other financial and business players
• Better relation and closeness with the private area
• Better Access to funding
• Higher credibility of the State companies