Press Release

The Voice of the Market Survey 2019

Bnamericas Published: Thursday, January 23, 2020

This press release from EY Chile and the Santiago Stock Exchange was published using machine translation.

January 23, 2020

EY Chile and the Santiago Stock Exchange presented the results of the La Voz del Mercado 2019 survey, which aims to show how public opinion and other relevant actors perceive the corporate governance of the most traded companies in the stock market.

In this third version of the study, the vision of market players about Chilean companies and their corporate governments changed with respect to previous years, this year's evaluation was marked by the changes that the country has been experiencing since October 18 Therefore, the challenges were aligned with this theme: more demanding social actors and society, risk control and corporate reputation lead the company's priorities agenda.

Who are the respondents?

La Voz del Mercado 2019 collected the opinion of 350 people, including directors, first-line managers, capital market analysts, risk classifiers, unions, regulators and other influential actors from Chile and abroad, who evaluated the Companies with the largest transaction in the stock market, in relation to five pillars: business strategy, control environment, transparency, fair and equal treatment and sustainability management.

The winners: winners at the event

In that context, the companies best evaluated for the quality of their corporate governments were (in alphabetical order) Banco BCI, Empresas Copec and Banco Santander, who obtained the highest marks in relation to the perception of the quality of their corporate governance.

Board priorities in Chile

This year the lowest evaluation of the five pillars was recorded since the survey began three years ago. The falls of the pillars of Sustainability Management and Control Environment (risk management) stand out. Both with almost -6 percentage points compared to the 2018 measurement.

“Before the events of October 18, the market was already showing signs - according to our first measurement between August and September - that companies had to adapt to a new social context with a market and a more empowered society demanding greater closeness from companies to their collaborators, suppliers, minority shareholders, community and other stakeholders. After social changes this is evident and there is a call for companies to act. In the current scenario, the good management of financial factors is no longer enough to have good corporate governance, ”said Cristián Lefevre, president of EY.

In this sense, 89.7% expect the board's agenda to change after social movements and among the best practices recommended by respondents are better and more comprehensive risk management and greater focus on ASG aspects (Environmental, Social and Government Corporate).

On the other hand, José Antonio Martínez, General Manager of the Santiago Stock Exchange, said “companies are relevant actors in society and therefore, today they are required to develop projects that are not only economically justified for investors, but also deliver value to its customers, collaborators, suppliers and community. In this sense, we already see great changes in the way companies are understanding their business and the challenge is to accelerate this process of changes to strengthen their role in this new scenario, where the incorporation of ASG issues is essential for their growth consolidation, while being more active in adopting international best practices and standards and in the dissemination of its activity is relevant in social recognition ”.

Continuing with the previous idea, the responsibility and acting of the company with its collaborators has emerged strongly. “Today, more closeness and monitoring is requested at the board level and its committees with the objective of having a true participation. On the other hand, controllers must also be involved in the new agenda and in the selection and creation of more diverse directories in order to have companies that are really social actors and promote good practices with all their stakeholders and other sectors, ”said Fadua Gajardo, EY Corporate Governance Manager and executive director of the Institute of Directors of Chile (IdDC).

BCI, Empresas Copec and Santander were winners of the La Voz del Mercado 2019 study on corporate governments

These three companies were the best evaluated for the quality of their corporate governments, according to the survey conducted by EY and the Santiago Stock Exchange.

On Thursday, January 23, the auditor and consultant EY and the Santiago Stock Exchange presented at CasaPiedra the results of the 2019 La Voz del Mercado survey, which aims to show how public opinion and other relevant actors in the financial industry perceive corporate governance of the most traded firms in the stock market during the first half of last year.

In its third version, the survey evaluated companies under five pillars of corporate governance (business strategy, control environment, transparency, fair and equal treatment and sustainability management).

The best evaluated by the market were BCI, Empresas Copec and Santander (in alphabetical order). On behalf of BCI, the award was received by the general manager, Eugenio Von Chrismar; by Empresas Copec, the representative was the general manager, Eduardo Navarro; On behalf of Banco Santander, the one who took the stand was the second vice president of the board, Orlando Poblete.

Regarding recognition, Luis Enrique Yarur, Chairman of the Board of Directors of Banco BCI, commented that "we will continue to promote our business mission, since we are convinced that we must focus not only on the economic results for shareholders, but also on constantly seeking to generate value for the clients, collaborators, communities and countries in which we operate. This is the formula that will allow companies that adopt this model in the future to maintain their sustainability and be a real contribution to make Chile a better country. "

For its part, Orlando Poblete of Banco Santander said that “we work every day to deliver the best quality of service to its customers and also to be a leading company in the industry, which meets the demands of the market and stands out for its Excellence in transparency and corporate governance. Being recognized for the second time with this award speaks of the efforts we make are in the right line, according to the challenging moments in our country, which implies a great responsibility to continue improving and raising our standards. It is part of what it means to be an increasingly responsible bank. ”

To conclude, the General Manager Empresas Copec, Eduardo Navarro, said that “in increasingly changing and demanding times, our challenge is to continue improving our management model and promoting value creation in a sustainable way, with a clear long-term vision and committed to the social, human and economic development of Chile and all the countries where we operate.


The La Voz del Mercado (LVM) study was carried out between August 20 and September 25 and about 350 industry actors participated as directors, investors, intermediaries, analysts, academics, risk rating agencies, unions, academics, etc. The survey considers filters to avoid potential conflicts of interest and prevent executives from evaluating their own companies or related groups.

This year following the October social outbreak, a new questionnaire and in-depth interviews were conducted with more than 140 directors and senior executives, between November 19 and December 22, 2019.

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