Disponible en Español

Meeting of Experts on Governance and Transparency

July 13 - 14, 2022
Videoconference

 

premio-rodrigo-gomez

Opening of the seminar

Javier Priego, Secretary General of the Bank of Spain, Jaime Herrero, Deputy Secretary General of the Bank of Spain, and Roberto Marino, Advisor of CEMLA, welcomed the participants of the Meeting and presented the objectives of the seminar. The importance of the issue of good governance in central banking was highlighted. In particular, it was stressed that the theme of the Meeting is extremely timely at a time when central banks have had to face a rebound in inflation and the effects of Russia's invasion of Ukraine and take extraordinary actions in response to these phenomena. It was commented that the large participation in the seminar, more than 120 participants, demonstrates the great interest that the topic has.

Presentation of the objectives of the Meeting

In the first instance, Jaime Herrero, Deputy Secretary General of the Bank of Spain, Deputy Director General of the Bank of Spain, stressed in his presentation, that the Meeting would analyze the impact of some effects derived from the Covid-19 pandemic on the different frameworks of action of central banks, in particular, in relation to their independence, governance, functions and transparency. He commented that governance refers to how a public or private entity is organized, managed and makes its decisions, creating tangible and intangible value for the State, citizens, shareholders and customers. He stressed that good governance requires knowing the external environment that affects each company or entity. He made an in-depth analysis of the external environment: per capita income growth, globalization, technological change, the internet, social networks, climate change, the environment, etc.

With regard to the objectives of the meeting, he highlighted the following aspects: Independence and autonomy of central banks, the development of new functions and greater openness to society. The issue of transparency and accountability, the relevance of collegiate decisions, institutional commitment in terms of efficiency, austerity and proportionality, employees' commitment to the objectives of the central bank, internal digital transformation, transformation of the financial system (Fintech, payment systems, blockchain, cryptocurrencies), conservation, regeneration, progress, equality and social commitment, and strategic plans.

The second session was a keynote speech by Mr. José Juan Ruiz. President of the Elcano Royal Institute (Spanish Think Tank leader of international and strategic studies and reference think tank in Europe and in the world) regarding the world geopolitical situation in light of recent events of global impact. He stressed that few people have regained confidence in the actions of governments. In the case of Europe, he commented that the European franchise has increased in value due to the cohesion that European countries have exhibited in their responses to global problems. He also commented that there is a shift from markets to governments as coordinators in the face of the problems that afflict the world economy. On the other hand, he pointed out that in his opinion the world is not fragmenting, although different coalitions and agreements will be observed.  He also commented that at this juncture Latin America should not miss the opportunity to return to have closer ties with Europe.

The third session was a first-round table with the intervention of representatives of the Central Banks of Colombia, Mexico, Spain, Chile and the Central American Monetary Council. The presentations of the different panelists focused on different aspects of the operation of central banks, among them: Models of corporate governance and operation of the collegiate bodies, with particular emphasis on their commissions and committees. Strategic or action plans aimed at the modernization of organizations and their adaptation to the external environment.  Structural and organizational changes that have occurred in central banks.  Ethical frameworks and internal codes of conduct, as well as compliance structures for the proper development of the same.  Plans for corporate social responsibility and strengthening relations with citizens and society. Management models for the protection of personal data. Best practices and recurrent problems.

The session was moderated by Roberto Marino, advisor of CEMLA, and the following panelists participated:

Marcela Ocampo; Executive Manager of Banco de la República (Colombia). "Governance model and modernization strategies within the framework of the Strategic Plan 2022-2025" who described the governance model of Banco de la República, and in particular of the main collegiate bodies (Board of the Central Bank, Board of Directors and Committees), as well as the process of construction of the new strategic plan and the strategies adopted to modernize the entity.

Rodolfo Salvador Luna de la Torre, Director of Internal Control of the Bank of Mexico. "Codes of ethics and conduct; compliance structures for its proper development. The case of the Bank of Mexico". (a) background (b) structure and content of the Bank of Mexico's codes of ethics and conduct (c) activities for the promotion of ethical culture (d) control and accountability mechanisms(e) complementary normative instruments and (f) other control activities.

Cristina Hijosa, Head of the Institutional Secretariat Division and Marisa Boronat, Head of the Governance and Transparency Division of Banco de España. "Different initiatives developed by the Bank of Spain within the framework of Governance: procedure of external evaluations on certain activities and structure and measures in the processing and management of personal data".

Ricardo Rodríguez, Legal Advisor of the Executive Secretariat of the Central American Monetary Council. "Recent experiences of good governance, transparency and accountability of the Central American Monetary Council and its Secretariat, organs of Central American economic integration." The presentation focused mainly on the recommendations of good communication, transparency and accountability practices of the SECMCA and the Central Banks of the CMCA approved by the Council in 2017 and other provisions and practices on the subject, in force in the institution.

Mariela Iturriaga, Administration and Technology Division Manager; Cristián González, Manager of Accounting Management and Planning; Central Bank of Chile. "A challenging environment: the experience of the Central Bank of Chile".

The fourth session was a second-round table with the intervention of representatives of the Central Banks of Argentina, Brazil, Costa Rica, Spain. The presentations of the different panelists focused on different aspects of the operation of central banks, among them: Improvements in the Reports, Reports and Relevant Documents subject to publication. Transparency and access to public information by third parties. Application of the confidential and secret nature of information held in central banks.  Document policy and management of electronic administration: most significant changes that have occurred. Processes of digital transformation and modernization of institutions. Adaptation of the functions of central banks to the environment of new financial operators, based on new technologies.

The session was moderated by Jaime Herrero, Deputy Secretary General of the Bank of Spain and the following panelists participated:

Mª del Carmen Bernini and Carla Cambellotti, Central Bank of Argentina. "Integrity and access to public information in the Central Bank of the Argentine Republic"; the presentation dealt with the comprehensive plan of standards and ethics at the internal level of the institution, worked in conjunction with a national plan of the anti-corruption office and international standards.

Mr. Gustavo Isaac Martins, Deputy Head of the Secretariat of the Steering Committee and the National Council for Monetary Affairs of the Central Bank of Brazil. "Digital transformation and its impact on work process". The content explores the process and paradigm shifts resulting from digital transformation. In addition, some legal aspects such as the signing of documents, the treatment of archiving and the limit between transparency and protection.

Jorge Eduardo Monge Bonilla. Director of the Department of Institutional Relations. Central Bank of Costa Rica. "Transparency, access to information by third parties. Case: Department of Institutional Relations"

Ms. Marisa Boronat, Head of the Governance and Transparency Division and Ms. María de Inclán Sánchez, Head of the Archives and Document Management Division of the Bank of Spain. "Improvements of the Bank of Spain in the field of transparency and active advertising; initiatives in the process of digital transformation and development of documentary policy".

Activities