The recently launched Elapedia app gives investors around the world instant access to corporate governance practices at 100 publically listed companies in the four Pacific Alliance countries (Chile, Colombia, Mexico and Peru). The free Spanish-language app, which relies on publically available data, provides information about boards' policies related to managing conflicts of interest, risk management, and other topics of interest to investors.
"Until now, there was no easy way to compare information on corporate governance between Pacific Alliance countries," said Andrew Wilson, CIPE managing director. "With this useful tool, investors can quickly become informed on corporate governance requirements. It's a way to access that information without having to dig through multiple sources. This app will be a huge benefit to large companies looking to invest, put up a subsidiary or buy a company in Pacific Alliance countries."
The Elapedia app, which was supported by CIPE and developed by Governance Consultants S.A., represents an important step toward the economic and commercial integration of Pacific Alliance countries. By efficiently harmonizing corporate governance practices, the app will greatly improve the flow of investments and help to strengthen Latin American economies.
Established in 2011, the Pacific Alliance's goals include establishing the free movement of goods, services and people; driving economic growth; and overcoming socioeconomic inequality. Pacific Alliance countries have made significant progress toward improving standards for corporate governance by fulfilling requirements set forth by the Organisation for Economic Co-operation and Development (OECD), Wilson said.
"With this user-friendly app, CIPE hopes to provide a valuable public service in line with one of our key focus areas-encouraging good corporate governance," Wilson said. "Good corporate governance is critical to the integrity of business operations and to the overall institutional health of countries because it creates demand for better public governance and prevents devastating economic failures. The Elapedia app is intended to promote transparency and accountability, level the playing field, and encourage the disclosure or elimination of conflicts of interest."
The Elapedia App can be downloaded for free from the App Store.
John Zemko is the Regional Director for Latin America & the Caribbean at CIPE.
