Focus 6

FOCUS 6 (Spanish version): Drivers of Corporate Governance Reforms,Take-Over and Tender Offer Experiences in Chile and Panama features insightful first-hand accounts by two former securities commission Chairmen, Alvaro Clarke in Chile and Carlos Barsallo in Panama. Each shares their views and analyses on the cases they prosecuted and how each of their respective market’s experience with corporate Take Over and Tender Offers led to different reform outcomes. The English version of Focus 6 will be coming soon.

Álvaro Clarke's reflections on the ‘Chispas’ case, a massive misappropriation of shareholder value by corporate insiders, is the classic case of a minority shareholder protection reform born out of a scandal. The experience of Panama, presented as paradoxical to the Chilean experience, is the case of a minority shareholder protection reform introduced by the Panamanian securities regulator. The reform is then rejected by the market in theory, struck down by the courts of law, but accepted and followed in practice, even today.