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Governance and Policies

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CMPC prides itself on its culture of integrity, which means living and breathing its corporate values. This is achieved through its corporate policies, training sessions, communication, monitoring and constant assessments, spearheaded by the Board of Directors, Ethics and Compliance Committee, Corporate Legal Department and the Compliance Department.

Integrity and Compliance Program

In 2017, a company-wide assessment was conducted, resulting in the design and implementation of an Integrity and Compliance Program. Its objective is to articulate and systematize all efforts in prevention, detection and  handling of acts and behaviors contradicting the corporate values, internal regulations or current laws. The Board-approved Integrity Policy reinforces CMPC commitment to strictly comply with legal, tax, and market competition regulations, among others, in the jurisdictions of its operations as well as follow international best practices.

Corporate Policies and Regulations

All employees, suppliers, agents, partners, and clients are expected to familiarize themselves with the company policy documents and agree to their terms on issues such as sustainable operations, anti-corruption, labor rights, and conflict of interest, among others. These are communicated to employees via information campaigns and trainings, materials and manuals, and online resources such as e-Learning courses, workshops and talks, and are publicly available on the CMPC corporate website:

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Code of Ethics (opens in new window)
Integrity Policy - Anti-Corruption (opens in new window)
Integrity Policy - Competition & Antitrust (opens in new window)
Diversity and Inclusion Policy (opens in new window)
Environmental Policy (opens in new window)
Climate Change Policy (opens in new window)

For more information on CMPC corporate policies and regulations, click here.

Tax Compliance Approach

CMPC's tax strategy covers all taxes, tax collections, amounts, charges, payments and withholdings applicable to Empresas CMPC and its subsidiaries, in accordance with the applicable legislation of each jurisdiction as well as the guidelines of the Organization for Economic Cooperation and Development (OECD). It includes the following key pillars:

  • Commitment to comply with all tax laws and regulations in all countries where we operate.
  • Commitment not to transfer any value created to low or no-tax jurisdictions without a sound and legitimate business reason.
  • Commitment not to use tax structures without a sound and legitimate business reason.
  • Commitment to conduct all intra-group transactions under transfer pricing rules, using the Arm's Length principle as a guideline.

To review CMPC's Tax Compliance Approach, click here.

 

CEO Variable Compensation Structure

CMPC has predefined financial returns which determine a significant part of the Chief Executive Officer's variable compensation, with them being return on invested capital and distributable net income. Additionally, the CEO's compensation structure is aligned with the company’s long-term results. The CEO’s performance evaluation, which also determines part of his variable compensation, weighs the progress towards the following aspects: Implementation of long-term business strategies, environmental management, organizational change management, development of large capital projects and development of innovation capabilities. Currently the longest performance period covered to evaluate the variable compensation is 10 years, which relates to the achievement of CMPC's 2030 sustainability goals.

 

Hotline

CMPC has made available to all its stakeholders a 24/7 online hotline, guaranteeing their anonymity and confidentiality (if they so wish). It can be used to report acts or behaviors that can be considered or could lead to a violation of the company values, corporate policies and active laws.

The investigation of any claim is coordinated by the Legal Department, directly reporting to the Ethics and Compliance Committee. In accordance with the established in the Policy of Integrity and Compliance, the company does not retaliate, neither tolerates any retaliation, against any claims made in good faith.