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Control Entities and Accountability

Control Entities and Accountability

Control entities and accountability processes allow evaluating results, progress and achievements obtained.

The Trust Fund that approves and manages PROCOLOMBIA budgets reports every six month to the Ministry of Trade, Industry and Tourism, in accordance with the regulations of the commercial code and the Financial Superintendence of Colombia.

Control and Accountability

The control entities and accountability processes allow evaluating results, progress and achievements obtained to facilitate decision-making and compliance of objectives proposed.

Who are we

The PROCOLOMBIA Trust Fund is an autonomous patrimony created by the Law (organic statute of the financial system) and established through contract entered into by and between the State – currently the Ministry of Trade, Industry and Tourism – and Fiduciaria Colombiana de Comercio Exterior S.A., Fiducoldex. It is contained in public deed 8851 dated November 5th, 1992, Notary Public Office 1 of Bogotá.

At present, the activity of the PROCOLOMBIA Trust Fund is aimed at promoting exports, foreign investment and tourism. The entity is also responsible for administering the resources of the Imagen País program, represented by the brand Colombia es Pasión.

Financial Superintendence of Colombia

Entity responsible for overseeing and controlling the activity carried out by Financial Institutions subjected to its competency. Fiducoldex, in its capacity of Trust Company, is obliged to report, on a monthly basis, consolidated financial information on the trust businesses it administers, and in administering the trust fund, it is subjected to the regulations of the Financial Superintendence of Colombia, with respect to the trust business, particularly the provisions of Circular 046 of 2009.

Financial Superintendence of Colombia
Web page: http://www.superfinanciera.gov.co/

General Comptroller’s Office

The Trust Fund, as a mixed economy company with 89.11% state share, is an entity subjected to tax control and must report in detail the Trust Fund and Trust Account equity, based on the provisions of the Organic Resolution 5544 of 2003 issued by the General Comptroller’s Office.

Citizen’s Attention Mailbox. General Comptroller’s Office
Web page: http://www.contraloriagen.gov.co/web/guest/buzon-atencion-al-ciudadano

Statutory Auditor

The statutory auditor must issue its opinion on the financial statements of PROCOLOMBIA, as autonomous administered equity.

Fiducoldex
Web site: http://www.fiducoldex.gov.co/

Management Reports and Accountability

The Trust Fund reports every six months to the Ministry of Trade, Industry and Tourism, in accordance with the regulations of the commercial code and the Financial Superintendence of Colombia. It also reports, as entity subjected to tax control, to the General Comptroller’s Office.

Furthermore, the Legal Representative for all trust matters, that is, the Presidency of PROCOLOMBIA, presents every year to the Trust Fund Advisory Board a report that compiles the progress and achievements obtained during the fiscal year.

Fiducoldex
Web Site: http://www.fiducoldex.gov.co/

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