The Colombian Stock Exchange made an academic alliance with CESA through the CEGC in 2016, in order to strengthen the program’s impact and develop a disclosure standard on the requirements that, in the Colombian Stock Exchange’s opinion, could make a difference. Through a methodology designed by the CEGC, a minimum standard for disclosure content was developed, for which issuers are offered annual support in order to improve their disclosure practices and generate value in the market.

In 2020, having spent four years accompanying the Colombian Stock Exchange in revising the aforementioned standard, the CEGC team updated the standard to include requirements related to environmental and social management. This was shared with institutional investors, who highlighted and endorsed its importance. 

Every year, between the months of June and July, CESA, as an academic partner, evaluates the adoption of the Issuer Recognition (IR) program standard, which has included new categories since 2021: corporate strategy, human capital management, social management and environmental management. Within the framework of its alliance with the BVC, the CEGC delivers a personalized report to each issuer containing their results with regards to the standard’s rating, and offers them support for improving their practices, and adopting the criteria.