The Chile Financial Market Commission (CMF) issued General Rule No. 533, setting requirements and conditions for independent directors and regulating director election policies for subsidiaries under its supervision. The rule establishes objective parameters for when a person cannot be considered an independent director under Article 50 Bis of the Law on Corporations, including having a connection, interest, or an economic, professional, credit or commercial dependency of relevant nature or volume with the corporation. It also sets the minimum content required in director election policies for supervised subsidiaries, with parent companies required to align their policies with those minimum requirements by December 11, 2025. General Rule No. 533 takes effect on November 11, 2026. Individuals who currently fall within any of the defined non-independence situations have until May 10, 2025 to remedy their circumstances to avoid disqualification during the 18-month period referred to in Article 50 Bis.
Chile Financial Market Commission 2025-03-12
Chile Financial Market Commission issues General Rule No 533 defining tests for independent directors and minimum director election policy requirements for subsidiaries
The Chile Financial Market Commission issued General Rule No. 533, detailing requirements for independent directors and director election policies for subsidiaries. It specifies conditions under which a person cannot be deemed independent and mandates minimum content for election policies, with alignment required by December 11, 2025. The rule becomes effective on November 11, 2026, with a deadline for current directors to address non-independence issues by May 10, 2025.