Abstract
Corporate culture in Latin America faces unique challenges in the realms of ethical compliance and regulatory adherence. This article presents a comparative analysis of the current state of corporate culture in Chile, Peru, Colombia, and Brazil, emphasizing structural, regulatory, and cultural factors that influence its development. Special attention is given to the role of ethical codes, executive leadership, and compliance policies, drawing upon recent academic frameworks and legal standards on corporate criminal liability.
1. Introduction
Corporate culture encompasses the shared values, beliefs, practices, and norms that guide behavior within an organization. In Latin America, this culture is often shaped by informality, centralized authority, and ambiguous perceptions of business ethics. These characteristics significantly affect the success of compliance programs and internal controls.
2. Theoretical Framework: Ethics Codes and Compliance Culture
As emphasized by Nieto Martín (2023), a code of ethics is not merely a declarative document—it is a managerial tool that must be binding, legally coherent, and reflective of the company’s internal values. When effectively implemented, it serves as the cornerstone of corporate compliance systems, particularly in jurisdictions that recognize corporate criminal liability.
3. Corporate Culture in Chile, Peru, Colombia, and Brazil
3.1 Chile
Chile has made notable strides in corporate governance. Law No. 20.393 recognizes the criminal liability of legal entities and incentivizes the adoption of crime prevention models. Chilean companies frequently integrate integrity policies, whistleblower channels, and ethics training into their operations.
3.2 Peru
In Peru, Law No. 30424 and its regulatory framework establish corporate criminal liability. Despite this, high levels of informality and regulatory resistance persist. Many companies demonstrate a limited commitment to ethical leadership—often lacking the essential “tone from the top” required to embed a culture of compliance (Nieto Martín, 2023).
3.3 Colombia
Colombia has introduced significant reforms through Law 1778 (Anti-Bribery Law) and oversight by the Superintendence of Companies. While institutional efforts to promote ethical conduct have increased, entrenched hierarchical and clientelist structures continue to impede effective corporate governance.
3.4 Brazil
Brazil boasts a robust legal framework, including Law No. 12.846/2013 (Anti-Corruption Law). Many large corporations have adopted comprehensive ethics and compliance programs. Nevertheless, scandals such as “Operation Car Wash” have exposed profound weaknesses in organizational integrity and highlighted the need for more effective enforcement mechanisms.
4. Common Challenges and Regional Comparisons
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Formal compliance vs. actual practice: Across all four countries, there is a notable gap between the formal adoption of ethics codes and their genuine enforcement.
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Insufficient ethical leadership: Executive leadership often fails to embody or reinforce ethical values, undermining compliance initiatives (Nieto Martín, 2023).
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Limited training and internal dialogue: Ethical education and open dialogue within companies remain underdeveloped throughout much of Latin America.
5. Conclusion
Although Latin American jurisdictions have made substantial legislative progress, translating compliance policies into real cultural transformation remains an ongoing challenge. Strengthening ethical coherence, fostering transparent leadership, and ensuring employee participation are pivotal steps toward a sustainable compliance culture.
References
Nieto Martín, A. (2023). Código ético, evaluación de riesgos y formación. In A. Nieto Martín (Ed.), Manual de cumplimiento penal en la empresa (pp. 136–163). Instituto de Derecho Penal Europeo e Internacional, UCLM.
Congress of the Republic of Peru. (2016). Law No. 30424 on the administrative liability of legal entities. Official Gazette El Peruano.
National Congress of Chile. (2009). Law No. 20.393 on criminal liability of legal persons. Library of the National Congress.
Congress of Colombia. (2016). Law 1778 of 2016 (Anti-Bribery Law). Official Gazette.
Presidency of the Republic of Brazil. (2013). Law No. 12.846/2013 (Anti-Corruption Law). Official Gazette of the Union.