Disponible en Español

Meeting of Experts on Governance and Transparency

July 13 - 14, 2022
Videoconference

 

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Opening of the seminar

Javier Priego, Secretary General of the Bank of Spain, Jaime Herrero, Deputy Secretary General of the Bank of Spain, and Roberto Marino, Advisor of CEMLA, welcomed the participants of the Meeting and presented the objectives of the seminar. The importance of the issue of good governance in central banking was highlighted. In particular, it was stressed that the theme of the Meeting is extremely timely at a time when central banks have had to face a rebound in inflation and the effects of Russia's invasion of Ukraine and take extraordinary actions in response to these phenomena. It was commented that the large participation in the seminar, more than 120 participants, demonstrates the great interest that the topic has.

Presentation of the objectives of the Meeting

In the first instance, Jaime Herrero, Deputy Secretary General of the Bank of Spain, Deputy Director General of the Bank of Spain, stressed in his presentation, that the Meeting would analyze the impact of some effects derived from the Covid-19 pandemic on the different frameworks of action of central banks, in particular, in relation to their independence, governance, functions and transparency. He commented that governance refers to how a public or private entity is organized, managed and makes its decisions, creating tangible and intangible value for the State, citizens, shareholders and customers. He stressed that good governance requires knowing the external environment that affects each company or entity. He made an in-depth analysis of the external environment: per capita income growth, globalization, technological change, the internet, social networks, climate change, the environment, etc.

With regard to the objectives of the meeting, he highlighted the following aspects: Independence and autonomy of central banks, the development of new functions and greater openness to society. The issue of transparency and accountability, the relevance of collegiate decisions, institutional commitment in terms of efficiency, austerity and proportionality, employees' commitment to the objectives of the central bank, internal digital transformation, transformation of the financial system (Fintech, payment systems, blockchain, cryptocurrencies), conservation, regeneration, progress, equality and social commitment, and strategic plans.

The second session was a keynote speech by Mr. José Juan Ruiz. President of the Elcano Royal Institute (Spanish Think Tank leader of international and strategic studies and reference think tank in Europe and in the world) regarding the world geopolitical situation in light of recent events of global impact. He stressed that few people have regained confidence in the actions of governments. In the case of Europe, he commented that the European franchise has increased in value due to the cohesion that European countries have exhibited in their responses to global problems. He also commented that there is a shift from markets to governments as coordinators in the face of the problems that afflict the world economy. On the other hand, he pointed out that in his opinion the world is not fragmenting, although different coalitions and agreements will be observed.  He also commented that at this juncture Latin America should not miss the opportunity to return to have closer ties with Europe.

The third session was a first-round table with the intervention of representatives of the Central Banks of Colombia, Mexico, Spain, Chile and the Central American Monetary Council. The presentations of the different panelists focused on different aspects of the operation of central banks, among them: Models of corporate governance and operation of the collegiate bodies, with particular emphasis on their commissions and committees. Strategic or action plans aimed at the modernization of organizations and their adaptation to the external environment.  Structural and organizational changes that have occurred in central banks.  Ethical frameworks and internal codes of conduct, as well as compliance structures for the proper development of the same.  Plans for corporate social responsibility and strengthening relations with citizens and society. Management models for the protection of personal data. Best practices and recurrent problems.

The session was moderated by Roberto Marino, advisor of CEMLA, and the following panelists participated:

Marcela Ocampo; Executive Manager of Banco de la República (Colombia). "Governance model and modernization strategies within the framework of the Strategic Plan 2022-2025" who described the governance model of Banco de la República, and in particular of the main collegiate bodies (Board of the Central Bank, Board of Directors and Committees), as well as the process of construction of the new strategic plan and the strategies adopted to modernize the entity.

Rodolfo Salvador Luna de la Torre, Director of Internal Control of the Bank of Mexico. "Codes of ethics and conduct; compliance structures for its proper development. The case of the Bank of Mexico". (a) background (b) structure and content of the Bank of Mexico's codes of ethics and conduct (c) activities for the promotion of ethical culture (d) control and accountability mechanisms(e) complementary normative instruments and (f) other control activities.

Cristina Hijosa, Head of the Institutional Secretariat Division and Marisa Boronat, Head of the Governance and Transparency Division of Banco de España. "Different initiatives developed by the Bank of Spain within the framework of Governance: procedure of external evaluations on certain activities and structure and measures in the processing and management of personal data".

Ricardo Rodríguez, Legal Advisor of the Executive Secretariat of the Central American Monetary Council. "Recent experiences of good governance, transparency and accountability of the Central American Monetary Council and its Secretariat, organs of Central American economic integration." The presentation focused mainly on the recommendations of good communication, transparency and accountability practices of the SECMCA and the Central Banks of the CMCA approved by the Council in 2017 and other provisions and practices on the subject, in force in the institution.

Mariela Iturriaga, Administration and Technology Division Manager; Cristián González, Manager of Accounting Management and Planning; Central Bank of Chile. "A challenging environment: the experience of the Central Bank of Chile".

The fourth session was a second-round table with the intervention of representatives of the Central Banks of Argentina, Brazil, Costa Rica, Spain. The presentations of the different panelists focused on different aspects of the operation of central banks, among them: Improvements in the Reports, Reports and Relevant Documents subject to publication. Transparency and access to public information by third parties. Application of the confidential and secret nature of information held in central banks.  Document policy and management of electronic administration: most significant changes that have occurred. Processes of digital transformation and modernization of institutions. Adaptation of the functions of central banks to the environment of new financial operators, based on new technologies.

The session was moderated by Jaime Herrero, Deputy Secretary General of the Bank of Spain and the following panelists participated:

Mª del Carmen Bernini and Carla Cambellotti, Central Bank of Argentina. "Integrity and access to public information in the Central Bank of the Argentine Republic"; the presentation dealt with the comprehensive plan of standards and ethics at the internal level of the institution, worked in conjunction with a national plan of the anti-corruption office and international standards.

Mr. Gustavo Isaac Martins, Deputy Head of the Secretariat of the Steering Committee and the National Council for Monetary Affairs of the Central Bank of Brazil. "Digital transformation and its impact on work process". The content explores the process and paradigm shifts resulting from digital transformation. In addition, some legal aspects such as the signing of documents, the treatment of archiving and the limit between transparency and protection.

Jorge Eduardo Monge Bonilla. Director of the Department of Institutional Relations. Central Bank of Costa Rica. "Transparency, access to information by third parties. Case: Department of Institutional Relations"

Ms. Marisa Boronat, Head of the Governance and Transparency Division and Ms. María de Inclán Sánchez, Head of the Archives and Document Management Division of the Bank of Spain. "Improvements of the Bank of Spain in the field of transparency and active advertising; initiatives in the process of digital transformation and development of documentary policy".

Wednesday, July 13
Opening of the Meeting / Welcome remarks
  • Mr. Francisco Javier Priego, General Secretariat, Banco de España
  • Mr. Roberto Marino, Adviser to the Directorate General, CEMLA
  • Mr. Jaime Herrero García, Deputy Secretary General. Deputy Director General, Banco de España

Presentation of the objectives of the meeting Configuration and adaptation of central banks as a result of the new external environment. Functions, objectives and f rameworks for action.

Break
Conference by External Expert

Analysis of the world geopolitical si tuation i n the l ight of recent events of g lobal impact.


  • Mr. José Juan Ruiz, President of the Elcano Royal Institute Institute ( Spanish Think Tank leader of International and Strategic Studies and reference think tank in Europe and in the world).
    Economista del Estado que ha ocupado distintos puestos de responsabilidad en entidades públicas y privadas españolas, así como en organismos internacionales

State economist who has held different positions of responsibility in Spanish public and private entities, as well as in international organizations.

Questions and debate
Thursday, July 14
First round table with the participation of representatives of the Central Banks

A Round Table will be held with representatives of different central banks, in order to assess the different presentations made and reach the appropriate conclusions on different aspects of central bank operations, including:

  • Models of corporate governance and operation of the collegiate bodies, with particular emphasis on their committees.
  • Strategic or action plans aimed at the modernization of organizations and their adaptation to the external environment.
  • Structural and organizational changes that have occurred in central banks.
  • Adaptation of the functions of central banks to the environment of new financial operators, based on new technologies.
  • Ethical frameworks and internal codes of conduct, as well as compliance structures for the proper development of said frameworks.
  • Plans for corporate social responsibility and strengthening relations with citizens and society.

Moderator of the session: Mr. Roberto Marino

  • Mrs. Marcela Ocampo, Deputy Executive Governor Banco de la República (Colombia)
  • Mr. Rodolfo Salvador Luna de la Torre, Internal Control Director, Banco de México
  • Mrs. Cristina Hijosa, Head of the Institutional Secretariat Divisionl, Banco de España
  • Mrs. Marisa Boronat, Head of the Governance and Transparency Division, Banco de España
  • Lic. Ricardo Rodríguez, Legal Advisor, Central American Monetary Council Executive Secretariat
  • Mrs. Mariela Iturriaga, Administration and Technology Manager, Banco Central de Chile
  • Mr. Christián González, Accounting and Planning Manager, Banco Central de Chile
Questions and debate
Second round table with the participation of representatives of the Central Banks

A Round Table will be held with representatives of different central banks, in order to assess the different presentations made and reach the appropriate conclusions on different aspects of central bank operations, including:

  • Improvements in the Reports, and Relevant Documents subject to publication.
  • Transparency and access to public information by third parties. Application of the confidential and secret nature of information held in central banks.
  • Management models for the protection of personal data. Best practices and recurring issues.
  • Document handling policy and management of electronic data. Which are the most significant changes that have occurred?
  • Processes of digital transformation and modernization of institutions

Session moderator: Mr. Jaime Herrero

  • Mrs. Mª del Carmen Bernini, Alternate Responsible for Access to Public Information, Banco Central de la República Argentina
  • Lic. Carla Cambellotti, Banco Central de la República Argentina
  • Mr. Gustavo Isaac Martins, Associate Chief of the Secretariat to the Board of Directors and National Monetary Council Affairs – SUCON, Banco Central do Brasil
  • Mr. Jorge Eduardo Monge Bonilla, Director of the Institutional Relations Department, Banco Central de Costa Rica
  • Mrs. Marisa Boronat, Head of the Governance and Transparency Division, Banco de España
  • Mrs. María de Inclán Sánchez Head of the Archives and Document Management Division, Banco de España
Questions and debate
Cierre del Encuentro

Representatives ofCEMLA
Representatives of Banco de España

Javier Priego

Banco de España

Secretary General of the Banco de España since 2011 Law degree from the Universidad Autónoma University of Madrid Commercial Law Specialist.

He began his career at the Banco de España in 1985 as a legal advisor Since 2011 he has been the Secretary General of the Banco de España Titular member and secretary of the Management Commission of the Deposit Guarantee Fund of Credit Institutions, titular member of the Governing Commission of the FROB, Member of the National Commission for the Prevention of Money Laundering and Monetary Offenses and of its Permanent Committee and Secretary of the Board of Trustees of the Foundation of the Center for Monetary and Financial Studies (CEMFI).

Prior to his appointment as Secretary General, he was Director of the Banco de España Legal Department, alternate member of the management committees of the Deposit Guarantee Funds of banks, savings banks and cooperatives and Deputy Head of the Legal Service of the Banco de España in charge of the Sub Headquarters Advisory on Credit Institutions.

He has also held relevant positions as Chairman of the Group of National Experts of the Council on the proposed Directive on financial guarantee agreements and Member of the Legal Committee of the European System of Central Banks.

Jaime Herrero

Banco de España

Deputy General Secretary and Associate Director General of the Banco de España, and Deputy Secretary to the Governing Council and the Executive Commission.

He holds a degree in Law from Universidad de Salamanca Short cycle graduate in Public and Budget Accounting Lawyer and Auditor IESE Senior Management Programme.

He joined the Banco de España as Legal Counsel, after which he held different positions, including Deputy Director of the Legal Service and Director of the Technical Secretariat.

He is an expert in different central bank and financial supervisory areas and is or has been responsible for such areas in the Banco de España These include governance of public institutions and functioning of their governing bodies transparency and access to information internal compliance and compliance with ethical codes documentary policy and e administration and corporate social responsibility In the financial and banking area, he has been responsible for financial institutions’ authorisation processes and registrations, corporate governance control, bank crisis management and prevention of money laundering.

He is a professor at, inter alia, the Judicial School and the Centre for Legal Studies of the Ministry of Justice, and is a regular speaker at various renowned national and international fora.

Roberto Marino

CEMLA

Mr Marino currently serves as an advisor to the director general of CEMLA In 2011 and 2012 Roberto Marino was The Special Representative for the Presidency of the G 20 in Mexico.

Its main functions were to promote an open dialogue with non G 20 countries international and regional organizations the private sector, non governmental organizations NGOs and other members of civil society Until mid 2011 Mr Marino was Manager of International Affairs at the Bank of Mexico.

In the early nineties, he was executive director representing Mexico, Spain, Venezuela and Central America on the IMF's executive board.

He has been a senior fellow at the German Development Institute, where he conducted research on the IMF's pre emptive lending facilities.

Mr Marino undertook doctoral studies in Economics at the University of California, Los Angeles ( and earned his bachelor's degree in Economics from the Instituto Tecnológico Autónomo de México (ITAM).

José Juan Ruiz

Real Instituto Elcano

Mr Ruiz is currently the President of the Royal Institute Elcano He has been member of its Scientific Counsel for a decade The Royal Institute Elcano is the leader Spanish think tank in international and strategic studies and a reference center of critical thinking in Europe and all over the world.

He is an economist member of the Commercial Technicians and State Economists Corps During his professional life he worked in the Ministry of Economy, in the private sector as Chief Economist in Argentaria, AFI and Banco de Santander in Latin America and more recently as Chief Economist and Director of the Investigation Department in Inter American Development Bank He is currently member of the Advisory Council on Economic Affairs of the First Vice President of the Spanish Government.

He has a long experience in European and global international institutions, He is member of several management boards of public and private companies He has been a professor and also President of the Social Council of the University of Castilla La Mancha He is a frequent contributor in the media and has been member of the Editorial Boards of Foreign Policy Prisa and Grupo Recoletos.

Marcela Ocampo

Banco de la República

She is a lawyer from Pontificia Universidad Javeriana with master ´ s degree in law from the University of Freiburg (Germany).

She es Currently Deputy Executive Governor of Banco de la República She served as an advisory lawyer of the Office of de Secretary of the Board of Directors and technical deputy director of the Foreign Exchange Department of Banco de la República general secretary of the Ministry of Foreign Affairs, advisor of the Minister of Finance and Public Credit, among others.

She has been professor of foreign exchange law at the universities of Los Andes, Pontificia Universidad Javeriana and El Rosario.

Rodolfo Salvador Luna

CEMLA

Rodolfo was born in Mexico City He studied Law at the National Autonomous University of Mexico, and a Master in Business Law at the Panamerican Univeristy (UP).

He also did postgraduate studies in Financial and Banking Law at the UP, as well as the Management Development Program (D 1 at IPADE Business School.

After working 7 years for a private lawyer’s firm in Mexico City, he joined Banco de México in 1997 where he has had a lengthy career he has been Lawyer, Litigation Chief Officer and Litigation Subdivision’s Manager at the Directorate of Legal Affairs Transparency Analysis and Promotion Division’s Manager at the Transparency Unit, and Internal Regulatory Control Division ´ s Manager and Internal Control Director at the Directorate General of Comptroller and Risk Management, this last appointment since January 2019.

He has also taught in various law schools in Mexico, and had been speaker at different national and international forums.

Cristina Hijosa

Banco de España

Cristina Hijosa Pedregosa (Madrid, 1975) is the Head of the Institutional Secretariat Division of the Banco de España, which she joined in 2004 as Legal Advisor, after several years of practice in the private sector, mainly as a lawyer in the financial department of the Spanish law firm Gómez-Acebo & Pombo.

As of 2009, she has held different positions linked to the secretariat of the governing bodies of the Banco de España and the advice to its members, as well as internal compliance –including the management of the ethical codes of our Institution and the internal activities regarding the prevention of money laundering and the financing of terrorism– and, more recently, the coordination of social responsibility actions carried out by the Bank of Spain.

Marisa Boronat

Banco de España

Marisa Boronat Velert joined the Banco de España in 1989 and since May 2018, she has been the Head of the Governance and Transparency Division and the Data Protection Officer. Previously, she was head of the Litigation Unit.

In her professional practice she has focused on a wide range of administrative law and banking regulation matters, and especially in the fields of transparency and accountability as applied to central banks and data protection. In the framework of the latter, she carried out the implementation of the General Data Protection Regulation at the Bank of Spain.

Marisa holds a degree in Law from the Universidad Complutense de Madrid and a Master's degree in Legal Practice from the Universidad Pontificia de Comillas and a Master's degree in Business Administration from the Chamber of Commerce and Industry. She is also a lecturer on a master's degree at the Universidad Nebrija and a regular speaker at various prestigious national and international forums.

She has been a member of the Madrid Bar Association since 1990.

Luis Ricardo Rodríguez Vargas

SECMCA

Licentiate in Law and master’s degree in community law and human rights from the University of Costa Rica.

He was a university professor of introductory law, international law and human rights. He was an advisor to the First Vice Presidency, in the Legislative Assembly, in the Constitutional Chamber of the Supreme Court of Justice and in the General Superintendence of Securities of Costa Rica.

Since 2005 he works as a legal advisor to the Executive Secretariat of the Central American Monetary Council. He has combined his professional activities with projects for the dissemination of reading and literary and musical creation.

Mariela Iturriaga

Banco Central de Chile

Division Manager of Administration and Technology at the Central Bank of Chile since January 2019. Its current responsibilities include Planning and Management Control, Procurement, Accounting and Technology.

Before 2019, she was the bank´s Manager of Operations and Payment Systems, where she oversaw the back office of domestic open market operations, international reserves and foreign funds operations. She was also responsible for the operation of the High Value Payment System.

Mrs. Iturriaga joined the bank in 2005 as the Head of Financial Markets Department and became the editor of the Financial Stability Report. She also led the group monitoring nonfinancial companies and participated in several projects involving the bank, other institutions, and regulators, such as the implementation of the Transparency Act and the construction of Financial Soundness Indicators for the IMF.

Prior to 2005, Mrs. Iturriaga was an equity analyst, specializing in the most relevant sectors of the equity market (energy, retail, and telecommunications). She was also into corporate banking participating in M&A and project financing and previously, worked in consultancy services related to economics and finance. Her first job was at the Research Department of the Central Bank of Chile.

Mrs. Iturriaga graduated from Pontificia Universidad Catolica de Chile as an economist and also holds a Master degree in Economics from the same university.

Christian González

Banco Central de Chile

Manager of Planning and Accounting Operations the Central Bank of Chile since July 2020. As such leads the Accounting, Procurement, Processes and Planning and Management Control teams.

He is an Industrial Civil Engineer and Master in Financial Economics from Universidad de Santiago de Chile, and holds also a Master's degree in Management Control from Universidad de Chile.

He joined the Bank in February 2005 as a senior analyst at the International Treasury Department, where he led and implemented the International Reserves Administration System and their set up to be compliance with IFRS accounting standards.

As from December 2010, he served as Head of the Operations Department of the Operations and Payment Systems Department, leading the registration and accounting processes of the Bank's financial operations, both domestic and international.

Before joining the Bank, he performed different positions related with processes and finance on public sector (Internal Revenue Services as well as in private sector (Banking and Retail).

María del Carmen Bernini

Banco Central de la República Argentina

María del Carmen Bernini graduated as a lawyer from Universidad de Buenos Aires in 1985.

She has been working at the Central Bank of Argentina (BCRA) since 1976, where she held different positions.

From June 13, 2017 to date, she has been serving as Alternate Responsible for Access to Public Information, reporting to the General Management Office.

She is a lecturer in the course on the Law on the Right of Access to Public Information aimed at the BCRA’s staff.

She gave a presentation on the “New Legislation on Access to Public Information in Argentina - Law No. 27,275” at the XIII Meeting of Central Bank Legal Advisors” (CEMLA/BCRA; Buenos Aires, Argentina, October 11-13, 2017).”

She also participated in the Meeting on Document and Archives Management at Central Banks (Bank of Spain/CEMLA) in October 2021.

Carla Cambellotti

Banco Central de la República Argentina

B.A. in Political Sciences at Universidad del Salvador (USAL). Studied for a Master in Public Policy Administraton at Universidad de San Andrés (UDESA).

Worked at the Honorable Cámara de Diputados de la Nación (National Congress) and at the Gabinet of the President of the Banco Nación.

Working since 2010 at the Central Bank of Argentina, currently at the General Management.

Also, collaborates with the Bank's Presidency as the connection point in- between the Bank and the Ministerial Chief of Staff as well as the Anti Corruption Office, promoting public ethics, integrity and transparency on those connections as a continuous and systematic plan.

Gustavo Isaac Martins

Banco Central do Brasil

A Central Bank of Brazil employee since 2006, Gustavo Martins was appointed Deputy Secretary to the Board and National Monetary Council in 2018.

He manages the team that leads the digital transformation underway at the Secretariat, having achieved successful results, with total migration of processes to digital media and actions to increase information security.

Graduated in civil engineering, he took a specialization course in financial administration at Fundação Getúlio Vargas and a master's degree in economic policy at the University of Illinois in the United States. He worked for years in international relations, especially in the area of international technical cooperation.

His public career began at the Ministry of Foreign Affairs, at the Brazilian Cooperation Agency, where he worked on triangular and multilateral cooperation projects with relevant international agencies and organizations as United Nations.

At the Central Bank, he also acted as an advisor to the Department of International Affairs in negotiations within the scope of Mercosur. Also at the Central Bank, he worked as advisor in the Governor’s Office and in the international affairs Deputy Governor Office.

He is especially interested in initiatives to modernize and gain efficiency in processes and information security.

Jorge Monge

Banco Central de Costa Rica

Jorge Monge Bonilla is the director of Institutional Relations at the Central Bank of Costa Rica (BCCR).

He obtained his Bachelor´s degree in Business Administration at the Universidad Autónoma de Centroamérica, following with his MBA at the Postgraduate Foundation at the Universidad de Costa Rica.

For the last 40 years, he served at the Secretary Department of BCCR, being Secretary General of the Bank for 27 years: he coordinated and monitored all governance bodies related to the BCCR, including its Board of Directors, Auditing and Risk Committees, as well as the National Council for Supervision of the Financial System (governing board of Bank Superintendencies, pension insurance and securities) and its corresponding Financial Stability Committee.

Currently as Director of Institutional Relations at BCCR, he enhances the improvement of client relations, interinstitutional exchanges, and fosters a growing learning community with other international Central Banks and international organizations.

María de Inclán Sánchez

Banco de España

Head of the Archives and Document Management Division. Banco de España.

She holds a degree in Geography and History, specialist in Medieval History from Universidad Complutense de Madrid (1989/1994). Master in Archives from Archivo Histórico Nacional, Spain (1994/1996), Master in Cultural Management, Tourism, Heritage and Nature from Instituto Universitario Ortega y Gasset (1998/1999) and Program for Management Development in Public Administration from ESADE Business School (2010/2011)

She worked as archivist at the Archivo Histórico Nacional and at the Spanish Parliament between 1994 and 1997, between 1997 and 1999 she worked as information specialist at FAES Foundation. From 1999 until 2005 she worked as senior consulting expert in record management for the consulting firm Indra.

Since 2005 she is working at Banco de España, first as specialist in document management, later as Head of Record Management Unit and since 2013 as Head of the Archives and Document Management Division.

She is an expert in archives, projects management, record management, electronic administration and digital transformation. She is the author of several articles and speeches in the above presented at different congress, seminars and workshops. Mentor in different programs focusing her collaboration in the Transforma España program.