The custodian of private investments in the stock market changes directors and applies a code of ethics

The Depositor Centralized Compensation and Settlement of Securities Decevale SA renewed its board of directors, administration and executive positions.

In addition, it applies a code of ethics to strengthen and reinforce the controls of its operations, the new directors inform this newspaper.

“This is a comprehensive restructuring to guarantee confidence and security in the stock market”, one of the options to invest in Ecuador, indicates Decevale SA, a corporation authorized and controlled by the Superintendence of Companies, Securities and Insurance.

This is the only centralized private securities clearing and settlement deposit in Ecuador.

Its function is to safeguard physical and dematerialized securities, issuance of dematerialized securities, clearing and settlement of securities for transactions closed in the stock market, collection management for issuers and payment agent for holders.

Dematerialized securities are securities that lack a physical document to support them; in its place there is an accounting record, known as a “computer document”, which is managed through centralized securities deposits.

The selection of the new board of directors had the intervention of PricewaterhouseCoopers (PwC), one of the internationally recognized consulting firms. The purpose of their participation was focused on defining an election that guarantees experience in the sector and independence, informs Decevale SA

The parameters for the selection included the analysis of professional profiles with experience in different areas, such as the stock market, finance, technology, administration and in the legal area.

In addition, not having links and being independent of the directories of the country’s stock exchanges and brokerage houses, as well as not having any relationship with administrators of said institutions, he mentions.

In January 2021, Decevale appointed Lourdes Baquerizo Blum as the new general manager. And, last July, the general meeting of shareholders appointed Gonzalo Hidalgo Terán as the new president of the institution’s board of directors.

“Internal changes were also made, including replacements in the administrative, financial, technical, operational and legal areas. Likewise, there were changes in the systems personnel and information security, risk, compliance and internal audit officers were incorporated,” the company reports.

“Decevale promoted measures to reinforce controls, among which we can mention the reforms in the operating manuals and internal regulations, which since 2000 had not been updated. In addition, the approval of a code of ethics, which is implemented for the first time. In this way, it improved all the processes in its operations and the contact methodology with its clients”, indicates the firm. (I)