Responsible Management Report 2020
7.5 Legal management
Company investments in other companies
The Company has direct investments in the capital of Operaciones Tecnológicas y Comerciales S.A.S. –OPTECOM S.A.S.–, and in Comunicación Celular S.A. –Comcel S.A.–:
- The Company holds 2,330 common shares, equivalent to 100% of the share capital of Optecom S.A.S
- Proportion of the share capital of Comcel S.A.: As a result of the merger process in which Colombia Telecomunicaciones absorbed Telebucaramanga S.A. E.S.P., all of this company’s assets and liabilities were transferred in a block to the Company. Consequently, Colombia Telecomunicaciones is now the holder and owner of three shares in Comcel S.A., which were owned by Telebucaramanga S.A. E.S.P. The process of canceling securities, issuing new ones for Colombia Telecomunicaciones, and registering in the book of shareholders of Comcel S.A., is being carried out by the company.
Transactions with shareholders and managers
The Company carried out transactions with Telefónica S.A. in the ordinary course of business. The respective contracts were entered into under market conditions.
The Company did not carry out transactions with managers.
Intellectual property and copyright regulations
The Company complied with the intellectual property and copyright regulations in the different systems established in the Company. It has no knowledge of violations or possible breaches of the laws, regulations or rules on intellectual property and copyright; the effects of which must be considered to be disclosed in the financial statements or as a basis in the recording of a contingent loss.
Free circulation
of invoices
The free circulation of invoices was permitted. Pursuant to Article 87 of Law 1676/2013, the Company stated that it permits, without any limitation, the free circulation of its suppliers’ invoices.
Report on the implementation of best corporate practices – Código País survey
The Company conducted the report on the implementation of best corporate practices for 2020 and submitted it on time to the Financial Superintendence of Colombia, and it is published on the Company’s institutional website (www.telefonica.co).