Enel Chile S.A.
For the period ended Dec 31, 2024. Filed Apr 29, 2025.
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The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.
FY2024 · Filed Apr 29, 2025
Contents
Item 16B. Code of Ethics
Our standards of ethical conduct are governed using the following corporate rulings or policies approved by our Board: (i) the Manual for the Management of Information of Interest to the Market (the “Manual”); (ii) the Human Rights Policy; (iii) the Politically Exposed Person Policy; (iv) the Code of Ethics; (v) the Zero Tolerance Anti-Corruption Plan (the “ZTAC Plan”); (vi) the Penal Risk Prevention Model; (vii) the Enel Global Compliance Program on Corporate Criminal Liability (the “Enel Global Compliance Program”); (viii) the Internal Control and Risk Management System; (ix) procedures issued in compliance with the requirements of CMF General Norm Regulation No. 385, which was in force and subsequently replaced by CMF General Norm Regulation No. 461 (“NCG 461” in its Spanish acronym); and (x) the Diversity Policy.
The Manual addresses the following issues: applicable standards and blackout periods regarding the information in connection with transactions of our securities, or those of our affiliates, entered into by directors, management, principal executives, employees, and other related parties; the existence of mechanisms for the continuous disclosure of information that is of interest to the market; and procedures that protect confidential information. Please refer to “Item 16J. Insider Trading Policies” for further information.
The Human Rights Policy incorporates and adapts the United Nations’ general principles related to human rights into our corporate policies, and the Politically Exposed Person Policy includes procedures for regulating the commercial and contractual relationships between Politically Exposed People and us. The Code of Ethics is based on general principles such as impartiality, honesty, integrity, and other ethical standards, all of which are expected from our employees. The ZTAC Plan reinforces the Code of Ethics principles, with emphasis on avoiding corruption through bribes, preferential treatment, and other similar matters.
The Penal Risk Prevention Model satisfies the standards imposed by Chilean Law No. 20,393, which imposes criminal responsibility for legal entities for certain crimes, including money laundering, financing of terrorism, and bribery of public officials. The Enel Global Compliance Program is designed to reinforce the group’s commitment to the highest ethical, legal, and professional standards for enhancing and preserving the group’s reputation. It sets several preventive measures for corporate criminal liability.
The Internal Control and Risk Management System is a set of guidelines defined by Enel for the standards, procedures, and systems applied at different levels of our company to identify, analyze, evaluate, manage, and communicate risks.
Enel Chile classifies risk monitored in its Risk Catalogue into 6 macro-categories: Financial, Strategic, Governance and Culture, Operational, Compliance, and Digital Technology, as well as 37 sub-categories.
Enel Chile’s Risk Control and Management policy is guided by our principles rooted in Enel’s Internal Control and Risk Management System and contains policies that monitor limits and indicators related to our specific risks, corporate functions, or businesses. Our main risk control and management policies are described as follows:
| ● | The Guarantee Management Policy establishes the guidelines and methodologies to manage guarantees from suppliers and to ensure effective mitigation of counterparty risk related to the profile of the supplier and the guarantor. |
| ● | The Commodities Risk Control Policy manages commodity risk and control activities through the optimization of risks decisions, enabling the minimization of the probability of not achieving strategic results by controlling price, volume, exchange rate, commodity credit and counterparty risks. |
| ● | The Credit and Counterparty Risk Control Policy is designed to minimize the probability that expected results will be affected by a default or reduction in the credit quality of a counterparty. |
| ● | The Financial Risk Control Policy strives to minimize the probability of not achieving commercial and financial strategic results by controlling risks involving financial markets, financial counterparties, liquidity, and operations. |
| ● | The Hedge Policy aims to mitigate the risk of variations in exchange rates by maintaining a balance between flows indexed to US dollars or local currencies, if any, and the levels of assets and liabilities in such currency. |
| ● | The Climate Change Policy establishes a common framework for the Company to guarantee the effectiveness in strategically managing the risks and opportunities associated with climate change while integrating with the Company’s main processes and decision-making. |
The Risk Control and Management Policy also follows the standards and best practices established in the ISO 31000:2018 (G31000), and part of its team is already certified and acts under the guidelines of these international standards. The primary objective is to identify internal and external risks preemptively and to analyze, evaluate, and quantify the probability of their occurrence and impact on the Company. Each area within the Company manages risks using mitigation measures stipulated in action plans. In the risk management phase, necessary actions determined by internal policies and procedures are considered. The strict observance of ISO international standards and governmental regulations may require risk management actions to be documented to guarantee good governance practices and ensure business continuity.
NCG 30, issued by CMF as amended from time to time, establishes the structure and contents for the Company’s annual report, including corporate social responsibility practices, information related to the Board’s functions and composition; relationships between the company, shareholders, and the general public; third-party assessments; and internal control and risk management. This information is available at the public’s disposal on the Company’s website (www.enelchile.cl) and is sent to the stock exchanges.
In 2016, we established the Diversity Policy that defines the key principles required to spread a culture focused on diversity and respect, preventing arbitrary discrimination, and encouraging equal opportunities and inclusion, all fundamental values in developing the Company’s activities. Through this policy, the Company seeks to improve our employees’ work environment and quality of life. The Company is committed to creating an inclusive work environment where employees can develop their potential and maximize their contribution.
In 2018, the Board approved a policy dealing with environmental and biodiversity issues. ESG criteria are integrated into our business model. The Board periodically receives reports from management to identify and assess all risks associated with ESG and climate change issues, including compliance with its policies.
A copy of these documents is available on our webpage at www.enelchile.cl, as well as upon request, free of charge, by writing or calling us at:
Enel Chile S.A.
Investor Relations Department
Roger de Flor 2725, Torre 2, Piso 17
Las Condes, Santiago
Chile
Tel: (56-2) 2630-9000
In the fiscal year 2024, our Board updated the Manual and the Penal Risk Prevention Model to reflect the most recent Chilean regulation applicable to the Company. No waivers from any provisions of the Code of Ethics, the ZTAC Plan, or the Manual were expressly or implicitly granted to the chief executive officer, the chief financial officer, or any other senior financial officers in the fiscal year 2024.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.