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[]
[null,"Prepared By:","Contributors:"]
[null,"Arias, Fábrega & Fábrega","Ricardo M. Arango"]
[]
[]
[]
["ESG Latin America & the Caribbean Guide 2024 | Charting Sustainable Futures"]
[]
["Report Generated: 5/2/2025"]
[]
["View your report results on next tab"]

{"sheet":"ESG Latin America & the Caribbe","index":1,"n_rows":29,"n_cols":2,"rows_kept":29,"cut":false,"hidden":false,"merged":[]}
["Question","Panama"]
["Social"]
["ESG Regulation related to stakeholder well-being and social impact.","Not applicable.\n"]
["ESG Regulation concerning non-discrimination."," Laws/regulations concerning non-discrimination include:  \n \n Constitution of the Republic of Panama \n \n Article 19 of the Panamanian Constitution establishes that there will be no privileges or privileges or discrimination due to race, birth, disability, social class, gender, religion or political ideas. \n Article 67 of the Panamanian Constitution establishes that equal work under identical conditions always corresponds to equal salary or salary, regardless of the people who perform it, without distinction of sex, nationality, age, race, social class, political or religious ideas. \n Article 72 of the Panamanian Constitution dictates that the maternity of working women is protected. Women in a state of pregnancy cannot be separated from their public or private employment because of their pregnancy. \n \n \n Law 59 of December 28, 2005 Adopts labor protection standards for people with chronic, involuntary and/or degenerative diseases that cause work disability. \n Law 3 January 10, 2001 Approves in all its parts the Inter-American Convention for the elimination of all forms of discrimination against persons with disabilities, which aims to eliminate discrimination against this group and promote their full integration into society. \n \n The scope of the application of these laws is National. "]
["ESG Regulation pertaining to the prevention of modern slavery."," Laws/regulations concerning the prevention of modern slavery include:  \n \n Law 23 of February 1966 Ratifies the International Labour Organization C029 (Forced Labour Convention of 1930) which aims to suppress the use of forced or compulsory labor in all its forms within the shortest possible period. \n \n The scope of the application of this law is National. "]
["ESG Regulation regarding Diversity, Equity, and Inclusion - DEI."," Laws/regulations concerning Diversity, Equity and Inclusion include:  \n \n Law 384 of June 19, 2023 \n Executive Decree 10 of June 19, 2023 \n \n These laws create a program of subsidies to encourage the employability of employees with disabilities. \n The scope of the application of these laws is National. "]
["Regulation on ESG-linked compensation.","Not applicable.\n"]
["ESG Regulation for the protection of vulnerable or minority communities."," Laws/regulations concerning regulation for the protection of vulnerable or minority communities include:  \n \n Law 134 of December 31, 2013 Aims to economically equate people with disabilities in the national territory based on non-discrimination policies, economic discounts, and equalization of opportunities. \n \n The scope of the application of this law is National. "]
["ESG Regulation for economic development of vulnerable or minority communities or groups."," Laws/regulations concerning the economic development of vulnerable or minority communities or groups include:  \n \n Law 253 of November 9, 2021 Creates regulations to facilitate economic and commercial opportunities for senior citizens and promotes the silver economy. \n Executive Decree 18 of September 5, 2023 Approves Panama's Plan for Indigenous Women Empowerment (\" PEMIP 2025 \") which includes social, economic, scientific, financial, health, human rights and political aspects. \n Law 301 of May 12, 2022 Promotes the participation of indigenous peoples in the development processes in their indigenous territories and communities, especially the full and effective participation of women, youth and adults older people, as well as other vulnerable groups, such as people with disabilities. \n \n The scope of the application of these laws is National. "]
["Regulation on Personal Data Protection, concerning data usage transparency, limits on data usage to prevent discrimination issues, and corporate digital responsibility."," Laws/regulations concerning Personal Data Protection, data usage transparency, limits on data usage to prevent discrimination issues, and corporate digital responsibility include:  \n \n Law 81 of March 26, 2019 \n Executive  Decree 285 of March 28, 2021 (the \"Data Protection Law\") \n \n These laws contain the principles, rights, obligations and procedures that regulate the protection of personal data, under public and private law. \n The scope of the application of these laws is National. "]
["Environmental"]
["ESG Regulation related to climate change prevention or mitigation, specifically concerning carbon footprint or pollution measurement, decarbonization strategies, and/or mandates and strategies to achieve local carbon neutrality commitments"," Laws/regulations concerning climate change prevention or mitigation include:  \n \n Executive Decree 142 of December 9, 2021 Establishes a progressive implementation of the National Carbon Market of Panama which includes: the national greenhouse gas (\" GHG \") management programs, the National Greenhouse Gas Compensation System of Panama (\" SNCP \"), and the Panamanian Carbon Exchange (\" BPC \"). \n Law 2 of January 3, 1989 Ratifies the Vienna Convention for the Protection of the Ozone Layer which establishes obligations for State Parties to adopt protocols aiming to protect human health and the environment against adverse effects resulting or likely to result from human activities. \n \n The scope of application of these laws is National. "]
["ESG Regulation regarding energy transition (requirements or promotion and use of new second-generation renewable energy sources such as solar, wind, tidal, H2, geothermal, among others).\n"," Laws/regulations concerning energy transition include:  \n \n Law 37 of June 10, 2013 Promotes, through fiscal incentives, the diversification of the country's energy matrix and the implementation of solar energy panels and installations under criteria of economic efficiency, economic and technical viability, quality and reliability of service. \n Resolution 1520 of July 2, 2013 Establishes measures applicable to competitive tender processes in connection with the contracting of energy generation based on wind technology as a way to meet the contracting obligations of customers of electrical distribution companies. \n Executive Decree 45 of June 10, 2009 Implements fiscal incentives to promote the implementation of hydroelectric energy generation systems and other renewable and clean energies. \n \n The scope of the application of these laws is National. "]
["ESG Regulation concerning electricity markets, carbon markets, or similar.\n"," Laws/regulations concerning electricity markets, carbon markets, or similar include:  \n \n Law 6 of February 3, 1997, and Executive Decree 22 of June 25, 1998 Establishes the regulatory and institutional framework for the electricity public service. \n \n The scope of the application of this law is National. "]
["ESG Regulation in the realm of green or sustainable financing, including taxonomies, provisions for mandatory reporting of material financial information on environmental or social matters, as prerequisites for issuing thematic bonds (green, sustainable, social, etc.), mechanisms to promote sustainable financial products and services, etc.\n"," Laws/regulations concerning the realm of green or sustainable financing include:  \n \n Taxonomy of Sustainable Finance of Panama Recommends a classification system that defines clear, science-based criteria to identify economic activities that contribute to the transition towards a sustainable, resilient and inclusive economy in Panama. \n \n The scope of the application of this law is National. Voluntarily applies to entities supervised by the Superintendency of Banks, the Superintendency of Capital Markets, and the Superintendency of Insurance and Reinsurance of Panama. "]
["ESG Regulation for preventing greenwashing.","Not applicable.\n"]
["Regulation on ESG Due Diligence applicable to value chains (MRV protocols to ensure the environmental integrity of products and services, etc.).\n","Not applicable.\n"]
["Regulation in the field of circular economy.\n"," Laws/regulations concerning the field of circular economy include:  \n \n Law 28 of July 1, 2016 Approves the Hong Kong International Convention for the safe and environmentally sound recycling of ships. \n Law 187 of December 2, 2020 Regulates the reduction and progressive replacement of single-use plastics, and establishes obligations for enterprises regarding the elimination of single-use plastics, investments in reusable products, and evaluation of such advancements. \n Law 223 of June 8, 2021 Establishes tax exemptions and incentives in environmental matters starting during the fiscal year 2022, to promote sustainable business practices \n \n The scope of the application of these laws is National. "]
["Governance"]
["ESG Regulation regarding the integration of the board of directors, board of trustees, or management body of the company (minimum participation/representation of women or minority groups, guidelines on the composition of board members with expertise in ESG matters, etc.).\n"," Laws/regulations concerning the integration of the board of directors, trustees, or management body of the company include: \n \n Law 56 of July 11, 2017 Requires governmental agencies, publicly listed companies, financial intermediaries, regulated companies (banks, insurance companies and securities entities) and mixed stock companies to have at least 30% women in board positions. \n \n The scope of the application of this law is National. "]
["Regulation on fiduciary responsibility and administrators' roles in environmental and social risk management (standards or interpretations regarding the scope of fiduciary responsibility or administrator's duty concerning the company's social purpose, based on its typology).\n","Not applicable.\n"]
["ESG Regulation concerning corporate purpose.\n","Not applicable.\n"]
["Regulation on types of Benefit and Collective Interest Companies (certifications like B Corps, specific regulations for BIC companies).\n","Not applicable.\n"]
["ESG Regulation regarding supply chains from the perspective of ESG risk governance.\n"," Laws/regulations concerning supply chains from the perspective of ESG risk governance include:  \n \n Law 28 of June 9, 2010 Creates the refrigerated supply chain secretariat that has the power to design, execute, administrate, operate and provide maintenance to the refrigerated supply chain in Panama. \n \n The scope of the application of this law is National. "]
["ESG Regulation in the context of M&A (ESG due diligence).\n","Not applicable.\n"]
["ESG Regulation related to Corporate Digital Responsibility.\n"," Laws/regulations concerning Corporate Digital Responsibility include: \n \n Law 45 of October 31, 2007 Dictates that all advertisements or publicity notices must be truthful, the advertiser is responsible for facts published and any misrepresentations or misleading statements. Statements referring to the nature, composition, origin, substantial qualities or properties of the products or services must always be accurate and capable of verification at any time. \n \n The scope of the application of this law is National. "]
["Disclosure"]
["Specific mandates related to national alignment with specific reporting standards."," Laws/regulations concerning the national alignment with specific reporting standards include: \n \n Agreement 1- 2010 of the Superintendency of Banks of Panama Establishes that banks' financial statements must be presented in strict accordance with International Financial Reporting Standards (\" IFRS \") or Generally Accepted Accounting Principles in the United States of America (\" US-GAAP \"). The scope of the application of this law is National. It applies to Official Banks, General License Banks and International License Banks. \n \n \n Agreement 8-2000 of the Superintendency of Capital Markets of Panama Establishes that entities regulated by the Superintendency of Capital Markets must present financial statements must be presented in strict accordance with International Financial Reporting Standards (\" IFRS \"). The scope of the application of this law is National. It applies to persons registered or subject to reporting according to the Securities Law. \n \n \n Agreement 1-2024 of the Superintendency of Insurance and Reinsurance of Panama Establishes dispositions to regulate the adoption and application of International Financial Reporting Standards (\" IFRS \") for insurance companies. The scope of the application of this law is National. It applies to insurance companies regulated by the Superintendency of Insurance and Reinsurance. \n \n \n Resolution 3-2010 of October 28, 2010 of the Ministry of Commerce and Industries Adopts the International Financial Reporting Standard for Small- and Medium-Sized Entities. The scope of the application of this law is National. It applies to small and medium-sized companies that are not listed on a stock exchange or that do not have the obligation to render public reports. \n \n \n Fiscal Code of the Republic of Panama Establishes dispositions to regulate the adoption and application of International Financial Reporting Standards (\" IFRS \") standards for income tax filings to the National Tax Authority ( Dirección General de Ingresos ). The scope of the application of this law is National. It applies to all taxpayers. \n "]
["Standards regarding the scope and frequency of such reports."," Laws/regulations concerning the scope and frequency of such reports: \n \n Decree Law 9 of February 26, 1998, and its amendments Banks must present financial statements to the Superintendency of Banks on the following frequency: a) Annually: audited financial statements. b) Quarterly: unaudited financial statements. The scope of the application of this law is National. It applies to Official Banks, General License Banks and International License Banks. \n Law 12 of April 3, 2012 \n Resolution No. JD-037 of November 27, 2014 Insurance companies must present to the Superintendency of and Reinsurance their financial reports on the following basis: a ) Annually: audited financial statements. b) Quarterly: unaudited financial statements. The scope of the application of these laws is National. It applies to insurance companies. \n Agreement 8-2000 of the Superintendency of Capital Markets of Panama Entities regulated by the Superintendency of Capital Markets must present to the Superintendency of Capital Markets their financial reports on the following basis: a) Annually: audited financial statements. b) Quarterly: unaudited financial statements. The scope of the application of this law is National. It applies to persons registered or subject to reporting according to the Securities Law . \n "]