Non-provision of tax services by the account auditor
Colonial does not hire tax advisory services with the firm that audits its annual accounts.
The services provided by the audit firm during 2021 are limited to those referring to the actual account audit services, as well as limited reviews of the financial statements and other minor services related to the audit, which include support for limited reviews, issuing comfort letters, reports on agreed procedures for ratios linked to financing contracts and the net asset value of assets, as well as limited assurance work on certain ESG indicators and review of the Green Bonds Report. In 2021, the auditor did not provide tax services, or other services other than the above.
Colonial's regulatory risk prevention model
Colonial has a model for preventing regulatory risks, including criminal risks. This model's main tools are the Code of Ethics, the Manual for the Prevention of Criminal Risks, the Manual for the Prevention of Money Laundering and the Financing of Terrorism and the Internal Code of Conduct in the area of the Securities Market. These tools, together with the Ethical channel, provide Colonial with a solid regulatory framework that includes its values and principles in terms of ethics and regulatory compliance.
This Model is intended to prevent non-compliance with the regulations applicable to Colonial, and therefore crimes being committed within its activity. It is a structured and organic system that has monitoring and control procedures and activities managed by the Regulatory Compliance Unit, which functionally reports to the Audit and Control Committee.
The criminal risks that are subject to review in the Colonial Model include money laundering and the crime of asset stripping.
All the company's professionals are responsible for executing and complying with the Model and the different tools that comprise it are available on the company's Intranet. Likewise, the company has an annual training plan run by the Regulatory Compliance Unit through which initiatives are promoted for their dissemination and understanding.
Colonial offers its employees, directors, shareholders, suppliers, contractors and subcontractors a Ethical Channel through which they can confidentially and anonymously raise any query or report any irregularity of which they become aware and which falls within the scope of the Code of Ethics.
The Regulatory Compliance Unit is tasked with receiving and processing queries and complaints through the platform itself and in accordance with the Whistleblowing Channel Regulations, which are available on the corporate website.
Persons who make any kind of query or complaint, provided they do so in good faith, will be protected against any form of reprisal, threat, extortion, discrimination or criminalisation on the basis of the disclosures made.
Finally, the Model is continuously overseen by the Internal Audit and the Regulatory Compliance Unit and the results of said oversight are submitted to the Audit and Control Committee, which is the body responsible for overseeing the operation and compliance of the Model.