The Banco de Costa Rica (BCR) announced on April 9 that it has implemented key recommendations from a report presented by members of the Permanent Special Commission for Control of Public Income and Expenditure. The report, which also involved a subcommittee investigating BCR Sociedad Administradora de Fondos de Inversión’s (BCR SAFI) purchase of Parque Empresarial del Pacífico, prompted several institutional changes.
The issue is significant as it concerns public oversight of financial management within state-owned entities. Both BCR and BCR SAFI said they have carried out important processes and changes to address the points raised in the legislative report.
For BCR SAFI, new regulations for hiring appraisers were established in 2024 to ensure independence, rotation, and cross-validation. “Since 2024 the new appraisers were hired under a renewed and strict bidding process that included observations made by the entity’s internal audit,” the statement said. Internal audit reports and records of all real estate acquisitions are now made available to fund investors following defined procedures. “It is important to clarify that according to current regulations, ‘public’ refers to investors in the fund referenced in the study,” according to BCR SAFI. The internal audit report related to Parque Empresarial del Pacífico has already been released.
A stricter conflict-of-interest policy has also been put into place at BCR SAFI with mandatory sworn statements from all those involved in investment decisions. The Investment Committee was restructured so that it now includes three members from Grupo Financiero BCR and three external members hired specifically for this purpose; all six now submit sworn declarations as required by national auditing authorities.
Regarding governance at Banco de Costa Rica itself, officials said since 2023 there has been a deep restructuring favoring timely decision-making for funds and their investors. All employees meet high technical and ethical standards required for their positions. A Deputy Manager of Business was appointed with responsibility over subsidiary operations as part of strengthened institutional accountability.
Additionally, an independent oversight committee was created in 2023 for BCR SAFI funds management—composed mostly of representatives designated by investors—to supervise asset-liability management, compliance with investment policies, among other duties.
