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El gobierno corporativo de EPM tiene debilidades estructurales importantes originadas en la legislación de las empresas industriales y comerciales, en la ley 142 de 1994 y otras normas que le aplican no solo a la empresa antioqueña, sino a la gran mayoría de las empresas estatales. Ajustar esta situación está en manos del gobierno introduciendo normativa explícita para estas empresas, pudiendo para ello nutrirse de la rica experiencia internacional.
El gobierno corporativo de la segunda empresa más grande del país[1] ha estado los últimos años en el centro de una aguda controversia. La discusión, caracterizada por un tono más político que técnico, ha sacado a la luz teorías sui generis sobre el deber ser de su gobierno corporativo, además de fuertes críticas sobre las actuaciones pasadas y recientes de varios miembros de su junta directiva, incluidos sus presidentes, los alcaldes de la ciudad. Esta situación que no es exclusiva de la multilatina antioqueña, tiene origen en la legislación que afecta la gran mayoría de las empresas estatales.
En medio de la entusiasta discusión, se presentaron en EPM dos hechos sin precedentes en la historia del gobierno corporativo estatal:
El primero, la renuncia masiva de la anterior Junta Directiva;
El segundo, la calificación negativa de EPM emitida por Fitchratings, que la pasó de BBB a BBB menos en el año 2020, por razones asociadas a su gobierno corporativo. Según la calificadora: “La baja de las calificaciones se debe a una intervención mayor del propietario de EPM, la ciudad de Medellín [BBB- Perspectiva Negativa], en la gestión de la empresa. Esto representa un deterioro de los controles de gobierno corporativo de la compañía.[2]”
La perspectiva negativa sobre EPM se mantiene dos años después. En abril del 2022, Fitchratings invoca similares razones “.. Las calificaciones de EPM reflejan el vínculo fuerte con su propietario, el municipio de Medellín….”[3]
Los eventos descritos y otros aspectos de fondo sugieren la necesidad de hacer una discusión técnica sobre el gobierno corporativo de EPM, no solo por el impacto reputacional y financiero sobre este activo estatal, sino por su relevancia para otras entidades de similar naturaleza, cuyos problemas de gobierno corporativo son similares a los de EPM, pero no gozan de su notoriedad.
Valiéndome del caso de EPM, me refiero al que considero es el origen de los problemas estructurales del gobierno corporativo en las empresas estatales colombianas: la precaria o nula reglamentación sobre el ejercicio de la propiedad de estos activos por parte del Estado. Esta es imprescindible porque quienes temporalmente representan a quienes ejercen como propietarios (alcaldes, gobernadores y ministros), tienen fuertes incentivos a actuar en forma no empresarial, por su vinculación con el ciclo político. Esta situación como vimos en un blog anterior, puede llevar a la destrucción de valor o permitir la captura de valor por grupos internos o externos a éstas.
El origen del problema del gobierno corporativo de EPM: la legislación
El gobierno corporativo de EPM es subóptimo, producto de una legislación incompleta y arcaica, pero obligatoria para esta y a las demás empresas industriales y comerciales del Estado (EICE), de las cuales destaco cuatro características:
i. Las normas existentes regulan parcialmente el gobierno corporativo de las empresas y estas no obligan cumplir con el principal deber fiduciario de los sistemas de gobierno corporativo que es la generación de valor para sus últimos dueños, los ciudadanos.
ii. La normativa que regulan los deberes de los funcionarios son débiles e imprecisas e ignoran su obligación fiduciaria de generar valor para los dueños de las empresas (Recuadro No.2).
iii. La legislación no aborda los temas de propiedad pública conforme las mejores prácticas internacionales y deja en manos de alcaldes y otros funcionarios la interpretación de cómo ejercerla. La poca normativa existente pareciera ignorar que estos oficiales llegan a sus cargos y a las juntas de las empresas como resultado de procesos políticos, que pueden afectar en forma importante su conducta como administradores.
iv. La normativa es desacertada en la concepción y conformación de las juntas directivas de las empresas estatales, pues traslada a la esfera política sin condición alguna, la organización de este cuerpo colegiado que debiera ser de carácter empresarial.
En general, las normas aplicables a las empresas estatales municipales no contemplan un estándar mínimo de gobierno corporativo. Existen además enormes vacíos que podrían subsanarse nutriéndose de las ricas experiencias internacionales de gobierno corporativo en empresas estatales. Los intentos recientes por normatizar este tema también eluden el tema y como lo demostró Fidel Cuéllar en una entrada anterior de este blog, retrasó los avances logrados. En particular el decreto 1510 de 2021, deja a la voluntad local la aplicación de las normas nacionales que tratan, sin éxito, de introducir criterios de propiedad[4].
Los Problemas en el Ejercicio de la Propiedad de EPM
Son varias las preguntas que subyacen en la discusión del gobierno corporativo de entidades como EPM. Me refiero especialmente a dos, formuladas desde las perspectivas de la empresa y del municipio como ente de propiedad:
¿Cómo se ejerce hoy la propiedad en este tipo de entidades? y,
¿Cómo se debería ejercer la propiedad?
La respuesta corta a la primera pregunta –para el caso de las empresas municipales que como EPM se constituyeron como Empresas Industriales y Comerciales del Estado (EICE), es que la propiedad se ejerce prácticamente según la voluntad del alcalde de turno[5]. El comentario de Fitch Ratings al bajar la calificación de EPM originada en “…una intervención mayor del propietario de EPM, la ciudad de Medellín…” proviene de una prerrogativa de origen legal que tienen los alcaldes colombianos para actuar dentro de márgenes excesivamente amplios en este tipo de empresas.
En los municipios colombianos, el burgomaestre se debe guiar por la ley aplicable, los acuerdos de creación y modificación de la empresa, el plan de desarrollo de cada administración, los estatutos de la compañía y en el caso de EPM desde el 2007 por el denominado “convenio marco de relaciones entre el Municipio y EPM”[6]. Pero también lo guían las promesas de campaña y, como en la mayoría de las empresas municipales colombianas, por las presiones ejercidas desde los ámbitos políticos, gremiales y de la sociedad civil. Esta es una característica de todas las empresas municipales como lo mostramos en una entrada anterior de este blog.
La respuesta corta a la segunda pregunta es que para las empresas de propiedad del Estado, debería reglamentarse el ejercicio de la propiedad. Las mejores prácticas a escala mundial sugieren emitir, desde sus entidades de propiedad –en este caso desde los municipios—lo que la OECD denomina políticas de propiedad, como lo comentamos en una entrada anterior de este blog. Estas tienen dos objetivos: mitigar el impacto de los ciclos políticos en la gestión de las empresas y promover una gestión empresarial, estableciendo para ello parámetros para su gestión, limitando la discrecionalidad de sus “propietarios” y administradores de turno cada 4 años –minimizando lo que Fitchratings denomina para el caso de EPM un “vínculo fuerte con su propietario”—y estableciendo la obligatoriedad de éstos de cumplir con el principal deber fiduciario de generar valor para sus dueños finales, los ciudadanos.
El año 2007 Medellín introdujo una figura novedosa asimilable a una política de propiedad, denominada “Convenio Marco de Relaciones Municipio de Medellín EPM” que trata de regular la relación propietario-empresa, estableciendo un conjunto de directrices que dan autonomía a EPM a cambio de un manejo empresarial a partir de un conjunto de principios (Ver Recuadro No.4). Este que fue un primer intento de un municipio por regular la relación de propiedad con su empresa, en la dirección adecuada, se convirtió en una nota de buenas intenciones. El convenio carece de un valor jurídico superior, no tiene indicadores verificables, y aunque es un acto vigente, no ha operado en los momentos de crisis del gobierno corporativo de la entidad como lo demuestra la experiencia. La única empresa municipal colombiana que ha conseguido concretar una política de propiedad con relativa estabilidad jurídica es el acueducto metropolitano de Bucaramanga (ver política de propiedad de amb SA ESP y un blog anterior).
En 1994 la ley 142 ratificó la muy amplia autonomía de los alcaldes sobre las empresas, pues definió cómo conformar las Juntas Directivas de las empresas de servicios públicos, (ver Recuadro No.3). Al hacer explícita esa facultad en estos agentes, de paso y sin ser el propósito de la norma, transfirió el ejercicio del derecho de propiedad sobre estas entidades de naturaleza empresarial a la esfera política, sin establecer unos parámetros mínimos para esa trascendental función. Esta concentración de poder es generosamente amplia pues la norma taxativamente dice que “dos terceras partes [de la Junta Directiva] serán libremente designadas por los alcaldes”.
En resumen, el gobierno corporativo de EPM tiene debilidades estructurales importantes, cuyo origen está en la legislación de las empresas industriales y comerciales, en la ley 142 de 1994 y otras normas que le aplican no solo a la empresa antioqueña, sino a la gran mayoría de empresas estatales. Ajustar esta situación es tarea pendiente del poder ejecutivo introduciendo ajustes a la normativa de empresas públicas municipales, pudiendo para ello seguir la rica experiencia internacional. En un próximo blog me referiré a otro tema crítico: las Juntas Directivas de las empresas públicas municipales.
[1] Ingresos operacionales Col$19,7 billones, activos al año 2021 por Col$ 63,7 billones (Fuente: Revista Semana)
[2] https://www.fitchratings.com/research/es/corporate-finance/fitch-baja-las-calificaciones-de-epm-hasta-bbb-mantiene-observacion-negativa-13-08-2020
[3] https://www.fitchratings.com/site/pr/10198823
[4] Decreto 1510 de 2021. ARTÍCULO 2.5.3.3.2. Ámbito de aplicación
[5] Artículo 85 de la ley 489 de 1998
[6] https://www.epm.com.co/site/Portals/0/centro_de_documentos/centro_de_contacto/relacion_estado/Anexo4-ConvenioMarcoRelacionesEPM-Municipio_001.pdf
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