Fogacoop conditions the deposit insurance premium on good cooperative governance

Fogacoop will condition the adjustment of the deposit insurance premium on the progressive compliance with nine good corporate governance practices. The decision is contained in External Circular Number 001 of 2026, issued on September 25 and published in the Official Gazette Edition 53,643 of September 30, 2026, pages 42 and 43. The regulation is addressed to members of boards of directors, legal representatives, administration and social control bodies, and statutory auditors of cooperatives registered with the Guarantee Fund for Cooperative Entities (Fogacoop).

The origin: a resolution that opened the door to the benefit

The Board of Directors of Fogacoop, through Resolution number 006 of July 22, 2026, added numeral 1 of Chapter II, Title I “Payment of the Premium,” of Resolution number 025 of 2015 (Single Norm of the Corporate Purpose), and established the treatment to be given to the value of the deposit insurance premium when a cooperative proves the adoption of good corporate governance practices. The circular now develops the premises of that framework, the conditions for access and maintenance of the treatment, the accreditation procedure, and the validity of the regulation.

The framework is harmonized with international and national references:

• Corporate Governance Principles of the Organisation for Economic Co-operation and Development (OECD).
• Guidelines for a Latin American Corporate Governance Code from the Development Bank of Latin America and the Caribbean (CAF), 2023.
• International Cooperative Principles of the International Co-operative Alliance (ICA), 1995.
• Guide to Good Governance and Best Practices from the Superintendency of the Solidarity Economy, 2025.

The nine verbs of good governance

The scheme is articulated around nine “verbs,” equally relevant and complementary, detailed in the document “ABC of Good Corporate Governance Practices” to be issued by the Technical Sub-directorate of Cooperatives:

• Govern: the Board of Directors undertakes the commitment to implement the nine verbs, with defined actions, responsible parties, and deadlines.
• Control: monitoring of strategic management and a support instance for internal control, risks, and compliance.
• Evaluate: self-assessment, individual evaluation, and peer evaluation of the Board and the Manager.
• Train: annual training plan in corporate governance, risk management, and leadership.
• Include: diverse composition of the Board, with financial profiles, board members under 40 years of age, and participation of alternates.
• Plan: annual agenda that articulates risks, budget, and strategic management.
• Manage conflicts of interest: policy to identify, disclose, and manage conflicts and related-party transactions.
• Account: annual report to the General Assembly on the performance of the Board.
• Bequeath: succession, renewal, and transition plans for the Board, the Manager, and Senior Management.

Graduality by category until 2029

Adoption is voluntary, but accreditation will be annual and gradual progress will be applied according to the category established in Decree number 1544 of 2024:

• Financial and Full Cooperatives: must accredit all nine verbs.
• Intermediate: minimum of seven verbs the first year and all nine from the second year onwards.
• Basic: minimum of five the first year, at least seven the second, and all nine the third.

The initial year of accreditation is 2027 and the graduality remains in effect until December 31, 2029. Every cooperative, regardless of its category, must always include the verb Govern in its initial accreditation.

Exclusions and validity

The benefit will only operate if the cooperative is not subject to the grounds in Chapter II of Title I “Payment of the Premium” of Resolution number 025 of 2015, nor in Circular 003 of 2022 of Fogacoop, nor presents a high risk profile. A high profile is considered to be that of a cooperative with a Composite Risk Indicator (IRC) greater than or equal to 75 units consecutively for six months or more. The circular governs from its publication and is signed by the director María Elena Grueso Rodríguez.

The measure affects all supervised cooperatives and, indirectly, their savers: a more solid corporate governance reduces the risk of the entities and can translate into a lower deposit insurance premium. For the sector, the staggered calendar until 2029 marks the roadmap for cooperative governance in the coming years.

Source: Official Gazette, Edition 53,643 of September 30, 2026, section I (External Circulars), pp. 42-43 (official reference: External Circular Number 001 of 2026 of Fogacoop).