fund managers, companies in the construction sectorbanks, holding companies or firms in the consumer segment, are part of the group of companies in which former Ministers of Finance and former presidents of Banco CentraThey are listed as directors.
The last to join the list is Ignacio Briones, who a couple of weeks ago entry to the Tenpo tablefinancial innovation arm of the Credicorp Group that last January submitted the request to the Financial Market Commission (CMF) to obtain a banking license in Chile.
The list of former Treasury heads on the boards of directors of companies It is headed by Hernán Büchi Bucformer Minister of Finance between 1985 and 1989, who participates in the largest number of boards of directors and covers the largest number of areas, highlighting his presence in the Luksic Group.
For his participation in the board of directors of Banco de Chile, as revealed by the companies’ reports published in the CMF, Büchi received $192 million in 2023, above $173 million in 2022. He was elected to the financial institution in 2019, but in 2007 he had already participated in it, and since 2008 he had served as an advisor to the board of directors. Meanwhile, his remuneration for the Quiñenco table – of which he has been a part since 1990 – reached $1,994 million last year, up from $1,465 million in 2023. But he also participates in another Luksic Group company. : Vapors. At the shipping company, of which he has been director since 2012, he received a remuneration of US$1,488,226 in 2023, down from US$1,757,026 in 2022.
Additionally, the former Minister of Finance served as director of Falabella between 2020 and 2022. That year he received $248.1 million and in 2023, charged to his duties before not being renewed at the table, it was $20.6 million. Meanwhile, at SQM, where he participated as a director for several years until April 2016, before rejoining in 2017, he received $661.23 million in 2023, above the $642.5 million in 2022.
In total, Büchi received around $4,172 million last year for the boards in which he participates.
Another former Minister of Finance who appears on the board of directors of an IPSA company is Felipe Larrain, former head of the portfolio during the first and second administration of Sebastián Piñera. Larraín has participated in the Cencosud board of directors since April 2020, for which his fees reached $190.2 million in 2023, up from $175 million in 2022.
Nicolás Eyzaguirre He was elected director of CGE in April 2023, after former Finance Minister Rodrigo Valdés, who also took over as director of the Western Hemisphere Department of the IMF, resigned from the board. For this exercise, Eyzaguirre, former head of the Treasury portfolio of Ricardo Lagos and the second term of former president Michelle Bachelet, received compensation of $36.7 million.
Not only do former heads of the Treasury appear on some of the various tables that run the companies listed in the IPSA, they also include former presidents of the Central Bank. One of them is Vittorio Corbo, who has been director and president of Santander Chile and director of Endesa, among other companies. Currently, he is part of the board of directors of CCU – director since 2012 -, work for which he received compensation of $184.6 million in 2023below the $241 million of the previous year.
Another is the case of José De Gregorio, who received a remuneration of US$1,488,266 last year for his participation in the board of directors of Vapores, below the US$1,757,026 in 2022. The former president of the BC is a director of the firm since 2013 and has participated in the Directors’ Committee since 2019. Additionally, since 2014 he has been a director of EuroAmerica Seguros de Vida, for which he received some UF1,740 in 2023, equivalent to $64.76 million today. Since 2012, in addition, he has been director of the Ruta del Maipo highway concessionaire, but the company’s report does not specify the remuneration per director, but rather the total paid to the board of directors, which totaled $139.26 million.
Total, De Gregorio received about $1,605 million in 2023.
Rodrigo Vergara He was president of the BC between 2011 and 2016, and has been a director of Banco Santander for five years, where he is also part of the Directors’ Committee and the Audit Committee. His compensation reached $247.3 million in 2023 and $240.7 million in 2022. Additionally, he serves as director of Embotelladora Andina, where he received $78 million last year, and $72 million the previous year. ; as well as in Besalco, for which his remuneration reached $66.47 million in 2023 ($33.12 million in 2022).
The former president of the BC It received about $391 million in 2023 from the different directorates.
