Under this directive, the SMV (the Peruvian securities exchange commission) seeks to ensure that the Corporate Governance information disclosed to the market complies with the new standards set out in the Code of Good Governance for Peruvian Corporations that came into effect in November 2013. Thus, the Annex to the Annual Report referring to “Information on Compliance with the Principles of Good Governance for Peruvian Corporations” is replaced with the “Statement of Compliance with the Code of Good Corporate Governance for Peruvian Corporations”. In this report, listed Peruvian companies must inform the market each year of the level of compliance with the recommendations made in the Code of Good Corporate Governance, based primarily on five aspects: (a) Shareholder rights, (b) General Meeting of Shareholders (c) Board of Directors & Senior Management, (d) Risk & Compliance, and (e) Transparency of information.

The drafting of this Code is part of a wider process to reform the Peruvian capital market, intended to create a robust culture of Corporate Governance in Peru that improves investor perception of companies, promotes business development and contributes to the creation of value in the Peruvian economy.