The Board of the CMF

The collegiate body is the one in charge of the superior management of the Financial Market Commission (CMF), called Board, integrated by five commissioners appointed as detailed in the law: (i) one of the Commissioners is appointed by the President of the Republic and will have the role of Chairman of the Commission and Service Head; and (ii) the four remaining Commissioners are appointed by the President of the Republic by means of a supreme decree through the Ministry of Finance, following ratification by the Senate.

The Law establishes that the composition of a diverse Board that balances experience and technical knowledge must be permanently ensured.

The term of office of the Chairman of the Commission is four years, while the period of the other Commissioners is six years in their positions, being able to be reelected and are renewed in pairs every three years.

The Deputy Chairman elected by the Board among its members, subrogates the Chairman in case of absence or temporary inability.

The Board's main functions:

1. To exercise the powers and perform functions entrusted by law to the Commission.
2. To establish policies for planning, organization, management, coordination and control of the functioning of the Commission.
3. To establish policies for the administration, acquisition and transfer of goods.
4. To issue general rules, circulars, official circulars, and other resolutions that are required.
5. To resolve sanctioning procedures that originate from indictments, applying the corresponding sanctions, depending on the case.
6. To formulate reform proposals to legal and regulatory rules to the President of the Republic, through the Ministry of Finance.
7. To resolve on the subscription of agreements or memorandum of understanding.
8. To submit complaints to the Public Ministry [Department of Justice] for the facts brought to its knowledge in the exercise of its attributions and which may be considered as offenses.
9. To elaborate an annual public report, within the first four-month period of each year.
10. To temporarily suspend, in serious and urgent cases duly qualified, totally or partially, by reasoned resolution, the activities of a supervised person or entity or the quoting or trading of one or more securities, and adopt, in general, any preventive or corrective measure provided by law.
11. To issue the resolutions concerning the authorization of existence, operation and mergers or reorganizations of the supervised entities, as appropriate and, in general, to reach a decision on any other authorization or registration that the Commission must grant within the scope of its powers.

Members of the Board from left to right: Bernardita Piedrabuena, Kevin Cowan, Joaquín Cortez, Mauricio Larraín, Augusto Iglesias.

Board's Internal Rules

Law Nº 21,000 that creates the Financial Market Commission

Members of the CMF Board

Joaquín Cortez Huerta, Chairman of the CMF

Mr. Cortez holds a degree in Business Administration from the Pontificia Universidad Católica de Chile and a master's degree in Economics from the University of Chicago.

Mr. Cortez held the position of chairman of the board of Confuturo and Corpseguro Insurance Company, advisor of The Blackstone Group and board member of Camanchaca, AFP Habitat Peru and Administradora de Inversiones La Construcción (ADILAC.)

Between August 2008 and October 2013, he first performed as investment director at AFP Provida; and then, as chairman of the board, a position that he held until MetLife took control of the company.

Previously, he worked as Investment director at the Pensions and Insurance Unit at BBVA in Latin America, senior financial officer for Bankers Trust, Deputy General Manager at Chemical Bank, General Manager of Santander Investment, Operations Manager at Central Bank of Chile, Development and Finance Manager at Banco de A. Edwards, and Ministry of Finance's advisor.

At an academic level, he has been a Professor of Economics and Finance at Universidad Católica, Universidad Finis Terrae and Universidad del Desarrollo.

Review Chairman of the Commission and Service Head's functions.

Kevin Cowan Logan, Deputy Chairman

Mr. Cowan holds a degree in Business Administration from the Pontificia Universidad Católica de Chile and a Ph.D. in Economics from the Massachusetts Institute of Technology (MIT), United States. He was Chile and Ecuador's Executive Director at the Inter-American Investment Corporation and Chile and Peru's Deputy Executive Director at the Inter-American Development Bank (IDB).

Regional Economic Consultant for Andean countries at the IDB, he has held different positions at the Central Bank of Chile, including Financial Policy Division Director (2008-2013), Coordinator of Research of Financial Policy Division (2007-2008), and senior economist at the Economics Investigation Unit (2005-2007). He also worked as an Economist in the Research Department of the IDB (2002-2005) and advisor at the Chilean Ministry of Finance (1995-1998). In 2016, he integrated the advisory Group convened by the Ministry of Finance to conduct modification proposals to the General Banking Law.

Augusto Iglesias Palau, Commissioner

Mr. Iglesias holds a Master's Degree in Economics from the University of California, and a Commercial Engineering degree with a major in Economics from the Pontificia Universidad Católica de Chile (PUC). Before assuming as commissioner at the Financial Market Commission, he performed as presidential advisor for the pension reform of the second Mr. Sebastián Piñera's administration (2018-2022). Mr. Iglesias has an extensive career as a consultant to various countries and multilateral institutions in the field of social security, and was Vice-Minister of Social Security between 2010 and 2014. He was also a member of the Commission for the Social Security Reform, being appointed to this position by the former-President Mrs. Michelle Bachelet.

Mr. Iglesias has also held different positions in the private sector and academy as well. He performed as a partner and board member at PrimAmérica S.A.; a consultant in the areas of economy, finance, and social security; a researcher at the Centro de Estudios Públicos (CEP) and the PUC's Institute of Economics; and a professor at several universities on the fields of macroeconomics, industrial organization, and labor economics.

Bernardita Piedrabuena Keymer, Commissioner

Ms. Piedrabuena holds a PhD in Economics from the Universidad de Chile, a Master's Degree in Economics, and a Commercial Engineering Degree from the Pontificia Universidad Católica de Chile. Mrs. Piedrabuena has an extensive professional career in public policies related to the financial market. She has been Capital Markets and International Finance Coordinator and Macroeconomic Area Coordinator of the Ministry of Finance of Chile; member of the Fiscal Advisory Council; and Advisor to both the Ministry of Economy and the Senate of the Republic of Chile.

Prior to joining the Financial Market Commission, Mrs. Piedrabuena worked as Corporate Risk Manager at the Central Bank of Chile, and has been a consultant for the Inter-American Development Bank (IDB); chief economist at the consulting firm Zahler & Co.; board member of Empresa Nacional del Petróleo (ENAP); vice president of COTRISA; and member of Moneda Asset's MDLAT Vigilance Committee, among other positions. She has also lectured at the Faculty of Economics and Business, the School of Industrial Engineering and at the Faculty of Law of Universidad de Chile; also at the Institute of Economics of Universidad Católica de Chile; the Faculty of Economics and Business of Universidad Diego Portales and at Adolfo Ibáñez University.

Mauricio Larraín Errázuriz, Commissioner

Mr. Larraín holds an Economics B.A. and a master's degree in Financial Economics, both from the Pontificia Universidad Católica de Chile and a Ph.D. in Economics from the University of California, Berkeley, United States. He has been a finance Professor at the Business School at the Pontificia Universidad Católica de Chile and partner of Larraín y Larraín, consulting company specialized in corporate governance, leadership, and macroeconomic and financial consultancy.

He started his career as an Economist at the Research Department of the Central Bank of Chile. Then, he was Finance Professor at the Business School at Columbia University in the city of New York, United States. He has specialized in the study of corporate finance in growing economies and his research field is in the limits of corporate finance, financial intermediation, and development economy. His research has been published in the main financial academic journals. He has presented his work to the business schools at Harvard, Chicago and Columbia universities; at the World Bank and the International Monetary Fund.