Marta Herrera Appointed Codelco’s New Ethics and Compliance Manager
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A seasoned legal professional with a reputation for independence, Marta Herrera will oversee the Chilean copper giant’s ethics and compliance programs.The appointment signals Codelco’s commitment to bolstering its integrity framework following a period of leadership transitions and scrutiny.
marta herrera, a lawyer known for her prominent role within the Public Ministry, has been named the new Ethics and Compliance Manager at Codelco, the world’s largest copper producer. The decision, announced Friday, culminated in a thorough search led by the mining company’s Audit, compensation and ethics Committee. The committee emphasized that both internal and external candidates were evaluated,prioritizing “leadership,independence,technical knowledge and probity.”
A Career Defined by Integrity
Herrera brings to Codelco a distinguished career in public service. She previously spearheaded the legal division and anti-corruption unit of the Public Ministry, demonstrating a consistent focus on upholding ethical standards. She was also considered for the position of National Prosecutor, but ultimately did not secure enough votes in the Senate, with Ángel Valencia being appointed to the role instead.
According to reports, following Valencia’s election, she requested the resignation of all directors within the Public Ministry. Herrera was the sole director to decline, a move that underscored her commitment to principle. In January 2023, the leadership of the Anti-Corruption Unit was afterward declared vacant. Currently, Herrera serves as the Legal Director of the National Institute of Industrial Property (INAPI).
Strengthening Codelco’s Compliance Framework
Codelco outlined that the Ethics and Compliance Management position carries the primary responsibility of designing, implementing, and overseeing the company’s corporate system of ethics, integrity, and regulatory compliance. This includes ensuring the effective operation of the state’s Crime Prevention System, enforcing the Code of Ethics, managing complaints, and fostering a robust culture of integrity.
The role also involves advising senior management on potential ethical and regulatory risks, as well as implementing best international practices. A company release stated that the position is critical for maintaining the highest standards of conduct across the association. The previous Compliance manager,who departed in October of last year,received an annual net remuneration of $203,240,203 – approximately $17 million monthly – highlighting the importance Codelco places on this function.
Herrera’s appointment arrives at a pivotal moment for Codelco, as the company navigates increasing global scrutiny regarding environmental, social, and governance (ESG) factors. Her proven track record of upholding ethical standards and her willingness to stand firm on principle position her as a key figure in ensuring Codelco’s continued success and responsible operation.
Why: Codelco appointed a new Ethics and Compliance Manager to strengthen its integrity framework amid leadership changes and increased scrutiny, especially regarding ESG factors.
Who: marta Herrera, a lawyer with a strong background in anti-corruption efforts within the Public Ministry, was appointed to the role.
What: Herrera will design, implement, and oversee Codelco’s corporate system of ethics, integrity, and regulatory compliance, including managing the Crime Prevention System and enforcing the Code of Ethics.
How did it end?: The appointment concluded a comprehensive search by codelco’s Audit, compensation and Ethics Committee, who prioritized candidates with leadership, independence, technical knowledge, and probity. Herrera’s appointment signals a commitment to upholding high ethical standards within the company.
