Description and Main Functions:

  • According to our bylaws, ILC is led by a seven-member board elected annually at its General Shareholders' Meeting
  • Our directors are elected for a one-year period, and may be re-elected. The Chairman is appointed for one year and can be re-elected for a second term
  • Our directors can also participate as guests at meetings of subsidiary boards, to gain a deeper understanding of the main issues faced by each business within ILC
  • Its main duties include establishing the Company’s strategy, objectives and policies, which are then implemented by management. These matters are discussed in monthly meetings, to analyze ILC’s performance, risks, strategy and its medium and long-term plans

Sergio Torretti C., Chairman

Portrait

Mr. Torretti holds a degree in accounting from Instituto Comercial Superior.

He has an extensive track record in the construction and real estate sector in Chile, and has played a relevant role in the education and training areas at the Chilean Construction Chamber (CChC).

In the real estate sector, he has served on the boards of Inmobiliaria Indesa and Nueva Urbe, which develop urban projects in Santiago and northern Chile, respectively. In the construction industry, he has been on the board of directors of Construcciones e Inversiones Santa Ana for more than 30 years. This company is primarily engaged in the construction of civil and sanitary works.

In the education and training areas at CChC, he has chaired the CChC Educational Network, Capacita and Coreduc, and participated on the boards of Desarrollos Educacionales, CFT Los Andes and Tecnogest.

He was appointed to the board of ILC in 2010 and named Chairman of ILC and CChC in 2016.

Patricio Donoso T., Vice-Chairman

Portrait

Mr. Donoso is a civil engineer from the Pontificia Universidad Católica de Chile, with a master's degree in Engineering Sciences.

Actually he is partner and manager of Acacios, company that focuses on agricultural business, construction and real estate.

Mr. Donoso is member of the chamber's branch in Rancagua and part of the public housing committee. Has been president of the before mentioned branch and also Vice-president during two periods of the Chilean Chamber of Construction's National Board

He joined the Board of ILC in October 2018.

Jorge Mas F., Director

Portrait

Mr. Mas holds a degree in civil engineering from Universidad de Chile.

He has a recognized track record in the construction industry as founding partner of the engineering and construction company Mas Errázuriz. This firm has operations in several South American countries including Chile, Peru, Argentina and Colombia. Mas Errázuriz has more than 30 years’ experience building a wide range of works for the energy and mining industries, and has also taken part in important medium and large-scale infrastructure projects. The Company has participated in works commissioned by Anglo American, Goldcorp, GDF Suez and Codelco, among others.

In 2014, he was appointed Chairman of ILC and later named Vice-Chairman in 2016. He also chaired the CChC from 2014 to 2016.

Fernando Coloma C., Independent Director

Portrait

Mr. Coloma holds a degree in business administration from Pontificia Universidad Católica de Chile and a Master of Arts in Economics from the University of Chicago, USA.

He has been a professor at the Institute of Economics at Pontificia Universidad Católica since 1980, where he has taught different courses on microeconomics, competition and markets, labor economy, microeconomic theory, economic regulation, international trade theory, topics in economics and public policies, economic policy, project evaluation, topics in financial regulation, among others.

He has authored numerous academic publications and consultations on domestic and international projects on public policies, job markets, regulation and competition, among other topics.

He was the Superintendent of Securities and Insurances from 2010 to 2014. He also chaired the Council of Securities Regulators of the Americas (COSRA) for two years.

Other positions he has held include director of Chile Transparente, member of the Icare Finance and Business Circle, member of the Capital Markets Consultative Council, member of the group of experts convened by the Finance Ministry to strengthen capital market operations, member of the Presidential Advisory Council on Work and Equality, director of Santiago's Club Hípico, coordinator of the Social Doctrine Program at Pontificia Universidad Católica, and member of the Justice and Peace Commission.

He joined the Board of ILC in 2017 as independent director.

René Cortázar S., Independent Director

Portrait

Mr. Cortázar holds a degree in business administration from Pontificia Universidad Católica de Chile, and a PhD in Economics from Massachusetts Institute of Technology (MIT), USA.

He has an outstanding track record in both the private and public sectors. In the private sector, he has served on the boards of several of Chile’s largest companies: AES-Gener and Guacolda (power generation), Entel (telecommunications), D&S (supermarkets), París and La Polar (retail), Moneda and Corpbanca (financial institutions), Televisión Nacional de Chile and Canal 13 (media).

In the public sector, he was named Minister of Labor and Social Welfare at the age of 38. He also served as Minister of Transportations and Telecommunications from 2007 to 2010. He is currently a researcher at the Latin American Studies Corporation (CIEPLAN).

He was appointed to the board of ILC in 2014, where he currently serves as Independent Director.

Iñaki Otegui M., Director

Portrait

Mr. Otegui holds a degree in industrial engineering from Universidad de Chile and an MBA from Universidad Adolfo Ibáñez.

He has enjoyed a distinguished career in both private industry and trade associations, which began in the procurement and distribution areas at Sodimac. He then joined the CMPC holding, where he started in the commercial area of subsidiary EDIPAC and eventually was promoted to CEO in 1995.

In early 2000, he joined Cementos Bío Bío, where he held several commercial positions, then became CEO of the cement area and finally CEO of the corporate area in 2013. At Bío Bío, he led important milestones like the construction of the first cement plant in Peru and the expansion of the company’s cement and lime operations in Chile. In 2018, he was appointed to the board of AZA S.A. (formerly Gerdau).

In terms of trade association experience, Mr. Otegui has held several positions within the Chilean Chamber of Construction, including National Advisor, Chairman of the Industry Committee and Director. He was also an Advisor for institutions like the Chilean Federation of Industry (SOFOFA) and the Chilean National Mining Society (Sociedad Nacional de Minería).

In 2019, he became a Director of ILC.

Varsovia Valenzuela A., Director

Portrait

Ms. Valenzuela holds a degree in business administration from Pontificia Universidad Católica de Chile.

She has more than 25 years of experience in the financial sector, having held different positions in the finance, risk and control, commercial, operations and human resources areas at leading local and regional banks.

Her work in the banking industry began at Citibank Chile, where she built an important career spanning more than 15 years that led her to represent Citibank on AFP Habitat’s board of directors. In 1999, she moved to ABN AMRO, which was subsequently acquired by The Royal Bank of Scotland, where she worked for around 10 years. At the two organizations, she served as Operations Manager and Finance Manager and sat on the boards of both institutions’ life and property & casualty insurance companies in Chile. She led important milestones including the sale of The Royal Bank of Scotland in Chile to Scotiabank.

In 2012, Ms. Valenzuela began representing the Chilean Pension Fund Managers Association on the board of AES Gener and then, from 2014-2019, on the boards of CMR S.A. and Banco Falabella.

In 2019, she was appointed to the board of ILC.

Board Compensation Policy:

  • Chairman: UF110 per meeting attended and 0.06% of ILC’s annual profit
  • Vice-Chairman: UF82.5 per meeting attended and 0.045% of ILC’s annual profit
  • Directors: UF55 per meeting attended and 0.03% of ILC’s annual profit

The remuneration that corresponds to each director for the concept of participation in profits, in no case may exceed the equivalent in UF to the sum of one hundred billion pesos, depending on the value of said unit as of the date of the Ordinary Shareholders' Meeting 2020.

Board Information for DJSI Index Application:

Independent Directors Criteria*

(S&P definition) 

 

Sergio

Torreti

C.

Patricio

Donoso

T.

Jorge

Mas

F.

Fernando

Coloma

C.

René

Cortázar

S.

Iñaqui

Otegui

M.

Varsovia

Valenzuela

A.

Meeting 2 / 3 Criteria

 

 

 

 

 

 

 

 

1. The director must not have been employed by the company in an executive capacity within the last five years 

 

OK

OK

OK

OK

OK

OK

OK

2. The director must not accept or have a “Family Member who accepts any payments from the company or any parent or subsidiary of the company in excess of $60,000 during the current fiscal year or any of the past three fiscal years" 

 

OK

OK

OK

OK

OK

OK

OK

3. The director must not be a “Family Member of an individual who is, or during the past three years was employed by the company or by any parent or subsidiary of the company as an executive officer" 

 

OK

OK

OK

OK

OK

OK

OK

 

 

 

 

 

 

 

 

 

Meeting 2 / 6 Criteria

 

 

 

 

 

 

 

 

1. The director must not be (and must not be affiliated with a company that is) an adviser or consultant to the company or a member of the company’s senior management

 

OK

OK

OK

OK

OK

OK

OK

2. The director must not be affiliated with a significant customer or supplier of the company 

 

OK

OK

OK

OK

OK

OK

OK

3. The director must have no personal services contract(s) with the company or a member of the company’s senior management 

 

OK

OK

OK

OK

OK

OK

OK

4. The director must not be affiliated with a not-for-profit entity that receives significant contributions from the company 

 

NO

NO

NO

OK

OK

NO

OK

5. The director must not have been a partner or employee of the company’s outside auditor during the past three years 

 

OK

OK

OK

OK

OK

OK

OK

6. The director must not have any other conflict of interest that the board itself determines to mean they cannot be considered independent 

 

OK

OK

OK

OK

OK

OK

OK



 *This declaration of independence only applies for DJSI Index application process, since the Company is governed by the Chilean law rules.

 

Participation in Companies Boards

 

 

Sergio

Torreti

C.

Patricio

Donoso

T.

Jorge

Mas

F.

Fernando

Coloma

C.

René

Cortázar

S.

Iñaqui

Otegui

M.

Varsovia

Valenzuela

A.

Participation in less than four Chilean Open Stock Companies Boards 

 

 OK

OK

OK

OK

OK

OK

OK