Las Microfinanzas y Gobierno Corporativo de Cajas Municipales de Ahorro y Crédito del Perú

Abstract

Las Microfinanzas es una herramienta para erradicar la pobreza otorgando a los sectores olvidados por la bancarización la oportunidad de adquirir financiamiento para sus emprendimientos, para ello crea nuevos nichos de mercado y se convierte en el aliado estratégico de la Inclusión Financiera otorgando servicios de ahorro y crédito. En nuestro país el mercado de las Microfinanzas es liderado por las Cajas Municipales de Ahorro y Crédito del Perú (CMACs) por lo que adquieren importancia en nuestra economía contribuyendo de manera relevante en el sistema financiero peruano. Son creadas con un fin social porque las utilidades son destinadas a obras de carácter social del accionista, conformadas en sociedades con la excepción de pluralidad de accionistas y como consecuencia de ello un accionista único: los Concejos Municipales. En consecuencia, en el presente trabajo se ha identificado que el Gobierno Corporativo de estas pueden estar sujetas a la injerencia política debido a las facultades que poseen como propietarios y nombramiento de directorio. La investigación a través de un enfoque institucionalista, legal y regulatorio analiza la existencia del impacto positivo y negativo del componente político del Gobierno Corporativo de dichas empresas, siendo el impacto negativo el más perjudicial que evita el crecimiento de la entidad y el positivo que transmite la cohesión del Buen Gobierno Corporativo, buscando factores que lo permiten a través de cuestionarios a los stake holders y análisis de lo revelado por las Clasificadoras de Riesgo y otros documentos, señalando las variables que se encuentran dentro de cada gobierno corporativo de las entidades microfinancieras investigadas. Por último a través del uso del método comparado pretendemos otorgar propuestas de valor para impedir o gestionar dichos impactos señalando los mejores gobiernos corporativos de instituciones similares en el resto del mundo donde se ha minimizado el componente político y su impacto.

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Microfinance is a tool to eradicate poverty by giving sectors forgotten by banking the opportunity to acquire financing for their ventures, for this it creates new market niches and becomes the strategic ally of Financial Inclusion by providing savings and credit services. . In our country, the Microfinance market is led by the Municipal Savings and Credit Banks of Peru (CMACs), for which they acquire importance in our economy, contributing in a relevant way to the Peruvian financial system. They are created with a social purpose because the profits are allocated to works of a social nature of the shareholder, formed in companies with the exception of plurality of shareholders and, as a consequence, a single shareholder: the Municipal Councils. Consequently, in the present work it has been identified that the Corporate Governance of these may be subject to political interference due to the powers they possess as owners and appointment of directors. The research through an institutional, legal and regulatory approach analyzes the existence of the positive and negative impact of the political component of the Corporate Governance of said companies, the negative impact being the most detrimental that prevents the growth of the entity and the positive one that transmits the cohesion of Good Corporate Governance, looking for factors that allow it through stakeholder questionnaires and analysis of what is revealed by the Risk Rating Agencies and other documents, pointing out the variables that are found within each corporate governance of the investigated microfinance entities. Finally, through the use of the comparative method, we intend to provide value proposals to prevent or manage said impacts, pointing out the best corporate governance of similar institutions in the rest of the world where the political component and its impact have been minimized.