Grupo Cibest details board pay and SVA fund rules
Grupo Cibest S.A. explains how its Board of Directors is compensated and clarifies a prior communication.
Rhea-AI Filing Summary
Grupo Cibest S.A. explains how its Board of Directors is compensated and clarifies a prior communication. Under the compensation policy approved by shareholders, 70% of each director’s pay is in cash and 30% is contributed to the SVA Institutional Fund managed by Protección S.A., which mainly invests in Grupo Cibest shares.
Each contribution to the SVA Fund has a two-year holding period. The company states that the Board’s authorization for Luis Fernando Restrepo Echavarría allows him to redeem only those SVA Fund participation units that have already fulfilled this holding requirement.
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Key Terms
Board of Directors compensation policy financial
SVA Institutional Fund financial
holding period financial
units of participation financial
foreign private issuer regulatory
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