Evelyn Matthei: Codelco is in need of reform, "something’s got to give"

SANTIAGO.- The Independent Democratic Union (UDI) senator, Evelyn Matthei, in reference to the current state of Codelco, has said that “something’s got to give” and that “a real reform is needed”.

During a conversation on Radio Agricultura, Matthei reminded the country that three or four years ago “all of Chile believed that Codelco was a model company”, and added that during that time, “the figures were all distorted”.

Additionally, the member of Parliament maintained that today, “the copper company’s corporate government is a disaster” and explained that this is due to the fact that “the President handpicks the board of directors (…) and that is why company leaders don’t have much control”.

Evelyn Matthei also said that she is in favor of a corporate board of directors.  She does not, however, support the current law proposal being presented at Congress, since in her opinion, it implies only minor changes.

According to the senator, “Codelco needs to continue to be state-owned, and it can sell no more than 20% to the stock market.  That way, private stockholders can exercise more control and place pressure on the board of directors”.