How do you approach managing legal aspects during periods of instability or crises, and how does your legal strategy align with the broader business strategy to ensure the organisation’s resilience?

In times of instability or crisis, it is important, as a first step, to conduct a comprehensive analysis of the causes that led to these types of situations and the impacts they may have on the organisation. After this analysis is completed, coordinated and teamwork is essential, informing all employees of the identified impacts and providing them with the opportunity to propose alternatives that allow any difficulties that may arise to be addressed in advance.

Frequently, in the face of these types of situations, regulatory changes are issued and implemented to regulate and control the effects of the crisis. Therefore, it is important for a legal department to identify any regulatory changes that may occur, based on a review of specialised websites or, currently, using legal assistance technology tools. Once the regulatory changes are identified, as legal advisors, we must coordinate the actions to be taken with the different areas of the organisation, as well as update the relevant internal regulations, ensuring that the legal guidelines we define protect the interests of our institution and are consistent with the business strategy.

Likewise, it is important to review the organisation’s contracts with other parties, ensuring that both their rights and obligations are clearly established and that the purpose of the contract is not affected by the crisis, and that consensual modifications must be made if necessary.

Furthermore, for the legal department to be aligned with the business strategy, it must be part of the project development teams, participating from the project’s conception along with the areas that promote them. In this way, the legal department ceases to be a control area, often seen as an obstacle at the end of the road, and becomes a partner that promotes and identifies legal risks for the project from the beginning, seeking solutions that enable its legal feasibility.

Assertive communication will be key to addressing unstable situations. It is appropriate to work within well-defined corporate governance guidelines that establish the mechanisms and procedures to be followed so that the various governing bodies, such as the Shareholders’ Meeting, the Board of Directors, and Senior Management, are properly informed so they can make strategic decisions to achieve their objectives.

No less important is providing adequate and reliable information to various stakeholders, particularly customers, who tend to feel more secure when continuously informed of the actions an organisation is taking to address a crisis.

Finally, it is necessary to work on business continuity policies and plans, succession and emergency plans, as well as the use of technology, for continuous monitoring of the situation that enables timely measures to be taken.

What measures has your company taken to embed sustainability practices into its core business operations, and how does the role of the general counsel contribute to driving and ensuring sustainable practices within the company?

Among the main measures promoted by the Bank to ensure sustainable commercial operations is the implementation of the Credit Factory, a project that seeks to make efficient use of resources by digitising loan transaction documentation, significantly reducing paper use. This project also allows for faster disbursements for clients, which translates into quality service.

Furthermore, Banco Unión S.A. promotes the inclusion of all Bolivians in the financial system, granting loans with preferential terms for social housing and for the productive sector, as well as green loans for individuals or legal entities requesting loans for purposes that contribute to the environment, such as the purchase of eco-friendly vehicles.

The legal department is one of the key players in the development of these projects, conducting a thorough review of all collateral review processes and drafting credit agreements, verifying that all new procedures comply with the Financial Services Law and the regulations of the Financial System Supervisory Authority. In addition to obtaining regulatory authorisations, the legal team participates in negotiations and drafts agreements with various external entities necessary for the development of these projects.

Finally, it is noteworthy that, across these projects, the legal department worked in coordination with the various areas, developing Transparency Policies, Fraud Prevention and Monitoring Policies, Policies for the Prevention of Corruption and Bribery, Corporate Governance Policies, Environmental Policies, Gender Equality Policies, and Policies against Sexual Harassment, Workplace Harassment, and Anti-discrimination.