Focus on the role of the general counsel in regulated markets of public services

As never before, public services rendered by private companies face unprecedented pressures from the stakeholders, creating tension between regulators, owners, clients, employees and communities. The role of the general counsel has become essential in the strategy of the business; firstly, for their role in non-market strategies management, but also for leading ESG efforts stakeholders are now demanding.

The general counsel role has always been linked to regulatory risk management. Still, it has now evolved to add ESG matters, assuming increasing responsibilities and being accountable to a broader set of stakeholders. Internal lawyers have a crucial position within the organisations that allow them to make this possible. Fulfilling legal requirements is now only a little part of what is expected from a successful company; in fact, ESG and compliance have a tremendous reputational impact on the corporation.

Today we must consider values such as honesty, environmental sustainability, transparency, equality, management of externalities and impact on communities into account when we conduct business, to act ethically. Regulators and Courts require more transparency in exercising our rights and fulfilling our obligations, as well as a strong cultural consistency with the values expressed by the company. Employees and clients show the same awareness and concerns in their engagement; they must see consistency with your values and theirs for them to trust you.

Working in the telecommunications networks and the subsequent transformational impact that our services bring, it is fundamental that we guarantee an excellent sustainability framework. Integrating our sustainability plan into the business strategy was vital to implementing changes aimed at guaranteeing the company’s long-term success.

In VTR, the general counsel has a key role in managing the risks associated with the legal and regulatory framework and in leading the ethical compliance with our policies and statements. We lead the sustainability efforts, which require an excellent cross-company effort and raising awareness of our impacts. We have just begun the journey, but we believe it is the only path possible.