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CORPORATE GOVERNANCE
5 al 9 de Mayo, 2014
Yale School of Management, New Haven, Connecticut, EE.UU.

Programa nico y Exclusivo para Ejecutivos de Alta Direccin de Amrica Latina

In-Campus
en Yale School of Management
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Viva la Experiencia

CG es un Programa Internacional In-Campus que se realiza una sola vez al ao en el campus de Yale University, en New Haven, Connecticut, EE.UU. CG is an International In-Campus Program offered once a year at Yale Universitys campus in New Haven, Connecticut, USA.

Desarrollado por Seminarium Internacional en conjunto con Yale School of Management para ofrecer un programa nico en contenidos, impartido por un cuerpo acadmico de excelencia mundial. Developed by Seminarium Internacional and Yale School of Management to deliver a unique curriculum taught by world renowned professors.

Diseado exclusivamente para Presidentes, Gerentes Generales, Directores, Miembros de Juntas Directivas, Abogados Corporativos y Stakeholders de las empresas ms importantes de Amrica Latina. Designed exclusively for Presidents, General Managers, Directors, Members of Board of Directors, Corporate Attorneys, and Stakeholders from the most important companies in Latin America.

nico programa que cuenta con traduccin simultnea en ingls y espaol y material acadmico en ambos idiomas. CG is the only program of its kind with simultaneous translation and all academic materials offered in both languages.

Los asistentes recibirn un certicado emitido por Yale School of Management. The participants will receive a program certicate from Yale School of Management.
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CORPORATE GOVERNANCE

Welcome to Yale School of Management

Estimado Ejecutivo, En un mundo interconectado, donde la transparencia se ha transformado en un valor fundamental para el buen funcionamiento de la sociedad, el concepto de Gobierno Corporativo se torna indispensable para la integridad y gestin de las organizaciones, repercutiendo directamente en la salud y estabilidad de las economas del mundo. De esta forma, es responsabilidad de los miembros de la junta directiva proteger los intereses de la compaa y los accionistas, crear valor para la empresa y asegurar el uso eciente de los recursos a travs de la transparencia de informacin. En este contexto, es un placer para Yale School of Management y Seminarium Internacional presentar la tercera versin del programa Corporate Governance, diseado especialmente para abogados corporativos, directores ejecutivos y miembros de juntas de empresas latinoamericanas que deseen obtener una comprensin cabal del gobierno corporativo y obtener importantes herramientas para ayudar a su empresa a servir a la sociedad de manera responsable, tica y transparente. Corporate Governance le entregar las ltimas tendencias, junto a las mejores prcticas de las ms reconocidas empresas del mundo. Usted compartir experiencias, establecer redes de contacto con pares de primer nivel e interactuar con un destacado cuerpo acadmico. Regresar a su trabajo con nuevas ideas y perspectivas, que le permitir tomar mejores decisiones y llevar a sus organizaciones hacia el xito. Adems, recibir el certicado Corporate Governance Program, emitido por Yale School of Management. Le invitamos a participar en Corporate Governance y vivir una experiencia inolvidable en la Universidad de Yale. Dear Executive, In an interconnected world, where transparency is a fundamental value for the proper functioning of society, Corporate Governance has become essential to the integrity and management of organizations, directly affecting the health and stability of world economies. Thus, it is the responsibility of the board of directors to protect the interests of the company and the shareholders, to create value and ensure the efcient use of resources through transparency of information. In this context, it is a pleasure for Yale School of Management and Seminarium Internacional to present the third version of the Corporate Governance program, especially designed for CEOs, corporate attorneys, and board members of Latin American companies that wish to obtain a thorough understanding of corporate governance and important tools to help their company serve society in a responsible, ethical, and transparent way. Corporate Governance will deliver the latest trends, together with the best practices of the most renowned companies in the world. You will share experiences, establish networking with peers and interact with Yales distinguished faculty. You will return to work with new ideas and perspectives that will allow you to make better decisions and to lead your organization toward future success. Upon completion, you will receive a Corporate Governance program certicate, issued by Yale School of Management. We invite you to participate in the Corporate Governance program and live an unforgettable experience at Yale University.

Presidente Seminarium Internacional

Sven Kroneberg

Senior Associate Dean for Executive Programs Yale School of Management

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Jeffrey Sonnenfeld

Yale University
Fundada en 1701 y siendo la tercera institucin ms antigua de Estados Unidos, Yale es una universidad con marcadas tradiciones. Est catalogada dentro de las mejores universidades del mundo. En la diversidad de sus estudiantes, su visin global y reconocidas investigaciones, es tambin una universidad de constantes cambios. Liderado por un destacado cuerpo acadmico, la educacin e investigacin continan a nivel de postgrado en sus escuelas profesionales y programas de postgrado. Tal como las mejores universidades de investigacin, Yale tiene una misin tripartita: crear, preservar, y diseminar conocimiento. Yale maneja cada parte de su misin en los ms altos estndares de excelencia, a la par con las mejores instituciones del mundo. Yale busca atraer a un grupo diverso de personas extremadamente talentosas a travs de la nacin y en todo el mundo, con el objetivo de educarlos para ser lderes en sus profesiones y en la sociedad. Founded in 1701, making it the third oldest higher education institution in the United States, Yale is a university with honored traditions. It is ranked among the top universities in the world. In the diversity of its students, its global outlook, and its outstanding research, it is also a university of compelling change. Led by a distinguished faculty, it carries on its education and research on to the graduate level in its graduate and professional schools. Like all great research universities, Yale has a tripartite mission: to create, preserve, and disseminate knowledge. Yale aims to carry out each part of its mission at the highest level of excellence, on par with the best institutions in the world. Yale seeks to attract a diverse group of exceptionally talented men and women from across the nation and around the world and to educate them for leadership in scholarship, the professions, and society.

Yale School of Management (SOM)

La misin de Yale School of Management es educar lderes para los negocios y la sociedad, combinando rigurosas habilidades gerenciales con un enfoque especial en factores econmicos, sociales y polticos. Los ejecutivos hoy se ven enfrentados a un mercado rpidamente cambiante, donde los problemas no vienen designados de forma ordenada en marketing, nanzas u operaciones. Yale School of Management aprovecha sus habilidades ms all de las disciplinas tradicionales de escuelas de negocio para ayudarlo a pensar expansivamente sobre los desafos y oportunidades que su organizacin tiene por delante. The mission of the Yale School of Management is to educate leaders for business and society, combining rigorous management skills with special focus on economic, social and political factors. Executives today face a swiftly changing marketplace in which problems dont come neatly labeled as marketing, nance, or operations. The Yale School of Management draws on expertise beyond the traditional business school disciplines to help you think expansively about the challenges and opportunities ahead for your organization.

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CORPORATE GOVERNANCE

Objetivo General / Overall Objective

El objetivo principal de Corporate Governance es desarrollar un marco de entendimiento del gobierno corporativo y las responsabilidades de la junta directiva, adems de obtener las herramientas y amplitud de perspectiva necesarias para guiar a su empresa de una manera transparente y tica. The main objective of Corporate Governance is to develop a framework of understanding of corporate governance and the responsibilities of the board of directors, and obtain the necessary tools and breadth of perspective to guide your company in a transparent and ethical manner.

Quines Deben Participar / Who Should Attend

Presidentes, Gerentes Generales, Directores, Miembros de Juntas Directivas, Abogados Corporativos y Stakeholders: - De empresas que tengan un volumen de ventas anual de al menos USD 20 millones. - De empresas que tengan un nmero de empleados igual o superior a 200. - Con un mnimo de 15 aos de experiencia en alta gerencia. Para lograr un ambiente de aprendizaje de par a par y el ms alto networking, solo se aceptan las postulaciones que cuentan con la experiencia requerida. Presidents, General Managers, Directors, Members of Board of Directors, Corporate Attorneys and Stakeholders: - From companies that have an annual sales volume of at least US $20 million. - From companies that have 200 or more employees. - With a minimum of 15 years of experience in senior management positions. In order to achieve high-level networking and peer to peer learning opportunities, participation will be limited to applicants that have the necessary experience.
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SESIONES Y CUERPO ACADMICO

ACADEMIC SESSIONS AND PROFESSORS

Lo que hace una Gran Junta: El Carcter y el Proceso de Gobernancia / What Makes Great Boards
Great: The Character and Process of Governance
Esta sesin analizar los roles de los directores, procesos de toma de decisiones y la cultura del directorio para revelar las cualidades claves del carcter del directorio. Existe una serie de dicultades comunes que afectan negativamente los sistemas de gobierno interno. El profesor Sonnenfeld analizar acciones especcas que han adoptado algunos directorios de alto desempeo para mejorar su supervisin independiente y diligente para los accionistas. Tambin revelar de qu forma estos directorios han mejorado sus relaciones con la gerencia para entregar direccin estratgica. This session will examine director roles, decision making processes, and the board culture to reveal key qualities of board character. There are several common pitfalls which erode effective internal governance systems. Professor Sonnenfeld will discuss specic actions that certain high performing boards have taken to enhance their independent, diligent oversight for shareholders. He will also reveal how these boards have improved their partnerships with management to provide strategic direction.

Jeffrey Sonnenfeld
DBA, Harvard University Senior Associate Dean for Executive Programs, Yale School of Management

Liderando a sus Lderes: Desarrollo de Liderazgo, Planificacin de la Sucesin y Coaching / Leading your
Leaders: Leadership Development, Succession Planning and Coaching
Un aspecto clave de la continuidad de una empresa es su legado de liderazgo y su desarrollo de generaciones futuras de lderes. Las prioridades de un director ejecutivo cambian con el tiempo, dependiendo de si est al inicio o al trmino de su cargo. Los miembros del directorio pueden hacer coaching o mentora para abordar dichas necesidades en evolucin. El profesor Sonnenfeld presentar distintos estilos de salida de algunos lderes, sus efectos en las decisiones del directorio y cundo las empresas deberan preparar talentos internos y cundo deberan buscarlos fuera de esta. A key aspect of the continuity of a business is its legacy of leadership and its development of future generations of leaders. The priorities of a CEO change over time, depending on whether they are entering their term or exiting. Board members can provide coaching and mentoring to address these evolving needs. Professor Sonnenfeld will present different departure styles of individual leaders, how this affects the boards decisions, and when rms should groom talent from within and when they should turn to outside recruiting.

Jeffrey Sonnenfeld fue profesor de la Escuela de Negocios de Harvard durante una dcada, y actualmente se desempea como Decano Asociado de los programas ejecutivos en Yale School of Management. Es fundador y presidente del Chief Executive Leadership Institute en Yale SOM. Sus investigaciones han sido publicadas en ms de 100 artculos acadmicos en prestigiosas revistas acadmicas, y ha sido autor de 8 libros, incluyendo dos bestsellers. Fue nombrado como uno de los 10 profesores ms inuyentes por la revista BusinessWeek y una de las 100 guras ms inuyentes en Gobierno Corporativo por la revista Directorship. Su trabajo ha sido citado regularmente en medios de comunicacin tales como BusinessWeek, Forbes, the Wall Street Journal, the New York Times, Time, the Economist, the Financial Times, the Washington Post y CNN, entre muchos otros. Jeffrey Sonnenfeld served as a professor at Harvard for a decade, and is currently the Senior Associate Dean of executive programs at the Yale School of Management. He is the founder and president of the Chief Executive Leadership Institute of Yale SOM. His research has been published in more than 100 scholarly articles in leading academic journals, and he is also the author of 8 books, including two bestsellers. He was named one of the worlds 10 most inuential business school professors by BusinessWeek and among the 100 most inuential gures in corporate governance by Directorship Magazine. His work is regularly cited by the general media in such outlets as BusinessWeek, Forbes, the Wall Street Journal, the New York Times, Newsweek, Time, the Economist, the Financial Times, the Washington Post and CNN, among many others.

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SESIONES Y CUERPO ACADMICO

ACADEMIC SESSIONS AND PROFESSORS

El Rol del Gobierno Corporativo

The Role of Corporate Governance
La empresa es una institucin que debe mejorar la sociedad mediante el aumento del bienestar de los distintos elementos que la conforman. Esta sesin se centrar en la manera en que el gobierno corporativo puede y debe ser de manera ecaz el medio a travs del cual las empresas cumplan tales expectativas, incluyendo el rol que desempean la administracin, el directorio y los inversionistas en los complejos mercados nancieros de hoy. The corporation is an institution that should enhance society, improving the welfare of its many constituents. This session will focus on how corporate governance can and should effectively be the means by which corporations achieve such expectations, including the role management, the board of directors and investors play in todays complex nancial markets.

Ira Millstein
LLB, Columbia University

Tendencias Emergentes en Gobierno Corporativo / Evolving Trends in

Corporate Governance
Esta sesin explora las implicancias para la administracin, el directorio, los inversionistas y los reguladores como resultado de los cambios que afectan a las prcticas de gobierno corporativo, incluyendo las modicaciones en los patrones de propiedad de las empresas, mayor participacin de los accionistas y la desregulacin nanciera y liberalizacin de los mercados de capitales. This session explores the implications for management, the board of directors, investors and law-makers as a result of changes affecting corporate governance practices, including changes in ownership patterns for corporations, increased shareholder activism, and nancial deregulation and liberalization of capital markets.

Ira M. Millstein es socio fundador de Weil, Gotshal & Manges, LLP, y un experto en antimonopolio, regulacin gubernamental, y asuntos de gobierno corporativo, habiendo sido consultor de ms de 50 juntas privadas y sin nes de lucro. Adems de su desempeo dentro del mbito legal, Profesor Millstein es presidente emrito del Grupo Asesor del Sector Privado del foro global de Gobierno Corporativo del Banco Mundial/OCDE. Millstein fue miembro de la facultad de gobierno de Harvard Universitys JFK School of Government y presidente del grupo asesor econmico de OCDE, donde su participacin fue fundamental para el desarrollo de los Principios de Gobierno Corporativo, reconocidos ampliamente por la comunidad internacional. Es un mundialmente reconocido conferencista y autor de numerosos libros y artculos. Ira Millstein is a senior partner in the international law rm Weil, Gotshal & Manges, LLP, and a leading expert on antitrust, government regulation, and corporate governance matters, having counseled over 50 corporate and not-for-prot boards. In addition to his active legal practice, Professor Millstein is the chairman emeritus of the private sector advisory group of the World Bank/OECD Global Corporate Governance Forum. Professor Millstein was a fellow of the Faculty of Government at Harvard Universitys JFK School of Government and the chairman of the OECD business sector advisory group, where he was instrumental in the development of the internationally recognized OECD Principles of Corporate Governance. He is a frequent lecturer around the world and author of numerous books and articles.

SESIONES Y CUERPO ACADMICO

ACADEMIC SESSIONS AND PROFESSORS

Analisis de Reportes Financieros Corporativos / Analysis of Corporate

Financial Reports
Los reportes nancieros deberan entregar la visin ms completa del estado nanciero de una empresa y en la gran mayora de los casos, es as. Sin embargo, a veces, caen en mala gestin o en un descarado fraude. Mientras no existan frmulas mgicas que puedan entregar una manera segura de detectar declaraciones nancieras dudosas, existen algunas pistas que un vido lector puede buscar para determinar cunta conanza tiene en los reportes nancieros. El propsito de esta sesin es presentar y discutir algunas de estas seales de alerta. Financial reports should provide the most comprehensive and reliable picture of the nancial well-being of a corporation, and in the vast majority of cases, they do. Sometimes, however, they fall short whether through mismanagement or outright fraud. While there are no magic bullets that provide a sure way to detect unreliable nancial statements, there are some clues that an alert reader can look for to assess how much trust to put in the nancial reports. The purpose of this session is to present and discuss some of these warning signs.

Norman Bartczak
Ph.D., University of Washington

Dr. Bartczak es Profesor de Derecho en Columbia University y de Contabilidad en Columbia Business School, donde ha ganado numerosos premios por su excelencia en la enseanza. Anteriormente, fue profesor de Harvard University Graduate School of Business Administration. Sus investigaciones se han centrado en el rea de contabilidad y nanzas, en temas como Anlisis de Estados Financieros y Anlisis de Negocios y Valoracin, adems de Anlisis de Seguridad y Gestin de Instituciones Financieras. Ha escrito ms de 30 casos de Harvard Business School, y sus publicaciones han aparecido en Harvard Business Review y en revistas acadmicas como The Journal of Accounting Research. Es Fundador y Director de Financial Statement Investigation, Inc., empresa especializada en disear y desarrollar programas de educacin ejecutiva. Dr. Bartczak is a Professor of Law at Columbia University and Accounting at Columbia Business School, where he has earned numerous awards for excellence in teaching. Previously, he was a faculty member at the Harvard University Graduate School of Business Administration. His research focuses on accounting and nance, in subjects such as Financial Statement Analysis and Business Analysis and Valuation, and also Security Analysis and Management of Financial Institutions. He has written over 30 case studies at Harvard Business School and his work has appeared in Harvard Business Review and in academic publications such as The Journal of Accounting Research. He is the founder and managing director of Financial Statement Investigation, Inc. a company specialized in designing and developing executive education programs.

Lecciones de Gobierno Corporativo de la Crisis Financiera Mundial

Governance Lessons from the Global Financial Crisis
Cules son las implicancias de la reciente crisis nanciera mundial para el Gobierno Corporativo? En esta sesin se explorar algunas de las lecciones aprendidas y qu deberamos haber aprendido de los derivativos, control del riesgo, liquidez y la creacin de reportes nancieros. Bartczak presentar las mejores prcticas en gestin de riesgo nanciero, entregando a los participantes la oportunidad de reexionar acerca de sus propias empresas y evaluar las reas para mejorar en sus organizaciones What are the implications of the nancial crisis for corporate governance? This session will explore some of the lessons we learned, or what we should have learned about derivatives, risk controls, liquidity and nancial reporting. Professor Bartczak will present the best practices in nancial risk management, giving participants an opportunity to reect on their own companies and evaluate areas of improvement in their organizations.

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SESIONES Y CUERPO ACADMICO

ACADEMIC SESSIONS AND PROFESSORS

tica y Liderazgo Responsable para la Alta Gerencia / Ethics and

Responsible Leadership for Senior Management
Nuestro sistema de libre mercado es una de las fuerzas de prosperidad ms importantes en nuestra sociedad, pero posee un lado oscuro. Ejecutivos bajo intensas presiones se enfrentan a la tentacin de ajustar gastos y falsicar cuentas, lo que puede tener resultados catastrcos. El Sr. Heineman argumenta que existe una sola manera para que las empresas eviten estos conictos: Los CEOs deben crear una cultura de integridad a travs de un liderazgo ejemplicador, transparencia e incentivos. Se examinar la importancia de alto desempeo con alta integridad y cmo obtener los pasos para crear una cultura de alta integridad. Our free-market capitalist system is the worlds greatest driver of prosperity, but it has a dark side. Professionals who are under intense pressure face temptation to cut corners and fudge accounts, which can have catastrophic consequences. Mr. Heineman argues that there is only one way for companies to avoid such failures: CEOs must create a culture of integrity through exemplary leadership, transparency, and incentives. He will examine why high performance with high integrity is important and how to take practical steps to create a high integrity culture.

Benjamin Heineman
J.D., Yale Law School

Fue Abogado y Vicepresidente Snior de Asuntos Pblicos y Legales en GE por ms de 15 aos. Es un vido escritor y conferencista en temas de economa, derecho, polticas pblicas y asuntos internacionales y actualmente asesora al presidente del Banco Mundial en asuntos de gobierno corporativo y anticorrupcin. Fue nombrado uno de los 100 personajes ms inuyentes en tica de negocios y uno de las 100 personas ms inuyentes en gobierno corporativo. For over 15 years, Professor Heineman was General Counsel and Senior Vice President of Public and Legal Affairs for GE. He is an avid writer and lecturer in economics, law, public policy and international affairs, and currently advises the President of the World Bank on governance and anticorruption. He was named one of the 100 most inuential people in business ethics and one of the 100 most inuential people in corporate governance.

Nuevas Fronteras en Modelos Globales Comparativos / New Frontiers

in Comparative Global Models
Crisis, escndalos y el descontento popular se han combinado para obligar a reevaluar los antiguos modelos de gobierno corporativo en los EE.UU., Europa, Japn y otras jurisdicciones. Esta sesin compara cmo los mercados estn inventando, imitando y adaptando prcticas de gobierno corporativo para crear una nueva normalidad en el comportamiento de las juntas directivas. Crisis, scandal and popular discontent have combined to force reassessments of long-established models of corporate governance in the United States, Europe, Japan and other jurisdictions. This class compares how markets are inventing, borrowing and adapting governance practices to create a new normal in the way boardrooms behave.

Stephen Davis
Ph.D., The Fletcher School of Law and Diplomacy, Tufts University

Fue director ejecutivo del Millstein Center for Corporate Governance and Performance en Yale School of Management y professor de SOM de 2007 a 2012. Hoy es director asociado de los programas Gobiernos Corporativos e Inversores Institucionales en Harvard Law School. Co-escribi The New Capitalists: How Citizen Investors are Reshaping the Corporate Agenda, destacado por The Wall Street Journal, Financial Times y el Australian Financial Review como uno de los mejores libros de negocio del 2006. He was executive director of the Yale School of Managements Millstein Center for Corporate Governance and Performance and a professor at SOM from 2007-2012. Now he is the associate director of the Harvard Law School Programs on Corporate Governance and Institutional Investors. Co-author of The New Capitalists: How Citizen Investors are Reshaping the Corporate Agenda, named by The Wall Street Journal, Financial Times and Australian Financial Review as one of the best business books of 2006.

SESIONES Y CUERPO ACADMICO

ACADEMIC SESSIONS AND PROFESSORS

Modelos de Incentivos y Compensacin / Compensation and

Incentive Models
Los sistemas de incentivos para ejecutivos diseados de manera ptima deben fomentar y premiar las conductas que permitan que la empresa ejecute de manera ecaz su estrategia y alcance los objetivos previstos de desempeo. Para el proceso de diseo, es fundamental que el directorio comprenda la estrategia a nivel granular, que tenga la capacidad de traducir la estrategia en objetivos claves de desempeo y que en denitiva pueda alinear la compensacin en dinero y en incentivos con los resultados deseados. Esta sesin explorar de qu manera se pueden estructurar los sistemas de compensacin e incentivo para premiar de manera adecuada el desempeo de los ejecutivos respecto de la ejecucin de la estrategia declarada de la empresa. Consideraremos combinaciones creativas comunes de recompensas intrnsecas con recompensas extrnsecas para construir culturas distintivas y un sentido de propiedad profesional respecto de la empresa, adems de la forma en que estas herramientas determinan tanto el desempeo inmediato como los objetivos estratgicos de ms largo plazo. Optimally designed executive compensation systems should

James Baron
Ph.D., Sociology University of California, Santa Barbara

encourage and reward behaviors that enable the rm to effectively execute its strategy and achieve forecasted performance targets. Fundamental to the design process is the boards understanding of the strategy at a granular level, its ability to translate the strategy into key performance targets, and ultimately align cash and incentive compensation with outcomes desired. This session will explore how compensation and incentive systems can be constructed to appropriately reward executives performance in executing the rms stated strategy. We will consider common inventive mixes of intrinsic rewards with extrinsic rewards to build distinctive cultures and a sense of professional ownership over the enterprise, in addition to how these tools drive both immediate performance and longer term strategic objectives.

James Baron es profesor de gestin. Sus investigaciones se centran en recursos humanos, diseo y comportamiento organizacional, estraticacin social e inequidad; mercados laborales y sociologa econmica. Antes de unirse a Yale SOM en 2006, se desempe como profesor en el Stanfords Graduate School of Business, de 1982 a 2006. En Stanford, fue profesor del curso de MBA, donde obtuvo el premio al mejor profesor en 2001 y 2002. Fue co-director del Proyecto Stanford en Empresas Emergentes (SPEC por sus siglas en ingls), un estudio a larga escala del diseo organizacional, prcticas de recursos humanos y mtodos de medicin nanciera. Es co-autor del libro Strategic Human Resources: Frameworks for General Managers. Baron ha contribuido en prestigiosas revistas especializadas en sociologa y organizaciones, tales como el American Sociology Review y Administrative Science Quarterly. Sus investigaciones tambin han sido publicadas en inuyentes revistas de economa y psicologa social. James Baron is a Professor of Management with research interests including human resources; organizational design and behavior; social stratication and inequality; labor markets, and economic sociology. Before arriving at Yale SOM in 2006, he taught at Stanfords Graduate School of Business from 1982-2006. At Stanford, he taught in the MBA program, where he was awarded the Distinguished Teaching Award in 2001 and 2002. He was co-director of the Stanford Project on Emerging Companies (SPEC), a large-scale study of the organizational design, human resource management practices, and performance measures. He is the co-author of the textbook, Strategic Human Resources: Frameworks for General Managers. Baron is also a regular contributor to leading sociology and organization journals, such as the American Sociological Review and Administrative Science Quarterly. His research has also been published in inuential journals in economics and social psychology.

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SESIONES Y CUERPO ACADMICO

ACADEMIC SESSIONS AND PROFESSORS

Liderazgo In Extremis
In Extremis Leadership
El profesor Kolditz compartir sus conocimientos sobre cmo liderar con inuencia y comunicarse con propsito, y los participantes conocern las mejores prcticas, herramientas y procesos para el diseo de una organizacin efectiva, cmo liderar cambios en organizaciones, cmo preparar organizaciones para evitar una crisis antes de que ocurra y cmo lidiar con ella cuando ocurren. Su investigacin revela que las habilidades de liderazgo y principios, presentes en entornos peligrosos, tambin se aplican a liderazgo organizacionales y en situaciones cotidianas, hacindolos aplicables al xito personal y profesional. Professor Kolditz will share his knowledge about leading with inuence and communicating with purpose and participants will learn best practices, tools and processes for effective organization design, how to lead change in organizations, how to prepare organizations to avoid crises before they occur, and how to manage crises effectively when they do occur. His research reveals that leadership skills and principles evident in dangerous settings also apply to leading in business and everyday life, making it applicable to both personal and professional success.

Thomas Kolditz
Ph.D., University of Missouri

Tom Kolditz se uni recientemente a Yale School of Management despus de ms de cuatro dcadas como experto en el desarrollo de lderes en el sector pblico, privado y social. Est trabajando para mejorar la formacin de lderes en Yale School of Management. Un General Brigadier retirado, Kolditz encabez el Departamento de Ciencias de la Conducta y Liderazgo en la Academia Militar estadounidense, West Point, por 12 aos, donde fue responsable de la enseanza, la investigacin y actividades de divulgacin en gestin, ciencia en desarrollo de liderazgo, psicologa y sociologa. Se desempe como analista de liderazgo y polticas de recursos humanos en el Pentgono y desarrollador de conceptos en el Center for Army Leadership, y fue el director fundador del Centro de Liderazgo de West Point. El General Kolditz es reconocido internacionalmente como experto en crisis de liderazgo, liderazgo en contextos extremos y en el desarrollo de programas que incluye liderazgo y lder de desarrollo en todo lo relacionado a proyectos de equipo y grandes organizaciones. Ha publicado extensamente a travs de una amplia gama de revistas acadmicas y liderazgo comercial, y ha sido nombrado lder de Pensamiento de Liderazgo por el Instituto Leader to Leader y Alto Lder de Desarrollo Profesional por Leadership Excellence. Tom Kolditz recently joined Yale School of Management after more than four decades as an expert in the development of leaders in the public, private, and social sectors. He is working to enhance leader development at the Yale School of Management. A retired Brigadier General, he led the Department of Behavioral Sciences and Leadership at the U.S. Military Academy, West Point, for 12 years, where he was responsible for teaching, research, and outreach activities in management, leader development science, psychology, and sociology. He served as a leadership and human resources policy analyst in the Pentagon, and a as a concept developer in the Center for Army Leadership, and was the founding director of the West Point Leadership Center. General Kolditz is an internationally recognized expert on crisis leadership and leadership in extreme contexts and in the development of programs to inculcate leadership and leader development in everything from project teams to large organizations. He has published extensively across a diverse array of academic and leadership trade journals, and has been named as a leadership Thought Leader by the Leader to Leader Institute and as a Top Leader Development Professional by Leadership Excellence.
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SESIONES Y CUERPO ACADMICO

ACADEMIC SESSIONS AND PROFESSORS

Toma de Decisiones Estratgicas: Asuntos fundamentales en el Gobierno Corporativo Exterior

Strategic Decision Making: Critical Issues in External Governance
Esta sesin se enfocar en el uso de la teora del juego y la creacin de un marco de referencia para inuenciar la direccin estratgica y la toma de decisiones con un nfasis en asuntos de gobierno corporativo externo. El profesor Putsis discutir cmo desarrollar un liderazgo de pensamiento para aventajar e inuenciar los resultados del mercado y la competencia. Los participantes podrn explorar asuntos tales como el rol de la informacin, alineacin vertical de incentivos y compatibilidad de incentivos a travs de la cadena de valor ascendente y descendente. Profesor Putsis discutir acerca de los accionistas externos, y la oferta y demanda de informacin, como tambin el rol que juega la informacin en el monitoreo de costos, la alineacin vertical de incentivos y la especicidad de activos; y IP/propiedad de informacin externa y la compatibilidad de incentivos a travs de accionistas externos. This session will focus on the use of game theory and framing to inuence strategic direction and decision-making with an emphasis on external corporate governance issues. Professor Putsis will discuss how to develop critical thought leadership in preempting and inuencing competition and market outcomes. Participants will explore issues such as the role of information, vertical incentive alignment and incentive compatibility throughout the value chain -both upstream and downstream. Professor Putsis will discuss external stakeholders and the demand for and supply of information, as well as the role that information plays in monitoring costs, vertical incentive alignment and asset specicity; and IP/ownership of external information and incentive compatibility across external stakeholders.

William Putsis
Ph.D., Cornell University

Las investigaciones del profesor Putsis se enfocan en la aplicacin emprica de modelos tericos de juegos de competencia, estrategia competitiva, marketing de productos de marca privada, difusin de nuevos productos y estrategia de lnea de productos, marketing internacional, publicidad e investigacin de comunicaciones. Fue galardonado con el premio Kenan-Flager All Star al mejor profesor en 2003, 2004 y 2005, y en 2002, obtuvo el premio al profesor destacado en el programa MBA de University of North Carolina. Sus numerosos artculos acadmicos han sido publicados en destacadas revistas especializadas, y es miembro de la junta editorial de numerosas publicaciones en temas de marketing. Ha enseado a ejecutivos de prestigiosas empresas como The Boeing Company, John Deere, Barclays Bank, Royal Bank of Scotland, ABN AMRO, Amcor, British Airways, the U.S. Navy y Exxon/Mobil. Entre sus clientes se destacan empresas como Morgan Stanley, Sony Ericsson, Heinz, McCann-Erickson, DHL Worldwide, BBC World Service, entre otros. William Putsis focuses on the empirical application of game theoretic models of competition, competitive strategy, the marketing of privatelabel products, new product diffusion and product line strategy, international marketing, advertising and communications research. He was awarded the Kenan-Flagler All-Star Teaching Award in 2003, 2004 and 2005 and the Outstanding Teacher Award in the Executive MBA Program in 2002 at the University of North Carolina. His numerous scholarly articles have been published in top academic journals, and he serves on the editorial board of many marketing publications. He has taught executives at The Boeing Company, John Deere, Barclays Bank, Royal Bank of Scotland, ABN AMRO, Amcor, British Airways, the U.S. Navy, and Exxon/Mobil. His consulting clients include Morgan Stanley, Sony Ericsson, Heinz, McCann-Erickson, DHL Worldwide, BBC World Service, among others.

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SESIONES Y CUERPO ACADMICO

ACADEMIC SESSIONS AND PROFESSORS

Perspectivas de Liderazgo: Toma de Decisiones ticas / Leadership

Mindsets: Ethical Decision Making
Por qu la gente buena a veces realiza actos malos? El comportamiento poco tico no es slo un problema de unas pocas manzanas podridas (por ejemplo, aquellas que son intencionalmente corruptas); sino que muy a menudo envuelve a personas buenas que fallan al tratar de vivir bajo los estndares de sus propios valores. Este fracaso ocurre cuando las personas tienen un sesgo de manera no intencional, cuando estn bajo presin, y/o auto convencidos de que estas acciones son aceptables. En esta sesin se examinar esta decepcin de autoconanza psicolgica, y tambin cmo evitar estas trampas de liderazgo. Why do good people sometimes do such bad things? Unethical behavior is not just a problem of a few bad apples (i.e., those who are intentionally corrupt); it often involves otherwise good people who fail to live up to their own values. This failure occurs when people are unintentionally biased, organizationally pressured, and/or self-deceived into thinking that their actions are acceptable. This session will examine the psychology behind self-deception and overcondence, as well as how to avoid these leadership traps.

Daylian Cain
Ph.D., Carnegie Mellon University, Tepper School of Business

Tras ensear en la Universidad de Harvard, hoy es profesor de negociacin en Yale School of Management. Posee tres masters y obtuvo su Ph.D. en la Universidad Carnegie Mellon. Las investigaciones de Cain combinan la economa del comportamiento y psicologa moral en un esfuerzo por determinar cmo las personas toman decisiones. Esto es especialmente interesante en decisiones acerca de comportamientos pro-sociales y cmo las personas fallan al no estar a la altura de sus propios estndares, por ejemplo, gente inteligente realizando cosas estpidas, gente buena realizando cosas malas. Cain es un lder experto en conictos de inters. Sus investigaciones han sido debatidas en the New Yorker, Forbes, Harvard Business Review, the Washington Post, BusinessWeek, USA Today, the New York Times, y the Wall Street Journal y nalmente en CNN Financial News. Su trabajo ha sido mencionado en el recin publicado libro Economics 2.0: What the Best Minds in Economics Can Teach You About Business and Life. Daylian Cain joined the Yale School of Management after serving as Harvards Russell Sage Fellow of Behavioral Economics. Professor Cain has three masters degrees and earned his Ph.D. at Carnegie Mellon University. His research combines behavioral economics and moral psychology in an effort to determine how people make decisions. He is especially interested in decisions about pro-social behavior and how people fail to live up to their own standards, e.g., smart people doing dumb things, good people doing bad things. Cain is a leading expert on conicts of interest. His research has been discussed in the New Yorker, Forbes, Harvard Business Review, the Washington Post, BusinessWeek, USA Today, the New York Times, and the Wall Street Journal and on CNN Financial News. Cains work is also mentioned in the recent book Economics 2.0: What the Best Minds in Economics Can Teach You About Business and Life.

Conflictos de Inters & Efectos Perversos de la Revelacin

Conflicts of Interest & Perverse Effects of Disclosure
Los conictos de inters han estado en el corazn de muchos de los ms recientes escndalos de negocios. El Profesor Cain es uno de los intelectuales ms prominentes en conictos de inters. En esta sesin, se discutir cmo se convierten en un problema incluso para aquellos profesionales con buenas intenciones que errneamente creen que pueden manejar sus conictos de manera objetiva. Tambin examinaremos cmo la revelacin -un mecanismo ampliamente usado como respuesta a los conictos de inters-falla al resolver muchos de los problemas provocados por conictos de inters, y a veces incluso puede empeorar la situacin. Conicts of interest have been at the heart of many recent business scandals. Dr. Cain is one of the worlds leading intellectuals on conicts of interest. He will discuss how they are a problem even for well-meaning professionals who erroneously think that they can navigate their conicts objectively. This session will also examine how disclosure -a common policy response to conicts of interestfails to address many of the problems caused by conicts of interest, and how at times, it can even make matters worse.

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CORPORATE GOVERNANCE

Programa 2014 / 2014 Program

Lunes 5 de Mayo Monday, May 5 Martes 6 de mayo Tuesday, May 6 Mircoles 7 de Mayo Wednesday, May 7 Jueves 8 de Mayo Thursday, May 8 Viernes 9 de Mayo Friday, May 9 Sbado 10 de Mayo Saturday, May 10

8:00 8:30 El Rol del Gobierno Corporativo

Desayuno Breakfast
Toma de Decisiones Estratgicas: Asuntos Fundamentales en el Gobierno Corporativo Liderazgo In Extremis tica y Liderazgo Responsable para la Alta Gerencia

In Extremis Leadership

9:00 10:30

The Role of Corporate Governance

Strategic Decision Making: Critical Issues in Governance

Ira Millstein William Putsis Thomas Kolditz

Ethics and Responsible Leadership for Senior Management

Benjamin Heineman

10:30 11:00 Tendencias Emergentes En Gobierno Corporativo

Morning Break Toma de Decisiones Estratgicas: Asuntos Fundamentales en el Gobierno Corporativo Liderazgo In Extremis Toma de Decisiones ticas

In Extremis Leadership Ethical Decision Making

11:00 12:30

Evolving Trends in Corporate Governance

Strategic Decision Making: Critical Issues in Governance

Ira Millstein Almuerzo y Foto Grupal William Putsis Thomas Kolditz Almuerzo Daylian Cain

12:30 14:00

Group Photo & Lunch

Nuevas Fronteras en Modelos Globales Comparativos Anlisis de Reportes Financieros Corporativos

Lunch
Liderando a sus Lderes Conictos de Inters

12:00 Check-Out The Study Hotel at Yale

14:00 15:30 15:00 17:15 Check-In and Registration Lobby The Study Hotel at Yale

Leading Your Leaders Analysis of Corporate Financial Reports

Conicts of Interest

New Frontiers in Comparative Global Models

Stephen Davis

Norman Bartczak

Jeffrey Sonnenfeld

Daylian Cain

15:30 16:00 16:00 17:30 Tour de Yale Campus (opcional) Tour of Yale Campus (optional) Lo Que Hace Una Gran Junta

Afternoon Break Lecciones de Gobierno Corporativo de la Crisis Financiera Mundial Governance Lessons from the Global Financial Crisis Norman Bartczak Tiempo de Estudio Study Time Modelos de Incentivos y Compensacin Cierre de Programa y Conclusiones

What Makes Great Boards Great

Jeffrey Sonnenfeld Recepcin y Cena de Bienvenida

Compensation and Incentive Models

James Baron 18:00-19:30 Modelos de Incentivos y Compensacin

Program Wrap-up and Conclusions

Cctel de Clausura y Ceremonia de Certicado

18:15 21:30

Welcome Dinner & Reception

Compensation and Incentive Models

James Baron

Closing Cocktail & Certicate Ceremony

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*Programa sujeto a cambios.

Informacin General / General Information

Valor de la Matrcula / Enrollment Fees
USD 7.950. Considera alojamiento, el material de estudio, desayunos, almuerzos, recepcin de clausura y cena de inauguracin. No incluye pasaje areo, ni traslado del aeropuerto. $7,950. This includes lodging, academic material, breakfasts, lunches, closing reception and welcome dinner. Airfare and airport transfers are not included in the cost of the program.

Material de Estudio / Academic Material

Dos semanas antes del inicio del programa, a travs de un sitio web del programa, los asistentes recibirn el material de pre-estudio, que incluye lecturas, casos de estudio e informacin general sobre el programa. Los participantes recibirn las presentaciones de los profesores a travs del sitio web de Seminarium al trmino del programa. Two weeks before the start of the program, participants will receive the pre-class study materials which include readings, case studies and general information about the program through a website for the program. The professors presentations will be posted to the Seminarium program website at the close of the program.

Fecha / Dates
5 al 9 de mayo de 2014 / May 5 - 9, 2014.

Cupo Mximo de Asistentes / Number of Participants

60 personas / 60 participants.

Poltica de Anulaciones / Cancellation Policy

Dado que asistir a un programa In-Campus de Seminarium Internacional requiere de una signicativa preparacin previa y su demanda sobrepasa la capacidad permitida; es importante contactarnos con anticipacin si desea cancelar o transferir su participacin. Para solicitar una devolucin, debe informarlo por escrito con ms de 30 das previo al evento, con un costo para procesar la devolucin de US$200. Si usted no puede asistir al programa, puede enviar un reemplazante de su empresa hasta dos das hbiles antes del inicio del programa, siempre que ste cumpla con los requisitos del programa. Seminarium permitir una transferencia llamado Roll-Over, una vez y solamente a la prxima versin del programa, el cual tendr un costo de US$200 para su proceso, ms cualquier aumento de precio en la versin siguiente del programa. No se aceptarn roll-overs con menos de 7 das de anticipacin. Sern considerados No-Show y estarn sujetos a un cargo del 100% del valor de la matrcula. Cualquier reemplazo, roll-over o cancelacin debe ser informado por escrito. Because attendance at a Seminarium Internacional In-Campus program requires signicant advance preparation and demand often exceeds capacity, it is important that you contact us in a timely manner if you must cancel or defer attendance. Refund requests must be sent in writing at least 30 days prior to the event. Refunds will be charged a processing fee of US$200. If you are unable to attend this program, we will accept an appropriate substitute participant up until 2 business days before the start of the program. Seminarium will allow one transfer of this registration, called a roll-over, to the next session of the same program, provided the request is received before 7 days prior to the program start date. Roll-overs are only granted once, for the next session and will be charged a $200 processing fee plus any increase in price for the next version of the program. Any roll-over requests received less than 7 days before the start of the program will be considered a no-show and cancellation fees will apply. Notication of all cancellations, transfers, or substitutions should be made in writing.

Postulacin e Inscripcin / Application and Enrollment

Se puede postular online, ingresando a www.seminarium.com. Una ejecutiva de ventas lo contactar y solicitar su currculum vitae. Los candidatos cuyas postulaciones sean aceptadas recibirn una carta de aceptacin va correo electrnico. Debido a la capacidad limitada y alta demanda del programa, los candidatos aceptados deben formalizar su asistencia pagando la matrcula al recibir la carta de aceptacin. Por favor enve el comprobante de pago a: cg@seminarium.com. Una vez recibido el pago, recibir la conrmacin de inscripcin. Slo el recibo del correo electrnico de conrmacin garantiza un lugar en el programa. Please apply online at: www.seminarium.com. A sales representative will contact you and ask for your resume. Candidates that are accepted to participate in the program will receive an acceptance letter via email. Due to the limited space and high demand for this program, accepted applicants will need to formalize their attendance through payment of the program fee. Please send a copy of the payment conrmation to cg@seminarium.com. Only the conrmation of payment can guarantee a place in the program.

Formas de Pago / Forms of Payment

Cheque, tarjeta de crdito o transferencia bancaria. Check, credit card or wire transfer.

Lugar y Alojamiento / Location and Lodging

Greenberg Conference Center, Yale School of Management, New Haven, Connecticut, EE.UU. El programa incluye la reserva de cinco noches en The Study Hotel at Yale in New Haven. El check-in est programado para el Lunes 5 de mayo desde las 15:00 hrs. y el check-out para la maana del Sbado 10 de mayo a las 12:00 hrs. Los estacionamientos, noches de estada adicionales y cargos personales en el hotel son de responsabilidad del participante. Greenberg Conference Center, Yale School of Management, New Haven, Connecticut, USA. The program includes 5 nights at The Study Hotel at Yale, in New Haven. Check-in is programmed for Monday, May 5 starting at 3:00 pm and check-out will be 12:00 pm Saturday, May 10. Parking, additional nights and personal charges to the room will be the full responsibility of the participant.

Traduccin Simultnea / Simultaneous Translation

Ingls - Espaol / English and Spanish.

Visa
No se requiere una visa de estudiante para este programa acadmico, sin embargo, si necesita una visa de turista para viajar a los Estados Unidos, se sugiere hacer los trmites con la debida anticipacin. A student visa is not required for this academic program. If you require a tourist visa to enter the United States, we recommend that you begin the process well in advance.

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CORPORATE GOVERNANCE

Para Informacin e Inscripciones

ARGENTINA Representante Daniel Montero dmontero@seminarium.com Tel: (11) 5 437 5773 | Mvil: (11) 15 5 162 8024 BOLIVIA Viceversa Group Cinthya Costa ccosta@viceversagroup.com Tel: (5912) 241-9438 | Mvil: (591) 7061 1400 BRASIL Orlando Rodrigues Representante de Ventas In-Campus orodrigues@seminarium.com.br Tel: (11) 3280-9596 | Tel: (11) 3509-3199 CHILE Seminarium Chile S.A. Mariella Bruna mbruna@seminarium.com Tel: (562) 2430 6826 | Celular: 8 360 33 60 COLOMBIA Seminarium Colombia Adriana Higuera Gmez adriana.higuera@seminarium.com.co Tel: (571) 617 0766 ext. 210 CENTROAMRICA Seminarium Ejecutivos de Centroamrica S.A. Ana Villalobos avillalobos@seminarium.co.cr Tel: (506) 2248 4838 | Fax: (506) 2248 4845 ECUADOR Seminarium Ecuador Mara Rosa Tapia mtapia@seminarium.com.ec Tel. (5932) 223 9782 | Mbil: 0994767181 ESPAA Seminarium Internacional S.A. Joanna Danger jdanger@seminarium.com Tel: +56-2-2490-2600 MXICO Seminarium Internacional S.A. Anamilena Salazar amsalazar@seminarium.com Tel: (52 155) 5248 2441 PARAGUAY Nicole Senchack nsenchack@seminarium.com Tel: (562) 2490 2600 Fax: (562) 2490 2685 PER Seminarium Per Beatriz Valencia bvalenci@seminarium.com.pe Tel: (511) 610 7272, anexo 211 REPBLICA DOMINICANA, PUERTO RICO Intras Ingrid Klavemann ingrid.klavemann@intras.com.do Tel: (809) 542 0126 | Fax: (809) 540 1982 URUGUAY Represente Daniel Montero dmontero@seminarium.com Tel: (5411) 5 437 5773 | Mvil: (54911) 5 162 8024 USA Seminarium International of North America Henry E Araya haraya@seminarium.com Tel: 1-727-543-3657 | Fax: 1-866-770-5220 VENEZUELA Wall Street Institute Maria Eugenia Arcia mearcia@seminarium.com Mvil: 58-414 323 8193 SEMINARIUM INTERNACIONAL S.A. Telfono: (562) 490 2600 Fax: (562) 490 2685 cg@seminarium.com www.seminarium.com

Ahora nuestro sitio web en su celular.

5 al 9 de Mayo, 2014 / New Haven, Connecticut, EE.UU.