University of Chile Expresses Concerns Over Lack of Transparency and Weak Corporate Governance at Azul Azul, Calls for Audit

Original article: U. de Chile manifiesta su preocupación por la «falta de transparencia y el débil gobierno corporativo de Azul Azul» y pide auditar a la concesionaria

During the latest Ordinary Shareholders’ Meeting of Azul Azul, the University of Chile raised significant concerns regarding the lack of transparency in the management of the sports club.

In a statement read at the meeting held on Tuesday, April 28, the University voiced «its concern about the lack of transparency and weak corporate governance at Azul Azul, as evidenced, among other aspects, by the difficulty in interpreting its financial statements.»

Consequently, the official letter from the higher education institution states, «an audit is relevant and necessary to dispel any related party transactions and clarify in detail the management expenses, as well as the executive compensation systems.»

«This institution highlights the unsustainable continuation of the previous club presidency, marked by multiple ongoing administrative, judicial, and constitutional procedures,» the statement from Casa de Bello added, pointing out that these circumstances «make an absolute renewal of Azul Azul’s leadership unavoidable, to ensure leadership with proven integrity and commitment to university values.»

In its consideration, the University of Chile noted its responsibility to safeguard the institution’s reputation comprehensively, as established in its statutes.

Additionally, the higher education institution expressed its strong rejection of the concessionaire’s initiation of procedures to register symbols belonging to the University of Chile at the National Institute of Industrial Property (INAPI), a reproach that adds to other criticisms made by the institution against the concessionaire due to various controversies.

We will continue to provide updates.
Cover Photo: U. de Chile