Law 433 of May 3, 2024
Imposes corporate social responsibility measures on urban development companies.
Rubén M. Castillo Gill
The National Assembly promoted Law 433 of May 3, 2024, which obliges developers to carry out studies on the regional impact that the development of projects will have on the increase of the student population.
According to the law, developers must contribute to the construction of school classrooms.
The Ministry of Education and the Ministry of Economy and Finance will keep a record of compliance with this regulation.
Despite the laudable purpose of the norm, there is evidence of a transfer of the State's obligations to promoters. This may mean that in the future, in other activities, the State's obligations will also be delegated, which is a cause for concern.
Social responsibility policies are developed by companies on the basis of studies they carry out and projects they wish to promote. It is strange that the State is the one who imposes them.
What will happen in the future, and will other companies take action?
