We act ethics and responsibly

We are a company that promotes ethical and responsible behavior to all our stakeholders.

We reflect our leadership in the way we do things. Our board of directors and executive team represent the solid principles and values on which Mallplaza has built its more than 30 years of history. Acting ethically, with integrity and with no room for malpractice is the basis for leading a regional, multicultural organization that is a leader in its sector. Our objective is to position Mallplaza as a benchmark in Corporate Governance, and as a company committed to integrity and compliance

Governance Management
1. Governance structure
2. Compliance and Integrity
3. Cybersecurity
4. Risk Management
5. Materiality
6. Political Influence
7. Supplier management

1. Governance Structure

ESG Governance

Sustainability is a fundamental pillar for Mallplaza and as such, all actions associated with it are developed in a planned and structured manner with objectives, targets and a clear and defined structure to support the achievement of our goals. Our executive team has an active role in detecting, evaluating, managing and monitoring risks associated with sustainability, for example in situations involving environmental, social or human right issues, with a particular emphasis on climate change. Likewise, the Board of Directors is also involved with ESG issues, as it receives reports on these initiatives twice a year under the responsibility of the Corporate Affairs area, which reports directly to the CEO and to Sergio Cardone Solari, Chairperson of the Board of Directors of Plaza S.A., who since 2014 is also the director responsible for sustainability issues. It should be noted that the ESG strategy is based on five-year planning, which is reviewed annually and defines long-term goals.

Management: The Board is briefed twice a year regarding ESG issues from the Committee and the Sustainability Roundtable.

  • Leader: Chairman of the Board Mr. Sergio Cardone
  • Responsible: Corporate Affairs Manager
  • Participants: General Manager and Corporate Affairs Manager

Strategy: The Sustainability Committee meets every two months.

  • Leader: Corporate Affairs Manager
  • Responsible: ESG Assistant Manager
  • Participants: General Manager, Executive Committee and related managements

Planning and Implementation: The Sustainability Board meets on a monthly basis.

  • Leader: ESG Assistant Manager
  • Responsible: Managements and Deputy Managements of related areas
  • Participants: Operations, Fiscal, People, Marketing, Community, Investor Relations, Procurement and Risk.

Compensation - Long-Term Performance Alignment

2021 the Board of Directors approved a new variable and contingent long-term commitment incentive plan for the CEO, and certain executives of the Company and its subsidiaries, including but not limited to the Company's senior executives for the period 2021 to 2023. Mallplaza does not apply any bonus deferrals to the CEO's short-term compensation. The plan is designed to promote the permanence of the targeted executives and ensure the alignment of their objectives with the generation of shareholder value, in the medium and long term. This benefit plan consists of two elements: i) an investment in shares of the company by each targeted executive, acquired on the stock exchange and financed with a loan for the exclusive use of the company for this purpose; and ii) the payment of a short-term bonus and a long-term retention. The latter will be paid if, and only if, the executive beneficiary has maintained an uninterrupted employment relationship with the company, any of its subsidiaries, or a continuous succession of employment relationships with any combination of the above.

Climate Alignment

Mallplaza participates in different associations and organizations, national and international, in order to develop strategic alliances with common interests and objectives that reinforce our work in sustainability, including the Falabella Group’s commitments to climate change, such as our 2035 net zero GHG target for Scope 1 and 2 emissions. In particular, Mallplaza’s adherence to the UN Global Compact helps to align our public policy contributions with the Paris Agreement by encouraging transparency, responsible advocacy, and collective action on climate change. The Global Compact's framework and reporting mechanisms ensure that businesses set science-based targets and make public policy contributions that are consistent with limiting global warming. Thus, it serves as a guiding principle for Mallplaza to integrate climate action into both our operational strategies and public policy efforts.

The alignment of these engagement activities with our sustainability and climate strategy, and other priorities, is monitored by the ESG team.

Furthermore, we make strategic contributions to chambers and financial organizations to drive business growth and the sustainable development of our industry in the countries where we have operations, through collaboration and trust. In accordance with our internal regulations and policies, we do not make contributions to political campaigns or lobby organizations.

Board Independence

According to DJSI definitions, a director is independent by meeting at least 4 of the 9 criteria listed below (including at least 2 of the 3 first criteria).

Tax results ($ CLP)

2. Compliance and Integrity

Integrity Program

At Mallplaza we have a structure that seeks to promote and defend integrity in the company and the relationship with its stakeholder groups. We have a Code of Integrity, a tool that guides all associates on how to deal with an ethical conflicts, and an Integrity Committee composed of the CEO, the People Manager, the Comptroller, the Regional Administration and Finance Manager and the Legal Officer, with the Division Managers of Chile, Peru and Colombia participating as guests. Our structure also includes an Integrity Channel (which receives denunciations and queries) and is available to all our stakeholders on the corporate website.

Integrity Channel

During 2022, we received 77 contacts through the Integrity Channel, proving that our employees know about it and use it: 44 were ethical in nature (39 complaints and 5 queries) and 33 non-ethical. In 2022 there was a single incident related to corruption in Mallplaza Colombia, which occurred between private individuals. This case resulted in dismissals and disciplinary measures applied to those involved.


The following table presents the breaches for the year 2022, which come from the integrity channel and through other means.

Compliance Policies and Programs

In 2022, the Board of Directors approved the updated versions of:

  • Policy on Hiring Advisors for our Board of Directors and Directors’ Committee
  • Policy on Integral Risk Management
  • Policy on Gender Equity
  • Policy on Occupational Health and Safety
  • Policy on Relationships with Suppliers

3. Cybersecurity


Mallplaza’s cybersecurity strategy is leveraged on the model implemented corporately, based on the NIST cybersecurity framework, which includes: 1. Timely Identification; 2. Protection; 3. Detection; 4. Crisis Management and Response; and 5. Recovery, against cyber incidents. This allows us to proactively identify potential risks to the main information assets, making it posible to establish preventive controls and monitor effectiveness. This framework implementation includes a set of monitoring platforms and services and security controls, which allow preventive and corrective attention to the different harmful actions detected in the ecosystem.


The Product, Data & Technology Manager identifies, promotes and deploys new digital technology services that give business partners, customers and the business a superior experience in terms of ease, satisfaction and cybersecurity.

There are other initiatives that strengthen this strategy:

  • We use a set of monitoring platforms, services and security controls to preventively and correctively address the different harmful actions detected in our ecosystem.
  • Our risk dashboard considers cybersecurity indicators, which are reviewed quarterly by our executives. There is also a periodic meeting with the Board of Directors to update them on these issues. Furthermore, our Comptrollership area oversees compliance with cybersecurity standards.
  • Additionally, we have an awareness program on cybersecurity threats that is communicated on a permanent and thorough basis to all our employees.

We apply a two-phase Integral Governance Model to manage cyber and information security risks. The first stage brings together the executives responsible for the Information Security, Technology, Comptrollership and Business areas to deal with contingent and relevant issues. The second is the responsibility of our Management Committee. A third level would be Corporate Governance, where best practices on the subject are shared, which serves to keep the Information Protection and Cybersecurity Programs up to date. These protocols are reviewed annually by our Directors’ Committee.

4. Risk Management

In Mallplaza, the Risk Management Deputy Manager is the one who implements the Risk Management process, ensuring the correct identification and registration of such Risks, and the associated controls, in the respective matrices. It also monitors the Risks and controls on a continuous and timely basis, proposing improvements if necessary. In addition, it communicates the materialized Risks and/or those that exceed the limits in the defined thresholds, as well as those cases in which it does not have the resources to execute its responsibilities. From this, it develops an annual work plan for Risk Management; requests its approval by the Risk and Compliance Committee; and presents the progress of its execution to the latter committee. Additionally, it identifies the training and dissemination needs for an adequate Risk Management, together with the execution of training programs that allow process owners to understand and apply their responsibilities in Risk Management. It should be noted that this Risk Management Deputy Manager reports directly to the Corporate Administration and Finance Management, and the performance of risk management is monitored and audited by the Comptrollership, who reports directly to the Directors' Committee.

For further details, please refer to the Comprehensive Risk Management Policy in Documents

At Mallplaza, we are concerned about making our management more efficient in order to guarantee the success of our operations. For this reason, our Board of Directors has agreed to hold at least one annual training session as a mechanism for permanent updating on various topics of interest. During 2022, two training sessions were held between June and October, and the topics covered included consumer rights and personal data protection, an important risk for the company, both of which are also linked to our Materiality.

In addition, we have developed a training and dissemination platform that seeks to achieve the improvement of the Directors in compliance and integrity matters. This learning space considers five modules that deal with the following subjects: fiduciary duties of the Directors; free competition; crime prevention (criminal liability of the legal person); personal data; and integrity. The courses are mandatory for all directors and are evaluated accordingly. The platform also contains an information area where Directors can review information of interest such as, for example, relevant news on antitrust matters in the different countries where Mallplaza has operations; and news on environmental matters through a semi-annual report on the subject.

Emerging Risk: Personal Data Security

  • Description

    At Mallplaza we are actively committed to the fundamental rights of individuals, including personal data. International standards on personal data, and the rules in this area in the three countries in which we operate have been evolving in their level of demand, and in Mallplaza we are 100% committed to this evolution. It is considered emerging due to the importance that data analysis acquired this year for decision making in Mallplaza, increasing the capture and processing of these data. In line with the volume of people/contacts in our 25 malls, and with the real time or batch communication management by the service to our commercial partners.

  • Potential impacts:

    Negative impact on the experience of the people who visit Mallplaza and on whom real time or batch communication management is done, based on the analysis of the data of our 25 malls. In addition, this could result in fines for non-compliance and reputational damage.

  • Mitigation Actions

    In order to ensure maximum transparency and respect for the fundamental rights of individuals, Mallplaza has implemented a Personal Data Protection Policy, applicable to our entire company. In Chile, Peru and Colombia, we seek to promote secure management of personal data and a culture of data protection. To this end, during the year 2022, we have further strengthened security measures and the governance of personal data. We also encourage our business partners and suppliers to bring their conduct in line with these standards and current legislation. One of the enablers of the strategy is data. Non-compliance would affect it, and would also damage the experience of our visitors.

Emerging Risk: Physical Security

  • Description

    Increase in crime in urban centers during 2022 especially in facilities in Chile. The way in which some crimes are developing has changed, with focus on attractive stores (stores selling high value technological equipment) for criminals in Mallplaza facilities, with massiveness of criminals, aggressiveness and use of firearms.

  • Potential Impacts

    Damage to the physical integrity of our visitors, store workers, and collaborators, mainly in the urban centers of Santiago de Chile that have stores that are attractive to criminals who carry out this type of crime. Losses for business partners who have stores that are attractive to criminals who commit this type of crime.

  • Mitigation Actions

    Implementation of technology to monitor the security of our urban centers. Strengthening alignment with stores for early assistance. Coordination with police groups to increase patrols and guards. One of the pillars of the strategy is to provide the best visitor experience. Insecurity directly impacts the experience.

5. Materiality

During the year 2022, we carried out the double materiality process, with the objective of identifying the relevant issues for both Mallplaza and our stakeholders, through consultations with 513 employees and managers and 7,430 people from our external stakeholders. With this, we were able to prioritize the different topics through statistical weighting, which defined the material issues that guide our ESG management:

  • Entrepreneurship and local economy
  • Anti-corruption
  • Diversity, equity and equal opportunities
  • Climate change and emissions
  • Waste management and circular economy

In Mallplaza, incentives related to KPIs that directly impact the main material issues were defined for managers and relevant employees, both at the corporate level and at the management level of the business units. In Climate Change, the KPI is associated with meeting the goal of reducing the carbon footprint in scope 1 and 2 to carbon neutrality by 2030, which has a weighting of 10% for the General Manager and 15% for the Corporate Affairs Management and Operations Management. In Diversity and Inclusion, the KPI is associated with meeting the goal of 40% of women in Top and Middle Management by 2022, which has a weighting of 10% for the People and Culture Deputy Managers and 15% for the Development Deputy Manager. Finally, in local relations, the KPI is associated with meeting the goal of 76 points in the evaluation of the regional ESG survey to 2022, which has a weighting of 20% for the Corporate Affairs Management and the Sustainability Deputy Manager and 10% for Legal and Compliance Officer. It is important to note that these KPIs are linked to the annual monetary bonus, in addition to generating a relevant impact and forming a key part of our strategy.

6. Political Influence

In accordance with our internal regulations and policies, we do not make contributions to political campaigns or lobbying organizations. However, at Mallplaza we participate in different associations and organizations, national and international, in order to develop strategic alliances with common interests and objectives that reinforce sustainability.

The total amount contributed during 2022 was $252,621,549 Chilean pesos.

The three main contributions made during 2022 involved a total of $233,712,069 Chilean pesos:

Mallplaza's contributions to the Chambers of Shopping Centers, both in Chile and Peru, are driven by the strategic motivation of sharing good practices that benefit shopping centers and that affect the comercial real estate sector. We maintain open communication with large and small companies, with the aim of advancing in a common and complementary development that allows us to achieve higher and better standards to project responsible growth in the region, complying with the regulations and internal policy on Free Competition at all times. The vision is to actively contribute to the comprehensive development of the Shopping Center sector, in order to offer Chilean consumers world-class standards. The amount contributed during 2022 was $199,941,629 in Chile, and $26,925,600 in Peru, both amounts in Chilean pesos.

Finally, with the contributions made to the Port Community of Antofagasta (COPA), and in compliance with the regulations on Criminal Liability of Legal Entities and Free Competition, Mallplaza seeks to contribute to the economic development of the places where it operates, through collaboration and mutual trust. Port Community of Antofagasta (Port Community of Antofagasta or COPA) is a non-profit organization that was born in 2010, under the need to articulate all the actors of the logistics chains and the port maritime sector, to carry out joint work with the community and bring the world of the sea closer to citizens. Its mission is to lead and represent the logistics sector of COPA associates through the generation of training, links, strategic information, indicators and best practices that allow the Port of Antofagasta to be the most competitive in the North of Chile under a harmonious relationship with the city of Antofagasta. Mallplaza, as a concessionaire and as a complementary activity to the Port of Antofagasta, is a founding member of COPA. The amount contributed in 2022 was $6,844,840 Chilean pesos.

Philanthropic activities & contributions

Mallplaza engages and contributes in many ways promoting opportunities, growth and sustainable development in local communities

7. Supplier management

Maintain the percentage of purchases spent with local suppliers at least 95% by 2022.

To build and implement a sustainable supplier management model that provides value, innovation and growth for both parties.

At Mallplaza we evaluate all our suppliers that participate in the Request for Proposal Processes in order to identify possible risks, evaluating the referential risk line and sustainability. The sustainability evaluation addresses variables such as: environmental management certifications, policies (waste, use of materials, ethics, gender diversity, disability and supplier relations) and programs (benefits and training). In addition, financial variables such as balance sheets and income statements, compliance, health and safety of its workers and risk centers are also considered. The score obtained from the sustainability evaluation has a 3% impact on the offer submitted by the supplier at the time of the award definition.

The evaluations are valid for a period of one year, so after this period, suppliers must be re-evaluated in order to be eligible to participate again in a Request for Proposal Process. Suppliers that have any non-compliance in their evaluation or re-evaluation must solve it as soon as possible in order to be able to finalize the process, and subsequently participate in any process.

It should be noted that since our processes are regional, some variables considered in the supplier evaluations are adjusted to the reality of each of the countries where we are present (Chile, Peru and Colombia), such as the applicable regulations.

The following table shows the results of the sustainability evaluation of suppliers that participated in a request for proposal process during 2022: