ABSTRACT
In its 100 years of existence, the board of the Banco de la República has had several reforms of its structure which permitted the participation of several societal interests. This chapter shows the evolution of the people on the board of the Banco de la República in the 20th century. Early board structures promoted the participation of bankers in the 1920s and 1930s and business associations from the 1930 to the 1960s, particularly coffee growers and industrialists. These structures, however, created a conflict of interest because these actors were directly affected by monetary, exchange, and credit policies. In 1963, the government empowered the Junta Monetaria, a totally government-appointed board, with all the authorities of the bank’s board but the administration. The rise of professional economists, typically from universities in Bogotá, and their participation within the bank and as top advisors on the Junta Monetaria, made the case for an independent board. That reform took place under the 1991 Constitution. Academic and professional merit but not representation has been the aim of most board appointments ever since. Nevertheless, the shortlist of people with these qualifications created a closed group that reinforces the participation of similar people on the board.
