{"id":5350,"date":"2016-09-29T14:17:00","date_gmt":"2016-09-29T18:17:00","guid":{"rendered":"https:\/\/www.merkley.senate.gov\/to-disclose-or-not-to-disclose-wells-fargo-woes-shine-light-on-a-knotty-problem\/"},"modified":"2023-07-24T11:09:21","modified_gmt":"2023-07-24T15:09:21","slug":"to-disclose-or-not-to-disclose-wells-fargo-woes-shine-light-on-a-knotty-problem","status":"publish","type":"post","link":"https:\/\/www.merkley.senate.gov\/es\/to-disclose-or-not-to-disclose-wells-fargo-woes-shine-light-on-a-knotty-problem\/","title":{"rendered":"\u00bfRevelar o no revelar? Los problemas de Wells Fargo arrojan luz sobre un problema complicado"},"content":{"rendered":"

\u00bfCu\u00e1ndo es algo lo suficientemente importante para el negocio de una empresa como para dec\u00edrselo a los inversores?<\/span><\/p>\n

El esc\u00e1ndalo de ventas de Wells Fargo & Co. ofrece una ventana de la vida real a la cuesti\u00f3n, a menudo espinosa, de decidir cu\u00e1ndo una informaci\u00f3n es \u201cmaterial\u201d y, por lo tanto, debe ser revelada a los inversionistas. En parte, esto se debe a que las reglas son complejas y no siempre se entienden bien: muchos observadores piensan que la materialidad se puede determinar simplemente haciendo c\u00e1lculos num\u00e9ricos, pero no siempre es as\u00ed.<\/span><\/p>\n

Si bien la administraci\u00f3n del banco sab\u00eda desde 2013 que algunos empleados hab\u00edan creado cuentas de dep\u00f3sito y de tarjetas de cr\u00e9dito para clientes sin su conocimiento, las cuentas eran una peque\u00f1a porci\u00f3n del negocio de Wells Fargo. El acuerdo, que inclu\u00eda una multa de $185 millones, represent\u00f3 menos de 1% de las ganancias del a\u00f1o pasado. El asunto \u201cno fue un evento material\u201d, dijo el presidente ejecutivo John Stumpf ante un panel del Senado la semana pasada.<\/span><\/p>\n

Esto es cierto en t\u00e9rminos de la cuenta de resultados del banco. No as\u00ed su reputaci\u00f3n o el precio de sus acciones. El banco y Stumpf se han enfrentado a un furor pol\u00edtico y p\u00fablico y las acciones han perdido casi 10% desde el acuerdo, o alrededor de $23 mil millones.<\/span><\/p>\n

Dada la profundidad y amplitud de los problemas en las operaciones minoristas del banco, que representan aproximadamente la mitad de las ganancias y los ingresos, otros argumentan que Wells Fargo deber\u00eda haber dado a los inversores alguna se\u00f1al de que se estaba gestando un problema. "Me parece bastante significativo si todo el mundo habla de ello", dijo Philip Woodlief, profesor adjunto de gesti\u00f3n en la Universidad de Vanderbilt.<\/span><\/p>\n

Los tres senadores: Jeff Merkley (D., Oregon), Elizabeth Warren (D., Mass). y Robert Men\u00e9ndez (D.-NJ), han pedido a la SEC que investigue si Wells Fargo cometi\u00f3 fraude al no revelar sus problemas de cuentas falsas, incluso cuando estaba promocionando a los inversores cu\u00e1ntos productos vend\u00eda a cada cliente. Los senadores tambi\u00e9n pidieron a la SEC que investigara si el banco viol\u00f3 las protecciones de los denunciantes.<\/span><\/p>\n

"Esto ciertamente supone un riesgo para la reputaci\u00f3n de la empresa; parece que habr\u00eda sido material", dijo Merkley en una entrevista con The Wall Street Journal a principios de esta semana.<\/span><\/p>\n

Un portavoz de la SEC se neg\u00f3 a hacer comentarios. Un portavoz de Wells Fargo se neg\u00f3 a comentar si el banco deber\u00eda haber revelado sus problemas antes; No fue posible contactarlo de inmediato para que comentara sobre la solicitud de los senadores de una investigaci\u00f3n de la SEC.<\/span><\/p>\n

Los est\u00e1ndares para determinar si una informaci\u00f3n es material difieren algo seg\u00fan el regulador involucrado. Y algunos reguladores est\u00e1n considerando cambios en los est\u00e1ndares existentes sobre lo que es informaci\u00f3n material. En resumen, es una especie de zona gris.<\/span><\/p>\n

En t\u00e9rminos generales, la materialidad depende de si un inversor razonable considerar\u00eda la informaci\u00f3n lo suficientemente importante como para afectar su decisi\u00f3n de comprar los valores de una empresa.<\/span><\/p>\n

Muchas empresas e inversores utilizan la regla general de que algo tiene que constituir al menos una parte espec\u00edfica del negocio de la empresa para que se considere material: 10% de ingresos, por ejemplo, o 5% de ganancias. Pero se supone que las empresas deben ir m\u00e1s all\u00e1 de las cifras y considerar tambi\u00e9n factores \u201ccualitativos\u201d.<\/span><\/p>\n

La SEC ha dicho que un error relativamente peque\u00f1o en los estados financieros a\u00fan podr\u00eda ser material si, por ejemplo, afecta el cumplimiento regulatorio de una empresa, oculta transacciones ilegales o aumenta la compensaci\u00f3n de la gerencia.<\/span><\/p>\n

La pregunta clave, dijo Woodlief, es: \u00bfun acontecimiento \u201cafecta la informaci\u00f3n total disponible para los inversionistas\u201d?<\/span><\/p>\n

Las reglas son lo suficientemente turbias como para que los expertos en contabilidad puedan diferir sobre si algo es material. Jack Ciesielski, presidente de la firma de investigaci\u00f3n contable RG Associates, dijo que Wells Fargo pudo haber visto los problemas de venta cruzada como un problema aislado que manej\u00f3 por su cuenta, y se\u00f1al\u00f3 que las cuentas falsas comprendieron menos de 2% de todas las que abri\u00f3 el banco durante ese lapso de tiempo. "Creo que tiene que ser irrelevante", dijo.<\/span><\/p>\n

Por otra parte, dijo Ciesielski, cuando el banco estaba negociando con los reguladores sobre el asunto y sab\u00eda que era posible llegar pronto a un acuerdo, entonces \u201ccreo que ten\u00edan que decir algo en ese momento\u201d.<\/span><\/p>\n

La SEC est\u00e1 considerando si deber\u00eda cambiar sus est\u00e1ndares sobre lo que es material, como parte de una mirada m\u00e1s amplia a sus reglas de divulgaci\u00f3n. En abril, la comisi\u00f3n solicit\u00f3 comentarios p\u00fablicos sobre si deber\u00eda \u201cconsiderar una definici\u00f3n diferente de materialidad para fines de divulgaci\u00f3n\u201d y si deber\u00eda utilizar \u201cuna combinaci\u00f3n de umbrales cuantitativos y cualitativos\u201d para la divulgaci\u00f3n.<\/span><\/p>","protected":false},"excerpt":{"rendered":"

When is something important enough to a company’s business that it should tell investors? Wells Fargo & Co.’s sales scandal provides a real-life window on the often-knotty question of deciding when a piece of information is “material” and so must be disclosed to investors. In part, that is because the rules are complex and not […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[26],"tags":[],"class_list":["post-5350","post","type-post","status-publish","format-standard","hentry","category-in-the-news"],"acf":[],"yoast_head":"\nTo Disclose or Not to Disclose? 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