Banmedica SA brief report stakeholder interviews - Dec 2016

BANMEDICA SA
COMPANY’S TRUE ESG RISKS
JANUARY 2017

BANMEDICA SA
Company Description
Banmédica provides healthcare services in Chile, Colombia and Peru. It
operates clinics, laboratories, medical centers, and medical rescue units.
The company’s activities are divided in four business segments: Health
Insurance, Healthcare Provider, International and Others.
•• Health Insurance - 42.3% of revenue - comprises Isapres, Banmédica
and Vida Tres, who offer health insurance policies in private healthcare
centers.
•• Healthcare Provider - 34.3% of revenue - operates primary care clinics
and hospitals and it provides home healthcare, ambulance and emer-
gency services. The segment comprises big Hospitals Santa María and
Dávila; medium size Hospitals: Vespucio, Ciudad del Mar and Bio Bío;
medical centres Vidaintegra and a rescue services provider, Help.
•• International - 34% of revenue – deals with the commercialization
of private pre-paid healthcare plans and healthcare services through
hospitals and medical centres in Colombia and Peru: Colmédica Me-
dicina Prepagada and Aliansalud (Colombia), Editorial para la Ciencia
Ltda. (Editorial for Science - Colombia), Clínica del Country (Country
Clinic - Colombia), Clínica La Colina (La Colina Clinic - Colombia),
Clínica Portoazul (Portoazul Clinic - Colombia), Banmédica Group (Peru),
Empremédica (Peru). The company also collaborates in a joint-venture
agreement of 50% ownership split with El Pacífico Peruano Suiza Com-
pañía de Seguros y Reaseguros (Pacific Peruvian Swiss Company of
Insurance and Reinsurances).
•• Others - 0.6% of revenue - operates in the areas of real estate, central
administration, fundation operation, investment and shared services.
Company’s Revenue:
CLP 1,328,307 million (USD 2,043 million) as of 31 December 2016.
Countries of Operation:
Revenue breakdown by country of operation:
•• Chile: 66% of revenue
•• Colombia: 14.4% of revenue
•• Peru: 19.6% of revenue.
Geographic breakdown per number of employees for the
Healthcare Provider sector:
•• Chile: 52% of the workforce
•• Colombia: 25% of the workforce
•• Peru: 23% of the workforce
Positive impact:
Banmedica operates in the healthcare industry providing insurance plans
and private healthcare services.
»» Company Name:
BANMEDICA SA
»» Country:
Chile
»» ISIN:
CLP1583M1072
»» Sector:
Healthcare Facilities
& Services
»» Market Cap:
CLP 1,006 million
as of 10 January 2017
»» Number of Employees:
20,053
»» Company’s headquarters:
Santiago, Chile
»» Company’s website:
www.empresasbanmedica.cl

Soraron Sustainability Services 3
Key Risks Analysis
Significant Risks based on Stakeholder Inputs & Performance Analysis
Banmedica is one of the leaders in the private health market in Chile, owning 27,4% of the health insurance
market and 43% of the private clinics. About 21,8% of the Chilean population has a private health insurance
and around 45% of the patients are attending private healthcare providers. Banmedica is one of the
most important private healthcare businesses in Chile and it is recognized for the quality of the patient
care, in a market with poor quality healthcare systems like South America. However, the advantage
given by higher standards of patient care and the investment in the latest medical technologies is
jeopardized by poor customer relationship management, unfair billing and unethical business conduct at top
management level.
While a market leader, Banmedica is also leading with the number of complaints and fines related to client
management. The company is also well-known for its failure of dealing with complaints in a timely and
sustainable manner. The company received the biggest number of complaints according to the National
Customer Service Center and the Superintendence of Health mainly due to poor service, issues related to bills
and improper charges. The complaints and fines directed to the insurance business were primarily focused
on discriminatory marketing practices, many criticizing the company for not allowing women with children,
elders and persons with terminal illnesses to enroll on insurance plans, thus breaching the regulation.
The company was fined every year for its abuses, yet it continues its practices and no measures were taken
to redress the problem. The lack of response and the troubled customer relationship management pose a risk
in case regulators decide to be more stringent. At the same time, the business is based on its clients, hence
it requires a greater satisfaction rate in order to improve its standing on the market. However, the
clinics are performing better as with very few exceptions, there were no complaints of malpractice.
Nevertheless, customer management charges are also present.
Dealing with sensitive information, the company should properly safeguard the privacy of its customers and
doctors. However, several cases revealed that it did not keep private the information of patients, affiliates
and doctors, thus running the risk of privacy infringement accusations should larger abuses be discovered.
Banmedica commits to ethical standards and has policies and measures for fraud prevention; however it
faced a serious case of executive fraud when the former general manager was caught paying bonuses to two
other executives through a third company in order to avoid paying taxes, defrauding the state by more than
USD 1 million. Moreover, Banmedica is part of a wider group called Grupo Penta whose owners were both
arrested for defrauding the Chilean treasury through false contracts, leaving the entire group with financial
problems. Although Banmedica is not directly involved in the case, the Chilean press claims that Banmedica
had contracts with one of the companies accused of laundering the money for Grupo Penta. It seems that
the company is not committed to its anti-fraud policies and does not have proper measures for
overseeing the application of its policies at executive level. Ethical violations at such high level within
the company raise a red flag and open the road for potential re-occurrences or discoveries of violations in
all business segments.
Another governance issue relates to accusations of vertical integration. The company is currently under in-
vestigation by the Superintendence of Health for claims that the directors or senior managers of the business
conglomerates controlling the insurance companies and their associated health care providers were being,
in parallel, members of the directors’ boards and management bodies of the controlled companies, thus
interfering in their administration. Despite the fact that these accusations are still unproven and Banmedica
commits to prohibiting anti-competitive practices, the lack of ethics and control at executive level enhances
the chances of a real abuse of anti-trust laws.
Even though the controversies related to the above risks were only reported in Chile - the main country of
operations - these can also emerge in Peru and Colombia, countries with less control on business ethics and
known for the poor quality of service when compared to Chile.

Research Insights
Strengths
Good Patient Care Record for the Healthcare Provider Segment Managed by Banmedica:
The company’s clinics and hospitals seem to have good patient care and emergency services backed by high
technology assisting the doctors. The only serious case occurred in 2014, when a man hospitalized with
a severe medical condition died because Banmedica did not transfer him to another hospital in a timely
manner. Each clinic publishes technology updates and new projects for medical investigations. One clinic, the
Davila Clinic, has invested USD 10 million in a restructuring plan aimed at modernizing the infrastructure and
services. As a result, it was awarded by the Public Health Institute for good customer practices and with the
Healthcare 2015 by the Diario Fianciero newspaper. Persons contacted by Solaron rated Banmedica’s clinics’
services of high quality, but expensive. Though Banmedica faces multiple complaints, wrong diagnosis and
prescriptions are less often on the list as they usually are for other peers in the industry. However, there was
one reported case of Banmedica not respecting biopsy transfer safety protocols.
Measure to Tackle the Environmental Impact for the Chilean Clinics:
There is no environmental consolidated data for all the business segments. However, the company discloses
information for its healthcare services in Chile, such as measures taken at its clinics to improve the use of
energy and waste management. The majority of the clinics have implemented energy reduction programs,
and they recycle paper, plastic and batteries. The Davila Clinic uses a specialized company for the ecological
treatment of hazardous waste and it elaborated a five-year plan to eliminate mercury from fluorescent
tubes and thermometers. The company also began a certification process under the environmental standard
ISO 50.001 (Energy Management System). However, the company should implement these environmental
initiatives for all its business units - especially regarding the treatment of medical hazardous waste - and
ensure a unitary reporting across all countries of operation and business segments.
Improvements of Labour Management:
The company has policies that ensure an ethical and safe workplace for its employees. The majority of the
units and clinics have implemented training programs aimed to develop the professional skills as well as
well-being and health and safety programs. However, Banmedica faced some strikes at two of its clinics
in 2014 and 2013, and a nationwide strike in 2014. The strikes were mainly concerned with better working
conditions, a negotiation on net bonuses, more bathrooms and showers. In one of these instances, the strikers
also demanded a salary increase. The conflicts were resolved, except the one at the BioBio clinic, still pending
since December 2016. Each clinic and unit of Banmedica has its own union and the federation of unions is
loud about employees’ concerns and requests. During 2015, collective bargaining processes, which began in
late 2014, successfully concluded and involved more than 2,600 workers grouped in five unions. Some clinics
also implemented an employee satisfaction survey and the Santa Maria Clinic updated its ISO management
system for human resources. However, for a better employee relation and satisfaction, the company could
implement a declaration of human rights, extend the collective bargaining processes to all employees as
2,600 employees represent only 10% of the workforce and extend the employee satisfaction surveys to all its
units. At the same time, the company should also focus on health & safety trainings to safeguard the health
of employees as they are working in an environment prone to injuries and illnesses.
Weaknesses
Poor Customer Relationship Management and Services in the Health Insurance Segment:
Banmedica is the market leader in the number of complaints related to poor services, poor customer relation-
ship management and non-compliance with the contract.
Every year, the company is in the top three companies receiving the largest number of complaints, according
to the National Customer Service Center (SERNAC). In 2014, the two arms of Banmedica’s insurers, Vida Tres
and Isapres Banmedica, were ranked as the first and third, respectively, in the number of complaints received.
The second in rank was a competitor of Banmedica who has a larger customer base; however, Banmedica
gathered twice the number of complaints. Based on the complaints rate, Vida Tres ranked the worst with a
rate of 2,15. VidaTres was also ranked as the worst in addressing complaints with 42.1% of the complaints
accepted, 41,8% rejected, and 16,1% not answered at all. Isapre Banmedica did better with 50.7% of the

complaints accepted (a drastic change from 2013, when only 7.2% were accepted) and 20.1% not answered
at all. The improvement of Isapre Banmedica could be subsumed to the efforts made to improve customer
communication and relations, with an enhancement of customer technological tools. The complaints included
non-compliance with the contract, poor services and improper charges, issues with the reimbursement of
medical bills, and changes in the costs of insurances health plans without prior notice, among others.
The Superintendence of Health also reported that Banmedica’s insurance arm was the highest ranking entity
in terms of the number of complaints and fines received. In 2014, Banmedica received the highest number
of accusations and fines reported to the Chilean Superintendence of Health with a 0.6% rate compared to
the second in rank who had a 0.3% fine rate. The main reasons of the complaints were: changes in the health
plans without prior notice, reduction of health coverage, issues with the payment of the insurance, difficulties
to end the contract. In 2015, the Superintendence revealed that Banmedica was the insurer most condemned,
totalling twelve sanctions. The sanctions concerned: discrimination in providing insurance to women, elders
and persons suffering of certain diseases; blacklisting certain professions from getting health insurance;
issues with bills; documents signed in blank; not respecting additional coverage for catastrophic diseases
under certain insurance plans; delays in paying the medical bills.
Solaron contacted some clients of Banmedica that testified they were mainly dissatisfied with the company’s
insurance unit.
According to one of the stakeholder contacted, fines are higher and the authority of the Superintendence is
more rigorous ever since 2014.
Poor Customer Relationship Management and Unfair Billing in the Health Provider Segment:
Banmedica’s clinics also ranked poorly with four of them in top ten of Chilean clinics receiving the largest
number of complaints in 2014. Clinica Vespuccio was the first in rank, with 37,5 complaints per 100 beds.
Banmedica’s clinics also scored a low rate of answered complaints. The last position is owned by Clinica
Ciudad del Mar, ranking fourth in the complaints, with 95% of the complaints not being accepted. The only
clinic owned by Banmedica who made top ten in favourable answers was Clinica Vespucio with 50,8% of
the complaints accepted. The main issues in clinics and hospitals were the poor management of patients,
non-compliance with the contractual statements and improper charges. Clinics in Peru operate better with
95% of the complaints resolved and a customer satisfaction rate of 84%. The opinions of the contacted
clients of Banmedica were divided with half of them considering Banmedica’s clinics services of high quality,
but expensive.
The majority of the clinics revealed that they are taking steps to improve their communication with customers
through online means, social networks, and improvements of their operational systems. At the same time, the
clinics take steps to improve the quality of their administrative services; however, much is yet to be done in
this respect, and in the training of employees dealing with customers. Overall, data on policies and measures
taken to have a good customer relationship are not consolidated. The company is managing separately each
clinic and each business segment and some perform better than others. This means that a poor management
of a business segment or clinic might trigger financial risks and damage the reputation of the other clinics.
The risks increase if we consider that this poor ranking occurs every year since 2012 at the least and that the
regulator’s fines and warnings are not enough to correct the company’s behaviour.
Possible Lack of Transparency on the Prices related to the Most Common Health Treatments:
SERNAC carried out an investigation following the 2014 complaints and discovered that 70% (38) of the
clinics and hospitals do not provide their clients with information about the 20 integral solutions to the
most frequent health problems. Among other non-compliance issues, SERNAC noticed a lack of information
displayed about the services offered and dis-continuous phone service. Banmedica might have fell also short
of the standards expected from a market leader, as it holds 43% of the private clinics market.
Unethical Sales and Marketing Practices:
The president of Banmedica’s union, who is also a vendor of Banmedica’s products, revealed that the private
insurers in Chile discriminate against potential clients for commercial reasons. Banmedica refuses to insure
people in certain professions or working for certain blacklisted companies, or who suffer catastrophic illness-
es, as well as persons over 55 years, persons having many burdens like women with children or low incomes.
Banmedica sells plans intended only for young people, with less burdens and better income. In some cases,
women’s quotations can reach 300% higher than men’s of the same age. There were also reports of abusive

marketing practices, attracting elders into poor health plans that did not cater to their needs and refusal of
the Banmedica clinics into treating patients covered by FONASA public insurance plan in its obstetrics and
gynecology clinics. As a result, the Syndical Association of Gineco-obstetricians in the Region of Valparaiso,
Chile, called on the authorities of the National Health Fund (Fonasa) to become aware of the discriminatory
treatment and to intervene. In addition, the leader of a Banmedica trade union also denounced ISAPRES for
not accepting people who had previously used some benefit of the Auge Plan at another provider. Persons
familiar with the matter raised concerns about the discriminatory practices since 2011. Though the prac-
tice of selecting customers is understandable from a business point of view, Banmedica seems to infringe
anti-discrimination regulations according to the Chilean Superintendence of Health and even to the vendors
of the company. The Chilean Superintendence of Health took notice and fined the company each year since
2013 at the least. In 2016, Banmedica was fined CLP 49.5 million (USD 74,273), in 2015 it paid an unknown
amount from the total of CLP 450 million (USD 633.643) that the Superintendence asked from all the health
care companies and in 2014 the amount totaled CLP 13,569,655 (USD 24,183.3). A contacted stakeholder
said that this is also an issue of the overall industry who focuses more on profit, but authorities are becoming
more rigid every year. The Superintendence said that in 2016 it issued a record USD 326 million in fines to
insurers and the regulation became stricter because insurers ignored the sanctions in previous years. The
fines, however, were not substantial and Banmedica continued its practices, ignoring people’s complaints and
regulator’s fines and warnings, hinting that its business is about profit, not caring about the social impact of
its services and the benefits they could bring into society. The lack of response of Banmedica, the repetition
of the violations for more than four consecutive years and the loose control of the Chilean regulator can pose
a risk in case regulators get serious about sanctioning these violations.
Infringements of Data Privacy:
Insurers and medical centres own sensitive information about their patients and it is mandatory to keep it
private. Banmedica claims to be committed to maintaining the privacy and has measures for protecting the
confidentiality of clients’ personal data. Nevertheless, it faced several accusations of privacy infringement.
In 2015, a woman filed a complaint against the company after discovering that her confidential information
on the diseases she suffered was sold to a pharmacy chain. Another indication that Banmedica does not
consider privacy important is that employees are asked to do a history research of the affiliates by enquiring
on personal details, even going against the law. The lack of respect for privacy is not limited to patients or
possible clients, but also to doctors. The College of Physicians of Chile denounced Banmédica and its unit
Vida Tres for their campaign to inform doctors against the misuse of medical licenses, specifically for the
company’s behaviour of sending letters that contained information about doctors that were sentenced to jail
or sanctioned for the irregular use of their license. If Banmedica does not take privacy serious, it could face
serious accusations of privacy infringement thus triggering financial losses.
Anti-trust Breaches:
Banmedica is accused by different sources of infringing Chilean laws related to vertical integration and
anti-trust. The first accusations came in 2013 from the Regional Medical Association of Valparaíso, which
asked for an investigation due to suspicions that Banmedica was managing insurance business units while
being healthcare providers, allegedly deemed illegal as it can lead to anti-competitive practices. The Associ-
ation reported that it was disappointed by the fact that the Superintendence of Health did not respond to its
request and other financial regulators responded elusively. Only in November 2015, the Superintendence of
Health accepted a complaint filed by three lawyers accusing Banmedica and other healthcare businesses of
vertical integration. The lawyers claimed that Banmedica was maintaining a management practice through
which directors or senior managers of the business conglomerates controlling insurance companies and
their associated health care providers were, in parallel, members of the directors’ boards and management
bodies of the controlled companies, thus interfering in their administration. The complaint also stated that
the accused companies were seeking to offer coverage plans with their associated providers. The complaint
was eventually dismissed and in November 2016 the lawyers appealed before the Controller General of Chile,
who ordered the Superintendence of Health to investigate these accusations. The company claims in its Code
of Ethics that it respects competition and does not promote anti-competitive practices. However, as long as
these accusations come from different sources, and as long as the investigation is on-going, the company
risks being accused of anti-competitive practices. The risk is heightened by the fact that Banmedica is a
leader in the private healthcare market.

Frauds at Executive Level:
Banmedica faces accusations of defrauding the state by USD 1.1 million in unpaid taxes. The former general
manager, Carlos Kubick, and two other managers were paid USD 3.6 million in bonuses through a third
party company in order to avoid taxes. The Public Ministry of Chile sued them in March 2016. Carlos Kubick
resigned in April 2015 after he admitted the irregularities and Banmedica had to pay USD 1.3 million in taxes,
readjustments and fines. The investigation is still on-going, so Banmedica may be subject to more fines.
In February 2016, Banmedica was reportedly among the health insurers with unpaid debts towards the
Chilean government and municipalities, which have not received restitution from the companies with medical
licenses worth USD 15,51 million. The financial weakness is also exposed by a financial consulting firm
that stated in November 2016 that the insurance units Banmedica and Vida Tres were among the health
businesses in Chile situated outside the safe financial zone.
Furthermore, Banmedica is also stained by the frauds at Grupo Penta. In March 2015, the two owners of
Grupo Penta were arrested for defrauding the treasury with false contracts by increasing expenses and losses
in order to obtain illegal returns. The arrest left the companies under their control, including Banmedica
which is held by Grupo Penta, in financial difficulty. The company is not involved in the lawsuit and was not
mentioned in the case; however, a public prosecutor said that one of the companies contracted to generate
false losses, namely Siglo Outsourcing or Asesorias VSA Ltda, which issued bills to Banmedica for consulting
and outsourcing services. A former tax assistant of Banmedica has been denouncing irregularities in the
accounting reports since 2011. Bills from Siglo Outsourcing were recorded with the aim of reducing the
taxable amount to Banmedica’s units, such as Santa Maria Clinic.
Another company, Trycom, which had no personnel according to Que Pasa newspaper, has been providing
software services to Banmedica since 2000. In November 2007, one of the bills was worth CLP 884 million
(USD 1.36 million) and another one from December 2006 amounte to CLP 39 million (USD 60,148). However,
the owner of Trycom denied the facts and said that Trycom was closed since 2000.
The reported fake contracts and irregularities related to Banmedica may come under the lenses of the
investigators and the company could run the risk of being accused of fraud and face the financial and legal
consequences.
Ethical issues seem to be a problem at the top level of Banmedica and set the tone despite all of its policies
and mechanisms to prevent unethical behaviour. For instance, the company has a detailed Code of Ethics
with policies against conflicts of interests, corruption and fraud. A Fraud Prevention Handbook is also made
available, with details on how to prevent and deal with fraud. An individual responsible to oversee the ap-
plication of the handbook and whistleblower methods was designated. However, proper implementation is
lacking, a fact emphasised by Carlos Kubick, the general manager accused of fraud, who declared that he
could not control all the units of the group, therefore leaving room for instances of fraud at lower levels of the
organization. Thus, the implementation, enforcement and control of the code of ethics and business conduct
policies got out of the hands of the management. Moreover, directors of the nomination and audit committee
are not independent and no information was found on whether the company uses an independent auditor to
oversee ethical aspects. At the same time, the company does not have an independent whistleblowing chan-
nel. This might be another reason why irregular payments made to executives or false contracts occurred at
top management level.

Stakeholders’ View
To complete the analysis with stakeholders’ view, Solaron interacted with the following:
•• The Superintendence of Health of Chile (Superintendencia de Salud de Chile) has told us they have no
competence to answer queries about Banmedica. We have consulted the history of Banmedica on the
Superintendence website and the company was sanctioned as follows:
•• 2016: USD 74,273,
•• 2015: twelve fines,
•• 2014: seven fines worth USD 24,183.3,
•• 2012 and 2013: no fines.
•• The National Customer Service Center (SERNAC), is an independent public service that aims to inform,
educate and protect consumers in Chile. Due to confidentiality reasons, they told us they cannot share
information and we should consult their website. According to the SERNAC database, Banmedica received
the following number of complaints:
•• In 2014 - there were 8,3 complaints per 10,000 patients for the insurance business and 37,5 com-
plaints per 100 beds for Clinica Vespuccio
•• In 2013 - there were 4,1 complaints per 10,000 patients for the insurance business and 36,5 complaints
per 100 beds for Clinica Vespuccio
•• In 2012 - the Banmedica ranked third among insurers with an average complaint rate of 15.8%.
Regarding the clinics: Clinica Davila was on the first place with a rate of 14,4% and Clinica Vespucio
on the third place with a 7.8% rate.
•• The Institute of Public Politics of Andres Bello University told Solaron that since 2014 the fines are higher
and the authority of the Superintendence is more rigorous.
•• The Association of Isapres of Chile: Solaron is looking forward to their reply.
•• The president of the Federation of Unions of Isapres: the president of the Unions told Solaron that they
will reply to our enquiry about Banmedica, however, the answer is still pending. The president raised con-
cerns about the discriminatory practices of Banmedica towards the elderly, women with children, persons
with illnesses or on low income, saying it is a practice of the industry, which focuses more on profit than
on the social aspect, and that regulator’s interventions do not influence the companies’ behaviour.
•• Clinica Davila, Clinica BioBio and 2CRB unions: Solaron is still looking forward to their reply.
•• Syndical Association of Gineco-obstetricians in the Region of Valparaiso: Solaron is looking forward to
their reply.
•• College of Physicians of Chile: Solaron is looking forward to their reply.
•• Random clients contacted gave their opinion:
•• Clinica Davila and Santa Maria: very good services.
•• Clinica Ciudad de Mar: very good clinic, but high prices.
•• Clinica Las Carreras: good prices, but the emergency unit is saturated and one can pass a long time in
the queues.
Questions for Shareholder Engagement
Our analysis on the performance of Banmedica and their management of ESG issues brings to light
several factors on which stakeholders should seek explanation from the company management.
•• How did the company reinforce its Code of Ethics or what measures did it take to prevent frauds, such as
in the Kucik case, from happening?
•• What specific measures does the company intend to take in order to rank lower in the top of the number
of complaints and fines registered by SERNAC and the Superintendency?
•• Does the company take seriously the accusations of discrimination in their insurance plans? How does
the company plan to address the issue?

The Company's Disclosure on Key Performance Indicators
Climate Change and Energy Use:
•• There is no consolidated data for all the business segments. However, the company discloses data for
its healthcare services business, such as measures taken at its clinics to improve the use of energy and
waste management.
•• In Chile, Santa Maria Clinic implemented an energy reduction program reaching 2% reduction of energy use
in 2015 compared to 2014. At the same time, it reached a gas reduction use of 16% compared to 2014. The
Davila Clinic implemented LED light bulbs to reduce energy consumption. Furthermore, it has installed 264
solar panel covering 78% of all hot water consumed, reducing the CO2 emissions by 172 tons.
•• Santa Maria and Davila Clinics implemented plastic, paper and batteries recycling. At the Santa Maria
Clinic, a total of 100 tons of corrugated paper, mixed paper, glass, cans and plastic was recycled in 2015,
achieving a recycling rate of 6.3% of the total waste.
•• The Davila Clinic uses a specialized company for the ecological treatment of hazardous waste and it
elaborated a five-year plan to eliminate mercury from fluorescent tubes and thermometers
•• Certification ISO 50.001: a certification process under the environmental standard ISO 50.001 (Energy
Management System) was started, in association with the IDIEM of the University of Chile, as a means
to ensure the continuity and permanent improvement of the energy performance of the organization. The
standard is applied only to the Chilean operations.
Employee Relations and Labour Standards:
•• The company has defined a labour management framework based on equal treatment of the employees
and non-discrimination principles. During 2015, collective bargaining processes, which began in late
2014, successfully concluded and involved more than 2,600 workers grouped in five unions.
•• The company does not have consolidated data on training hours or programs but each clinic discloses
its own results and programs. The majority of the units and clinics have implemented training programs
aimed to develop the professional skills as well as well-being and health and safety programs. Interna-
tionally, Banmedica trained 20 leaders to develop their management and leadership skills.
•• Santa Maria Clinic reached a reduction of the number of injuries by 21% and Inversiones Santa Maria a
reduction of 28% thanks to the collaboration with the Chilean Safety Association. Clinica Vespucio orga-
nized safety training in 2015 for the first time. Vida Integra organizes monthly meetings with employees
and different safety trainings and campaigns. It also implemented a program related to hazardous waste.
Clinica Del Country reached a rate of 42% compliance with the health and safety standards and orga-
nized related trainings. Clinica Sanchez Ferrer reached a 95% compliance with the Annual Plan of Health
& Safety at the Workplace.
•• Clinica Santa Maria updated its ISO management system for human resources.
•• Clinica Santa Maria surveyed 2,033 employees regarding their workplace and reached a 76% satisfaction
rate. Clinica Vespucio realized for the first time a survey regarding the satisfaction at the workplace but
the results were not disclosed. Internationally, Banmedica surveyed 1,424 collaborators.
Customer Relationship:
•• The Code of Ethics contains responsibilities on how to treat customers.
•• Colmedica (Colombia) reached a satisfaction rate among clients of 95,5%, Clinica Sanchez Ferrer (Peru)
reached a 78% satisfaction rate among clients, Clinica Davila (Chile) reached a 85% satisfaction rate.
•• The company developed means to increase its presence on social networks in order to to improve com-
munication with customers.
Business Ethics:
•• The Code of Ethics, applicable to all countries of operations, establishes ethical criteria for employees
and executives and it includes guidance related to conflicts of interests, customer relationship, freedom
of competition, bribery and corruption.
•• Banmedica has a Fraud Prevention Handbook with details on how to prevent and deal with fraud and a
person specially designated to oversee the application of the handbook.
•• Banmedica has whistleblowing channels that ensure confidentiality. Nevertheless, only a Chilean phone
number and an email is provided. There is no other phone number for its international operations.

Due Diligence:
Poor services:
The company was accused by customers of poor services including criticism of Banmédica SA’s Help Emergen-
cy service in Chile, bad treatment towards patients, delays in paying the bills, and refusal to cover catastrophic
diseases like HIV or Creutzfeldt-Jakob Sporadic (CJS) in some health care plans. Banmedica was also accused
of discriminating patients covered by public insurance plans in their obstetrics and gynecology clinics.
Gynecologists call on Fonansa to deal with discrimination at Banmedica unit and others
May 28, 2015 | Valparaiso, Chile | El Martutino
On 28 May 2015, it was reported that the Syndical Association of Gineco-obstetricians in the Region of Valparaiso,
Chile, called on the authorities of the National Health Fund (Fonasa) to become acknowledge the discriminatory
treatment by the private clinics in the area, including Banmedica SA’s Clinica Ciudad del Mar SA, towards the patients
under the Fonasa-PAD (Payment Associated to Diagnostic) program and to intervene for the benefit of the patients.
Original Article in Spanish language: Uno de los ginecólogos afectados fue el Dr. Francisco Núñez, quien explicó
que la gerencia comercial de Clínica Ciudad del Mar (de propiedad de Banmédica) le informó que ya no podía llevar
pacientes Fonasa-PAD a este centro. Trato discriminatorio hacia pacientes que buscan atender su embarazo bajo[...]
Products & Services, Customers, Business Conduct, Others, Social, Governance
Low Impact Local Language
Man dies due to Banmédica’s failure to transfer him to another clinic
Feb 15, 2014 | Santiago, Chile | BioBioChile
On 15 February 2014, it was reported that a man hospitalized at Vallenar Hospital, in a severe medical condition
died because Banmédica SA did not transfer him to another hospital in a timely manner. The man suffered a
cerebral hemorrhage and was supposed to be urgently transferred to Santiago, but there were no beds available
in the capital. His brother talked to Banmédica and found an alternative, but the air ambulance did not take off
because it did not have a warrant and the company could not make any decision because no one was working in
the weekend. The air ambulance finally took him to a clinic in Santiago after the weekend passed, but he died a
day later due to his worsened state.
Original Article in Spanish language: Escribe una búsqueda... Inicio Nacional Internacional Economía De-
portes Tendencias Opinión BBTV Notas... Sábado 15 febrero de 2014 | Publicado a las 00:07 · Actualizado a las
00:13 Muere paciente grave tras excesiva demora en traslado a Santiago Archivo | Cristobal Escobar. [...]
Products & Services, Customers, Others, Social
Customer Complaints and Related Fines:
Between 2013 and 2015, Chilean regulators reported that the company was in the top healthcare businesses
in Chile for the number of complaints and fines received and for its poor handling of complaints.
Banmedica and BUPA clinics face complaints for not displaying prices
Aug 25, 2015 | Chile | Servicio Nacional del Consumidor
-On August 25, 2015, it was reported that the National Consumer Service in Chile (SERNAC) filed 35 complaints
against clinics in Chile, including Clinica Ciudad del Mar and Clinica Santa Maria SA, subsidiaries of Banmedica SA,
and Integramedica SA, part of BUPA Finance PLC, for not displaying the prices for their services. The complaints
were filed after SERNAC visited a number of clinics in May 2015.
Original Article in Spanish language: El SERNAC interpuso 35 denuncias ante los Juzgados de Policía Local en
contra de diferentes clínicas a lo largo del país, tras detectar, a través de sus Ministros de Fe, que no cumplían con
el deber de exhibir los precios de sus servicios ambulatorios. Es decir, se detectó que un consumidor al[...]
Products & Services, Regulatory Bodies or Government, Customers, Others, Social

Banmédica and Bupa Finance unit in highest fine rate top of 2014
Jan 15, 2015 | Chile | La Segunda Online
On January 15, 2015, it was reported that Banmédica SA was among the companies that received the highest
number of complaints and fines in 2014, while Cruz Blanca, owned by Bupa Finance PLC, received only a quarter of
Banmédica’s complaints. The Public Health Institute of Chile said that Banmédica had an average fine rate of 0.6%
and Cruz Blanca had an average fine rate of 0.3%.
Original Article in Spanish language: Ranking de sanciones y amonestaciones señala que fue por incum-
plimientos en los cambios de contratos de sus afiliados, coberturas y bonificaciones, y pago de licencias médicas.
Incumplimientos en la suscripción y modificación de contratos de sus afiliados, no respetar las coberturas y las[...]
Business Conduct, Governance
Banmedica’s Vida Tres registers highest claim rate, SERNAC says
Dec 10, 2014 | Chile | Servicio Nacional del Consumido
On December 10, 2014, Chile’s National Consumer Service (El Servicio Nacional del Consumidor or SERNAC)
announced that between January and September 2014, the regulator received 2,346 complaints against health
insurance institutions (Instituciones de Salud Previsional or ISAPREs). The highest claim rate was recorded by
ISAPRE Vida Tres, a subsidiary of Banmedica, with 4.8 claims per 10,000 contributors.
Original Article in Spanish language: El 42,4% del total de reclamos se concentran en las Isapres, mientras
que el 34,9% en Clínicas y Hospitales, y un 22,7% en centros médicos. Las causas de los reclamos principalmente
apuntan a errores con la información entregada, problemas para el reembolso de bonos, deficiente calidad en los[...]
Social, Governance, Others, Products & Services, Regulatory Bodies or Government, Customers, Business Conduct
Banmedica ranks third in SERNAC behavior study
May 30, 2013 | Chile | Servicio Nacional del Consumidor
On May 30, 2013, it was reported that Banmedica SA and Bupa Finance PLC’s Cruz Blanca ranked highest as the
companies with the most complaints in 2012, according to the Chilean National Consumer Service (SERNAC).
Original Article in Spanish language: En casi el 70% de los casos, las instituciones no entregan una solución
favorable a los consumidores. Clínica Ciudad del Mar, Isapre Cruz Blanca e Integramédica son las instituciones que
menos acogen sus reclamos, en sus respectivas categorías. Clínica Alemana, Isapre Consalud y Megasalud son las[...]
Discrimination of the Clients for the Insurance Plans:
Between 2014 and 2016, the Superintendence of Health fined Banmedica for discriminating new members
contracting into insurance plans based on age, gender, profession. The company has been criticized since 2012
for illegalities committed by a member of the Deputies’ Chamber of Chile, citizens and union organizations.
Supreme Court upholds CLP 49.5 million fines against Banmédica
Jul 25, 2016 | Chile | El Dínamo
On July 25, 2016, it was reported that the Supreme Court upheld more than CLP 49.5 million (USD 74,273) fines
against Banmédica SA that were imposed by the Superintendence of Health of Chile for various offenses. The
company failed to provide copies of affiliation documents, limited the entry of people above 64 years and 365 days
and failed to deliver copies of its sales operating manuals, according to the Superintendence.
Original Article in Spanish language: Corte Suprema ratifica multas por casi 50 millones contra Isapre Banmédica
La Superintendencia de Salud multó a esta aseguradora privada de salud por no entregar copias de documentos de
afiliación, por limitar el ingreso de personas de 64 años y 365 días y por no entregar copias del manual operativo[...]
Products & Services, Regulatory Bodies or Government, Customers, Business Conduct, Others, Social, Governance

Banmédica and other among companies fined over discrimination
Dec 17, 2015 | Chile | BioBioChile
On December 17, 2015, it was reported that the Superintendence of Health of Chile fined Cruz Blanca, owned
by Bupa Finance PLC, Banmédica SA and other health insurers a total CLP 450 million (USD 633.643) in 2015.
According to the Superintendence, the main breach it found was that the companies discriminated against seniors
and people who were depending on their profession.
Original Article in Spanish language: La Superintendencia de Salud multó en $450 millones a las isapres el
2015 por discriminar a sus afiliados. Expertos en la materia aseguran que se requiere un cambio en la cultura
y que las aseguradoras dejen de ver al sistema como un simple marcado de seguros de salud. Multas por $450
millones[...]
Superintendence of Health fines Bupa Finance unit and Banmédica
Jul 18, 2014 | Chile | La Segunda Online
On July 18, 2014, it was reported that the Chilean Superintendence of Health found several irregularities at Cruz
Blanca, owned by Bupa Finance PLC, and Banmédica SA and fined the companies accordingly. The Superintendence
conducted inspections at the companies’ branches and discovered that there was an age limit on the entry of new
members, 59 years and 11 months at Cruz Blanca and 64 years and 365 days at Banmédica. The agency fined Cruz
Blanca a total of CLP 49,254,000.10 (USD 87,778.5) for four different types of irregularities and fined Banmédica
CLP 13,569,655 (USD 24,183.3).
Original Article in Spanish language: En tres casos las aseguradoras están en proceso de apelación. Entre los
argumentos planteados dijeron que hubo errores de vendedores y que “no existe afiliación obligatoria”. No permitir
la incorporación de mayores de cierta edad, pedir exámenes médicos antes de aceptar a un nuevo beneficiario o[...]
Products & Services, Regulatory Bodies or Government, Business Conduct, Others, Social, Governance
Deputy and organizations denounce illegalities in requirements of Banmedica and others for affiliation
Mar 16, 2012 | Chile | Diario y Radio Uchile
On March 16, 2012, it was reported that a member of the Deputies’ Chamber of Chile, Juan Luis Carlos, along with
citizen and union organizations, denounced the illegalities in the requirements of health care providers, including
Banmedica SA’s Isapre Banmedica SA, for clients’ affiliation. The deputy criticized a bill for the health insurance
institutions (ISAPRES), saying that it would allow abusive increases in the prices of health plans and would allow
the ISAPRES to continue selecting people in a discriminatory manner. He argued that the ISAPRES were rejecting
people having specific employers or catastrophic illnesses, old people, persons having many burdens or low incomes
and were selling plans intended only to young people, with less burden and better income. According to a Banmedica
employee, the company was asking its workers for a history of the affiliates, such as their address, their commune,
their city, the phone number, the type of contract, information about their plan and quotation, as well as the employ-
er’s background and the RUT number, despite that they were only allowed, by the law, to ask for the health data and
charges of the members. In addition, the leader of a Banmedica trade union also denounced that the ISAPRES were
not accepting people who had previously used some benefit of the Auge Plan, at another provider.
Original Article in Spanish language: En medio del tenso debate por el proyecto de Ley de Isapres en el
Congreso y de las millonarias utilidades que obtuvieron estas instituciones en 2011, el diputado Juan Luis Castro
junto a organizaciones ciudadanas y gremiales denunció importantes anomalías de afiliación de las prestadoras
de salud[...]
Social, Governance, Others, Products & Services, Customers, Business Conduct

Concerns Related to Data Privacy:
Banmédica’s medical license misuse campaign receives criticism
Dec 24, 2015 | Chile | La Tercera
On December 24, 2015, it was reported that the College of Physicians of Chile denounced Banmédica SA and its
unit Vida Tres for their campaign to inform doctors against the misuse of medical licenses. The College stated
that the letters sent by the companies were offending to the medical career as they contained information about
doctors that were sentenced to jail or sanctioned for the irregular use of their license.
Original Article in Spanish language: Profesionales han recibido cartas que advierten las sanciones a médicos por
mal uso de permisos. “Desde enero de 2014 a la fecha existen más de 67 sanciones (ley 20.585) de multas y pro-
hibiciones de emitir licencias médicas. Asimismo, durante los últimos dos años se ha condenado a penas de cárcel[...]
Woman accuses Banmédica of selling her confidential medical information
May 19, 2015 | Chile | Awake Chile
On May 19, 2015, a woman asked Chile’s Attorney General to investigate a complaint she filed against Banmédica
SA and another after discovering that her confidential information on the diseases she suffered was sold to the
Cruz Verde pharmacy chain. The woman alleged that when she asked for a discount at a pharmacy, the clerk men-
tioned a disease she had in 2007 even though the clerk should not have been aware of it. She accused Banmédica
of selling information of her medical history and the information of other patients as well to the pharmacy chain.
Following the complaint, the Superintendence of Health launched an investigation.
Original Article in Spanish language: Una nueva denuncia contra las farmacias se presentó hoy. Esta vez una
abogada detectó el tráfico de información confidencial desde su isapre, Banmédica, a la farmacia Cruz Verde. El
hecho da pistas respecto a que las isapres estarían vendiendo información sobre sus pacientes a las cadenas[...]
Products & Services, Customers, Business Conduct, Others, Social, Governance
Anti-competitive Practices:
Health Superintendency accepts vertical integration complaint against Banmedica unit and others
Nov 07, 2016 | Chile | Cluster Salud
On November 7, 2016, the Comptroller General of Chile ordered the Superintendence of Health to investigate
Bupa Finance PLC’s Cruz Blanca unit and Banmédica SA following a complaint accusing the companies of vertical
integration. The lawyers who filed the complaint appealed before the Comptroller after it was dismissed on June
15, 2016.
Original Article in Spanish language: Las Isapres Cruz Blanca, Más Vida y Banmédica podrían verse sancionadas
en ese país por violar la llamada “Ley de Isapres”, al acoger la Superintendencia de Salud un recurso en su contra.
Aún cuando se encuentra prohibido de manera clara y tajante por ley, son repetidos y reiterados los casos en[...]
Banmedica hit with accusations of vertical integration
Jan 31, 2013 | Chile | EFE / The Clinic Online
On January 31, 2013, the Regional Medical Association of Valparaíso, Chile, filed a complaint with the Intendance
of Funds and Insurance for Healthcare of Chile against Banmedica SA over alleged vertical integration. According
to the association, who was asking for an investigation into the matter, Banmedica besides paying for the health
of a part of the population, was also lending, which was illegal.
Original Article in Spanish language: Una denuncia por presunta integración vertical por parte de Isapre Banmédi-
ca S.A. interpuso el Colegio Médico Regional de Valparaíso, ante la Intendencia de Fondos y Seguros Previsionales de

Salud. La denuncia pretende que se investigue, tanto a través de la Superintendencia de Salud como de la[...]
Other Business Ethics Concerns:
In April 2015, the general manager of Banmedica resigned after admitting to the irregularities of paying
compensation to himself and other two executives, causing a loss of USD 1.1 million to the state. Banmedica
had to pay CLP 810 million (USD 1.3 million) in taxes, plus readjustments and fines; and the executives were
also sued. In March 2015, the two owners of Grupo Penta, the owner of Banmedica SA, were arrested for fraud
using false contracts and Banmedica was criticized for business relations with a company involved in the case.
Public Ministry of Chile to sue former Bánmédica executives over CLP 2.5 billion tax fraud
Mar 31, 2016 | Chile | CIPER
On March 31, 2016, it was reported that the Public Ministry of Chile would sue three former Bánmédica SA executives
for causing a CLP 817 million (USD 1.1 million) tax loss to the state. According to the Ministry, Bánmédica’s former
general manager, Carlos Kubick, the general manager of the Clinic Santa Maria, Pedro Navarrete, and the general
manager of Vida Tres, Fernando Mathews, were paid CLP 2.5 billion (USD 3.6 million) in bonuses through a company
used as a bridge in order to avoid paying taxes. || On April 2, 2015, it was reported that Banmédica SA accepted
the resignation of General Manager Carlos Kubick after he admitted to irregularities in paying compensation to
himself and other two executives. Kubick’s termination was due to improper payments made through two company
subsidiaries, Centro de Servicios Compartidos Banmédica SA and Saden SA, with the knowledge or approval of
any of the directors from the boards of directors. The company informed the Superintendency of Securities and
Insurance of Chile that Mario Rivas Salinas, general manager of the Clinic Davila, would temporarily replace Kubick.
Original Article in Spanish language: La gran sorpresa en la formalización del empresario Roberto Carrasco fue
la inclusión del multimillonario fraude tributario por el pago de bonos a tres ejecutivos del holding Banmédica. El
Ministerio Público lo incluyó entre los ilícitos imputados, a pesar de que Impuestos Internos no se ha[...]
Governance, Others, Financial, Business Conduct, Executive level Fraud, Tax Issues
Medium Impact Local Language
In March 2015, the two owners of Grupo Penta, which owns Banmedica SA, were arrested for defrauding the
treasury through false contracts to increase expenses and losses in order to obtain illegal returns. The arrest left
the companies under its control with financial issues. Banmedica is not involved in the lawsuit but a public
prosecutor said that one of the companies contracted to generate false losses, called Siglo Outsourcing or
Asesorias VSA Ltda, issued bills to Banmedica for consulting and outsourcing services. A former tax assistant of
Banmedica was denouncing irregularities in the accounting reports since 2011 and bills made by Siglo
Outsourcing aimed at reducing the taxable amount to Banmedica’s units with a lot of expenses, like Santa
Maria Clinic. Another company involved in the case, Trycom, who has no personnel according to Que Pasa
newspaper, provides software services to Banmedica since 2000. In November 2007, one of the bills was worth
CLP 884 million (USD 1.36 million) and another one from December 2006 worth CLP 39 million (USD 60,148).
However, the owner of Trycom denied the facts and said that Trycom was closed since 2000.
Banmedica to pay USD 1.3 million after general manager’s resignation
Apr 07, 2015 | Chile | T13
On April 7, 2015, it was reported that Banmedica SA would have to pay CLP 810 million (USD 1.3 million) in taxes,
plus readjustments and fines, following the resignation of its general manager, Carlos Kubick. After Kubick’s resig-
nation, because of improper procedure, the Superintendency of Securities and Insurance of Chile asked Banmedica
to detail the detected contingencies. The company responded to the agency and reported that tax contingencies
were detected for non-retention of the second category tax and for rejected expenses associated with invoices in
its subsidiaries Centro de Servicios Compartidos Banmedica SA and Saden SA.
Original Article in Spanish language: Tras la renuncia del ahora ex gerente general por “procedimiento indebi-
do”, la SVS le solicitó a la empresa detallar las contingencias. Luego de la renuncia de Carlos Kubick a la gerencia
general de Banmédica por “procedimiento indebido”, la compañía entregó a la Superintendencia de Valores y[...]
Management Changes, Business Conduct, Governance

Financial Issues:
Bupa Finance unit and Banmédica owe billions of pesos to Chile
Feb 07, 2016 | Chile | Cambio 21
On February 7, 2016, it was reported that Cruz Blanca, owned by Bupa Finance PLC, and Banmédica SA were
among health insurers with outrageous debts towards Chile and municipalities that caused a major loss to the
public treasury. The losses arose from medical licenses issued by public and municipal officials that were fully paid
by the treasury, which did not receive restitution from the companies. Cruz Blanca gathers a CLP 11.66 billion (USD
16.53 million) debt, while Banmédica had a CLP 10.95 billion (USD 15.51 million) debt to pay.
Original Article in Spanish language: Escandalosa deuda de Isapres al Estado y Municipalidades, ha generado
una pérdida cuantiosa al erario público. En paralelo, las instituciones de salud incrementan su patrimonio. No son
los únicos culpables. Las instituciones públicas no cobran y la prescripción, día a día, imposibilita recuperar[...]
Governance, Business Conduct
Banmédica and unit are not in a financial safe zone
Nov 01, 2016 | Chile | La Tercera
On November 1, 2016, it was reported that Banmédica SA and its Vida Tres unit were among health providers in
Chile situated outside a safe financial zone, according to a financial consulting firm. Vida Tres received an index of
2.77 and Banmédica of 2.63, which was below an index of 3, considered as being safe.
Original Article in Spanish language: Sólo dos de las siete isapres abiertas que operan en el país, Consalud
y Cruz Blanca, se ubican en zonas seguras de riesgo financiero. Cuatro de ellas, Colmena, Vida Tres, Optima y
Banmédica, están en zona gris; mientras que una, MasVida, aparece en zona de quiebra. Así se desprende de un[...]
Sector Related News, Others
Employee Welfare Concerns:
Banmedica faced five strikes between 2013 and 2016 regarding salary hikes, bonuses and working conditions.
201 Banmédica workers strike over wage increase
Dec 12, 2016 | Talcahuano, Chile | Universo Web
On December 9, 2016, employees of Clínica Biobío, owned by Banmédica SA, in Talcahuano, Chile, started a legal
strike demanding better salaries. The 201 workers, representing 95% of the clinic’s employees, requested a CLP
20,000 (USD 30) increase to the basic salary and a CLP 200,000 (USD 300) termination bonus, but the company
only offered CLP 170,000 (USD 256).
Original Article in Spanish language: NOTICIA: El viernes 9 de diciembre, los funcionarios de la clínica pertene-
ciente a Banmédica comenzaron su movilización solicitando reajustes salariales. El 95% de los trabajadores de la
empresa penquista se encuentran movilizados. [Concepción, 12 de diciembre de 2016] Un incremento de $20 mil[...]
Employee Welfare, Employee, Social
1,265 workers to strike against Banmedica unit for better wages
Nov 09, 2014 | Chile | La Nación
On November 9, 2014, it was reported that 1,265 non-professional workers at Clinica Davila, a subsidiary of
Banmedica SA, would stage a strike against the company, for better wages. The union representing the employees
announced that they decided to initiate the strike, after failing to reach an agreement with Clinica Davila. Accord-
ing to it, the workers demanded an increase of CLP 30,000 (USD 51.04) in their salaries and a bond of termination
of conflict of CLP 300,000 (USD 510.4) in cash, but the company offered them only a CLP 20,000 (USD 34.03)
increase, payable in two parts.
Original Article in Spanish language: Los trabajadores no profesionales del centro médico no llegaron a acuer-

do con la empresa. Piden un aumento en sus salarios para todos por igual de 30 mil pesos y un bono de término
de conflicto de 300 mil pesos líquidos. Mil 265 trabajadores no profesionales de la Clínica Dávila iniciarán una[...]
Social, Governance, Employee Welfare, Business Conduct, Employee
Medium Impact Local Language
Banmédica suspends hospital’s emergency care service due to strike
Jan 02, 2014 | Chile | Banmedica
On January 2, 2014, Banmédica SA temporarily suspended the emergency care service at its Clínica Hospital del
Professor, in Chile, due to a legal strike developing at the hospital. The company also directed patients to go at the
Clínica Davila or Clínica Vespucio if they had a Vida Integra plan.
Original Article in Spanish language: Estimado Afiliado: Informamos que debido a la huelga legal que se
desarrolla en Clínica Hospital del Profesor, la atención del servicio de urgencia se encuentra a partir hoy jueves 02
de enero temporalmente suspendida. Por este motivo, en caso de que usted cuente con un plan Vida Integra y[...]
Employee Welfare, Business Conduct, Employee, Social, Governance
Banmédica workers launch nationwide strike
Oct 04, 2013 | | Huelga.cl
On October 4, 2013, Banmédica SA workers launched a nationwide strike to support their demands after the
company rejected them.
Original Article in Spanish language: Trabajadores de Isapre Banmedica a nivel nacional inician el viernes 04
de octubre de 2013 la huelga legal por las legitimas demandas no acogidas por una Empresa de millonarias[...]
Banmédica workers strike at Clínica Dávila and Clínica Vespucio
Jul 08, 2013 | Chile | La Segunda Online
On July 8, 2013, more than 490 health professionals of Clínica Dávila and also employees of Clinica Vespucio,
both owned by Banmédica SA, launched a legal strike over working conditions. The workers were demanding a
negotiation on the CLP 300,000 (USD 590) net bonus pay, more bathrooms and showers and overall better working
conditions. The company closed the emergency service and some of the intensive care units.
Original Article in Spanish language: Más de 490 profesionales del área de la salud forman parte de la movili-
zación, entre ellos médicos, enfermeros, matronas, y tecnólogos. Hoy, el sindicato Nº 2 de Trabajadores de Clínica
Dávila y los Servicios Integrados de Salud iniciaron una huelga legal, en el contexto de su negociación[...]

Sources used:
•• Banmedica SA website (Spanish version only) - http://www.empresasbanmedica.cl/
•• Banmedica SA Annual report 2015 (Spanish version only)
•• Banmedica SA Financial Statements 2015 (Spanish version only)
•• Chilean Superintendence of Health website - http://www.supersalud.gob.cl
•• National Customer Service Center (SERNAC) website - http://www.sernac.cl/
•• National Tax Body (Fiscalia Nacional Economica) website - http://www.fne.gob.cl/
•• Chile University study on Banmedica SA (Spanish version only)
•• Controversy Screening ••••••••••••••

Banmedica SA brief report stakeholder interviews - Dec 2016

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Banmedica SA brief report stakeholder interviews - Dec 2016