Accountable Management

CORFO makes relevant information about its administrative and financial operations permanently available to the public. Similarly, its internal procedures are governed by highly demanding efficiency and public resource management criteria.

CORFO fully meets Presidential Guidelines 008 (Dec/04/06) for "Active Accountability" of government agencies, reporting on the composition of its in-house, contracted and free-lance staff; purchases and contracting of goods and services; fund transfers; existing regulations; guidelines and circular letters; and actions and resolutions that may have an impact on third parties.

CORFO posts monthly information about fund transfers made across all of its lines of support. The web site details names and tax list roll numbers of recipient companies, the date of the transfer and its legal backing.

Project Assessment Criteria

To improve the scope and impact of its assistance and ensure the proper use of public resources, CORFO's assessment and allocation of funds is governed by the following guiding principles:

• Ensure relevance: CORFO channels a large portion of its support through intermediaries (business organizations, banks and financial institutions, sponsoring organizations, etc.), who ensure the relevance of the initiatives. Likewise, recipient companies are required to co-fund part of these initiatives.
  
  
• Focus on the needs of companies: CORFO provides its support based on projects submitted by the firms, which address the needs that must be met in order to improve company competitiveness.
  
  
• Competition-based funding: whether through biddings and competitions or open window mechanisms, eligible companies must always compete with others for CORFO's resources. This procedure allows funds to be allocated to the best projects, those that add value to the company and to the country's economy at large. The rejection rate "taking Innovation projects as a reference" is approximately 45%. This means that out of 100 projects submitted, CORFO rejects 45.
  
  
• Allocation through public-private associations: the allocation of CORFO funds is carried out through public-private associations with technically qualified members, namely: Subcommittees of Innova Chile, the High-Tech Committee, and Regional Productive Development Agency Councils.
  
  
• Assessment: CORFO instruments and/or programs are permanently assessed by the Budget Bureau of the Ministry of Finance and by CORFO itself. There are 14 types of evaluations, available at www.dipres.cl