Mario Torres Chadwick,Mobile: +56 99820 9409

Top level executive with wide professional experience in comptrollership, finance and administration mattersin high-level positions in leading maritime transport and finance services companies, with clear orientation to the development and implementation of restructuring of areas and enterprises, through training and leadership of teams.

Chilean Chartered Accountant (CPA) with a Major in Computerized Audit Techniques (CAT) and wide experience in creation, merge and acquisition of companies in Chile and abroad, considering their financial and taxation matters, as well as financial risk evaluations under COSO II methodology.

PROFESSIONAL CAREER

INDEPENDENT CONSULTANT2006 - 2012
Ministry of Education, Chilean Government (MINEDUC)2012
At the Office of the Secretary of Education

From June to September, carries out risk assessment, documentary skills and review analytical about the diverse backgrounds gathered, several technical reports that were attached to the resolution of closure (cancellation of legal personality) of the Universidad del Mar, which made the Ministry of Education with the unanimous agreement of the National Commission of Education (CNED).

Between October and December 2012, it carried out a preliminary diagnosis of controls and the overall situation for the purpose of improving the management of the Ministerial audit.

AFP Habitat S.A.2009 - 2012
For the CEO and the Audit Committee of the Board.

Commissioned by the General Manager from May 2010 to March 2012, performs consulting in the stages of start-up, implementation and post implementation of the new systems of personal accounts (in Oracle environment) which successfully went into operation in April 2011. This work involved:

  • Conceptual analysis of the main operational and administrative processes related to collecting, collection, recovery lags, accreditation, withdrawals and accounting of the personal accounts of affiliates.
  • Implementation of consistency tests has to account to 100% of the data, tools and computer audit techniques (using IDEA and ACL), during the stages of testing, data migration and post implementation of the new system.
  • The work also included the review of the adaptation of the new operational procedures in the Operational Area (Personal Accounts Area) and administrative procedures of Treasury and Accounting (Pension Funds) of Administration and Finance Area.

As part of the previous work, in 2011 was carried out a technical evaluation of the implementation grade of the new system in PeopleSoft system for the accounting of the pension funds.

At mid-2011 there were carried out several training workshops of basic supervision based on risks topics for executives and heads of the Operation and Administration and Finance Management Areas.

During 2009 were carried out consulting related with good practices in internal audit and risk management according to COSO II methodology, which result in the generation of a Risk Matrix regarding the organization which allows basing the different natures, emphasis and scopes of the work program of Internal Audit.

Ferrocarril del Pacífico S.A. (Fepasa)2008 - 2010
For the commercial management

Between October 2008 and March 2010, plan of commercial restructuring, which included the review of port and customs regulations as also the pursuit of operational efficiencies and new business of freight in Chile and Argentina, to transform FEPASA on relevant containers carrier with presence in the main ports of the Regions V to X, that it would complement its current bulk cargo business.

Aquario S.A.2006 - 2007
Creation of Clearance House to Property & Casualty Insurance companies in Chile.

Between November 2006 and December 2007 leads project related to the creation of an electronic Clearance House that allows a better management of the states of movements and balances among Property & Casualty insurance companies operating under regime of coinsurance, reflecting primes collected, claims due and payments made between the different companies. The systems were designed, built and presented to the Chilean Association of insurers, which then opted to call tender and awarded to another company.

ROYAL & SUN ALLIANCE CHILE SEGUROS S.A. (RSA)
COMPAÑÍA DE SEGUROS GENERALES CRUZ DEL SUR S.A.2005 - 2006
Finance and Administration Vice-President (CFO)

Reporting to the Local CEO in Chile, as well as the Regional CFO based in Miami (USA) in this position was responsible ofTreasury, Collections, Current Accounts with Brokers, co-insurances, re-insures and suppliers), Accounting, Administration and Planning Areas functions. Part of this duties were accomplish on time all financial statements, reports and statistics requested by Superintendencia de Valores y Seguros(from hereafter, SVS) [local Stock and Exchange Commission, SEC] and the parent Company. The main achievements in this position are as follows:

  • Reorganization of the accounting processes of RSA, in the months prior to the purchase of Compañía de Seguros Generales Cruz del Sur reaching stability and reliability in the figures that were monthly reports to the Head Quarters in a quick and efficient way under the IFRS regulation.
  • Leadership in the purchase process of Compañía de Seguros Generales Cruz del Sur S.A. (the biggest Property and Casualty insurance company in Chile at that time) in the following matters:

−Verifying and analyzing the consistency of the financial information provided by the seller, operation that meant the payment of USD109 million to the Angelini Group.

−Develop the definition of the best tax and financial alternatives with external lawyers to contribute as capital in RSA Chile the USD 109 million paid by the parent company to the Angelini Group, enabling the later merger of both companies.

−Conduct the takeover process of Cruz del Sur in all administrative and financial matters, achieving the audited financial statements issue of this Society up to October 31, 2005, under local regulations of the SVS in the stated terms in the Completion of Account of the purchase agreement.

  • As CFO for Cruz del Sur and RSA simultaneously for eight months, I was responsible to integrate the staff of both companies, which, in Finance and Administration Staff grew from 50 up to 106 employees in the Collection, Brokers Current Account, Treasury, Planning and Budget, Accounting and Management areas.

−One month after the purchase,delivery of the monthly financial statements of Cruz del Sur to Head Quarters in London under IFRS rules and with the same quality standards applied by RSA.

−Accomplishment of the financial and solvency ratios in accordance with the regulations given by the SVS for both companies. This meant to have a strict control over the collections and Treasury of the companies during the period of integration and merge.

−Leadership in the coordination of the merge process with the Financial Control Area of the SVS and the external auditors, obtaining the prompt authorization to merge Cruz del Sur with RSA and achieving the merge of Cruz del Sur with RSA in a seven months term.This task considered meetings with tax advisors and external auditors to assess alternatives that allowed the optimization of the taxable Goodwill in the merge process of Cruz del Sur with RSA.

  • Responsible of the management of the non-operational and administrative risks to accomplish the FAS regulation in UK.
  • Keeping the high level of commitment and motivation of the Finance and Administration staff in a scenario of merging of both companies.
COMPAÑÍA SUD AMERICANA DE VAPORES S.A. (CSAV)and affiliates, CHILE1996 - 2004
Corporate Comptroller

Reporting to the Chairman of the Board, was responsible for checking the compliance and effectiveness of the procedures and controls, respectively, in CSAV, subsidiaries and its network of agents all over the world. The main achievements in this position are as follows:

  • Modernization of the Audit Department of CSAV, transforming it into a Controllership with ability to act by reviewing the different areas of the company, as its subsidiaries and agencies own and third-party in more than 40 countries. This allowed to support the growth of the company and its subsidiaries through a preventive work of audit and control, mitigating the risk of irregular internal or external fraud in Asia, North America, Europe and Latin America.
  • Strong and successful leadership in complex investigations, working as a team with external lawyers, both national and foreign, obtaining satisfactory results and reparatory for CSAV, and some of its subsidiaries. For example, in China was possible to retrieve USD 6.5million from the Agent who committed fraud against CSAV.
  • Implementation of the audit approach based on risks, previously defined a mapping of CSAV and affiliates risks under the COSO II methodology.
AETNA S.A., CHILE1994 - 1996
Chief Financial Officer

Reporting to the Country Chairman in Chile and the Financial Controller in Hartford, CT of the International Division in Aetna Inc., the main achievements in this position are as follows:

  • Preparation and reporting on a monthly basis the interim financial statements under local and US GAAP in accordance with instructions given by the parent company in the US.
  • Preparation and reporting to the parent company the quarterly consolidated financial statements under US GAAP for the different Aetna companies in Chile, Argentina and Peru (Life Insurance, Property and Casualty, Pension, Health, Mortgage and Real Estate companies).
  • In the Chilean holding Company, in charge of optimizing the financial resources obtained from dividends collected from some affiliates and then allocated as paid-up capital in others located in Chile, Argentina and Peru.
  • Preparation for headquarters of the consolidated five-year budget of the companies Aetna in Chile under U.S. GAAP.
  • Manage part of transitional funding and the purchase of currency on the local market in the process of purchase of minority interest group Banco Central Hispano of Spain kept on the companies Aetna in Chile. This operation meant the payment of USD 50 million, which was temporarily financed with credits short term with local banks and then, with a capital contribution which made the parent company from the US.
  • Acting as Compliance Officer of the Chilean operation for the parent company in Hartford, CT.
PRICE WATERHOUSE, CHILE (PwC)1987 - 1994

Manager, Audit Department

Very well developed skills, leading for many years the audit of important public and non public corporations in Chile such as: Copec S.A., Esso Chile, Fundación Chile, Chicago Continental Bank, Lan Chile, ANASAC, ABC Comercial, Abastible, the mining companies of the Luksic Group (i.e. Cerro Negro, Tamaya, Los Pelambres and Anaconda, today better known as Antofagasta Minerals PLC) and Compañía Chilena del Litio Ltda. [Lithium Chemical Company], among others.

Between 1992 and 1994 was responsible in the field for the collection of information and preparation of the brochure and financial statements of Compañía Cervecerías Unidas S.A. (CCU) under Chilean and US GAAP, to be filed with the Securities and Exchange Commission (SEC) during the issuance process of the American Depositary Receipts (ADR) for the NYSE, as well as of the updates during the following years (20-F).

ACADEMIC BACKGROUND

Universidad Católica de Valparaíso, diploma in Computerized Audit Techniques (CAT)1991

Escuela de Contadores Auditores de Santiago1984 - 1989

Law School, Pontificia Universidad Católica de Chile, Santiago1982 - 1983

Colegio del Verbo Divino, Santiago de Chile (Elementary and Secondary)1969 - 1981

English, written and spoken (725 points in TOEIC, taken in March 2005).-

SEMINARS AND OTHER STUDIES

2008“Understanding the IFRS” workshop organized by PwC (all modules, 80 hrs.).

2008Workshop for beginners and intermediate users in @Risk and Decision Tools Suite (

2005Reinsurance workshop in London, organized by the Benfield Group.

2005Improving the Competition workshop, by Michael Porter.

2003Audit workshop at PwC on applying the COSO II Risk model.

1998 to 2003Attended different lectures in Chile by Professor Arnaldo Hax from MIT Sloan School, Boston MA, organized by the School of Engineers of the Pontificia Universidad Católica de Chile as follows:

1995Workshop on investment management held in Toronto, organized by Aetna Life Insurance of Canada.

1994Update workshop on US GAAP and strategic planning held in Aetna Inc. (Hartford, Connecticut).

1987 to 1994Different workshops in PricewaterhouseCoopers about: Audit; IT Audit; Tax Audit and Financial Statements;Translation of Financial Statements (FASB52);Cash Flow Statement under (FASB95); and Deferred Taxes (FASB109).

OTHERS

Hobbies: Photography; Sailing; Model Trains