First of all, it should be considered that the right of inspection is a faculty that each shareholder has to examine, at the time they deem appropriate, the books and papers of the company of which they are a part, in order to learn about its administration, finances, accounting, and legal situation. However, said right will be conditioned by the terms established by law for each type of company and by what is agreed in the bylaws.
In the case of Simplified Stock Companies (S.A.S.), the aforementioned right may be exercised during the five (5) days prior to the shareholders' meeting called by the legal representative, unless a longer term is agreed in the bylaws, as provided for in Article 20 of Law 1258 of 2008. It also states that for the approval of year-end balance sheets, or for operations of transformation, merger, or spin-off, shareholders may exercise the right of inspection throughout the five (5) business days prior to the meeting.
Thus, despite the fact that the law determines specific scenarios for the exercise of the right of inspection, shareholders of the S.A.S. may agree that it be exercised on a permanent basis. This right is perhaps one of the main instruments available to shareholders, especially those not involved in the management of the company, to access information related to their investment. Accordingly, it must be respected not only by the managers, who must also seek practical mechanisms that truly facilitate its exercise, but also by the other partners.
Finally, it should be remembered that although the Superintendence of Companies has the power to intervene and compel the reform of clauses or provisions of the corporate bylaws that it considers contrary to the law, the fact of agreeing in these on the so-called permanent right of inspection will not imply the violation of a legal rule.