Strategic Advisory — MMXXVI Chile · Latin America · United States

She has the ability to assess the full picture before deciding, which reduces anxiety and builds confidence.

Director, Technology sector

Consuelo Mengual
Strategic Advisory

I advise boards, CEOs and executive teams on high-exposure decisions, where investment, operations and regulation come together in a single decision.

01 — Profile

A practice formed in the decision, not only in the analysis.

Consuelo Mengual

Complex decisions are not resolved by looking at a single dimension. They unfold at the intersection of strategy, regulation and institutional context — and they hold over time.

I advise boards, CEOs and executive teams on decisions without an obvious answer, where the problem is not the lack of information but how to order criteria, take a position and sustain it.

This practice is grounded in direct executive experience in highly regulated industries, including energy, mining and infrastructure. At the Coordinador Eléctrico Nacional I advised critical decisions of the independent system operator during Chile's energy transition, with direct reporting to the Executive Director, ongoing engagement with the Board and strategic responsibility over more than USD 1 billion in annual contracting. Earlier, at BHP and Carey, I worked on investment decisions, energy portfolio exposure and the regulatory architecture of projects in Chile, Latin America and the United States. Today I also serve on the board of Fundación Familias Primero.

That trajectory combines three perspectives rarely held in a single view — investor, operator and regulator — and board experience that allows reading from within how decisions at that level are built, tested and sustained.

In certain contexts, this means structuring a governance function that is not always institutionalized: ordering decisions, making trade-offs explicit and sustaining them over time.

02 — Advisory

Areas of advisory.

My practice focuses on decisions that need to hold over time across boards, executive teams and investors, especially when strategy, regulation and institutional dynamics cannot be separated. This includes investment decisions, where I bring an integrated reading of viability: of the asset and the environment in which it must operate.

Scenario analysis

I structure and interpret scenarios with executive teams and boards for high-uncertainty decisions. The focus is not on prediction, but on identifying the variables that matter, anticipating consequences and systemic, regulatory and institutional risks, and widening the field of view before committing to a course of action.

Board advisory

I advise boards on complex decisions, bringing experience in highly regulated environments and a perspective shaped from within board-level practice.

I integrate strategy with the context in which decisions are made, articulating key stakeholders and driving conversations that allow decisions to hold.

Governance and decision architecture

I design and review governance structures, delegation frameworks, conflict management, reporting flows and decision forums, so that governance works in practice, not just on paper.

Regulatory navigation and stakeholder dynamics

I take part in decisions where reading the regulation is not enough. I identify risks beyond traditional matrices — institutional, reputational and regulatory — build bridges across stakeholders with different logics, and sustain complex conversations with legitimacy.

03 — How I work

Each mandate is different. The method is not.

The focus is structuring the decision so it can hold before shareholders and regulators, especially in high-exposure situations where boards, CEOs or legal teams require an external perspective.

Context before response

Everything starts with understanding the real situation. Before proposing, I focus on understanding the situation and where the decision actually sits.

Often, these are decisions that are not closing, that begin to stall, or where competing readings pull in different directions. That is where context stops being information and becomes judgment.

Focused and direct mandates

I work through defined formats or ongoing low-friction advisory. In both cases, interaction is direct, without intermediary teams or layers.

This allows decisions to move forward with clarity where timing and exposure matter.

Perspective

In demanding organizations, the pace of day-to-day work leaves little space to step back and see the full problem.

An external perspective does not replace internal knowledge: it challenges it, integrates dimensions that are not always visible and allows the decision to be structured.

Position, not only analysis

The value is not only in the analysis, but in taking a position and standing behind it. I bring a comprehensive reading of the situation and an external perspective that allows moving forward and sustaining the decision.

The format adjusts to the case: a board conversation, a decision memo, a stakeholder map or an executive presentation. What does not change is that the decision can hold before those who will ultimately require it.

04 — Cases

What this looks like in practice.

This experience comes from real decisions where the underlying question was not only legal or technical, but how to read regulation, operations, investment and governance as part of a single decision.

Case 01

Critical infrastructure in the power system

In Chile’s power system, I worked on tendering and execution processes as part of a contracting volume of more than USD 1 billion annually, in an environment where multiple projects had to move forward simultaneously under a single regulatory framework.

The challenge was structuring decisions that regulators, operators and investors interpreted through different lenses, and that had to hold over time under significant public and institutional exposure. The process involved dozens of stakeholders, including authorities, generators, transmission companies and financiers, with competing incentives.

My role focused on structuring the decision process, anticipating institutional tensions before they materialized and engaging with regulators and key actors to sustain project viability.

OutcomeCritical projects advanced in a demanding regulatory environment, with systemic risks contained and decisions that held under institutional and market scrutiny.

Case 02

Entry into a new mining jurisdiction

At BHP, I advised the decision to enter Ecuador at a time when the country had no established mining industry and its institutional framework was still evolving.

It was a decision without clear precedents. Beyond interpreting existing regulation, it required anticipating how the framework would take shape and how those early definitions would condition the future operating space.

My work focused on structuring the decision from an integrated perspective —legal, regulatory and institutional—, aligning investment logic with an evolving environment and anticipating frictions before they materialized.

OutcomeEntry into a new jurisdiction with an early-stage architecture that enabled operations within a developing institutional environment, reducing future friction and reactive decision-making.

Case 03

Critical contracts and energy transition

In a large-scale mining operation, I was part of structuring and renegotiation decisions involving critical contracts, including a 5-year supply agreement covering all operations —exceeding USD 1 billion— as well as the review of power supply contracts.

These decisions combined cost, security of supply and regulatory exposure, with cross-operational impact and long-term effects.

In parallel, I contributed to redefining the electricity contracting strategy, transitioning from a coal-based matrix to a renewable energy portfolio, at a time when that transition was not yet standard in the industry.

My contribution was to articulate an integrated view —legal, operational and negotiation— aligning contractual decisions with the company’s long-term strategy.

OutcomeRepositioning of the supply portfolio, with material improvements in contractual terms, reduced exposure to future risks and alignment with a more sustainable energy matrix.

Case 04

M&A and structuring in regulated industries

In the energy and infrastructure markets, I participated in multiple transactions and project structuring processes, working from both the developer and investor side in operations of relevant scale.

The complexity lay in the transaction architecture: how to allocate risks among sponsors, lenders and offtakers in contexts where that allocation determined the project’s viability.

My role was to integrate the legal dimension with commercial and regulatory insight, structuring financings, due diligence processes and documentation as part of a transaction strategy.

OutcomeTransactions executed with coherent risk allocation among parties, preserved operational viability and alignment between strategy and documentation from early stages.

05 — Experience

The experience that grounds the practice.

2026 — Present

Fundación Familias Primero

Board Member

Santiago, Chile

I serve on the board of a foundation focused on parental tools and reading promotion in early childhood, with impact in vulnerable communities.

2019 — 2025

Coordinador Eléctrico Nacional

General Counsel

Santiago, Chile

At the independent operator of the national electricity system during Chile's energy transition, I led the legal function with direct reporting to the Executive Director and ongoing engagement with the Board on strategic, regulatory and institutional decisions of the system. Responsibility over tenders and contracting worth more than USD 1 billion per year, in an environment of high public exposure. Work on the system's substantive decisions —dispatch, remuneration and integration rules across the full generation mix, solar, wind, storage, hydroelectric and thermal— and on the regulatory and commercial tensions that emerge when a system designed for a thermal-dominated grid must absorb a rapidly renewable-heavy matrix.

2015 — 2019

BHP

Manager, Legal — Minerals Americas · Legal Counsel — Copper Operations

Santiago, Chile

Advisory to BHP's senior leadership on industrial operations and strategic projects across Latin America, with focus on high-value contracts, regulatory compliance and strategy for regional expansion. Close work with the strategic Resources team on energy seen from the demand side: supply security, long-term contracting strategy and portfolio-level cost exposure.

2009 — 2015

Carey

Senior Associate — Corporate, Energy and Natural Resources

Santiago, Chile

Advised multinational clients on corporate, commercial and regulatory matters and on M&A transactions. Work included project structuring and financing of large-scale transactions — including risk allocation between sponsors, lenders and offtakers — and legal and regulatory due diligence on energy and infrastructure assets.

2012 — 2013

Dechert LLP

International Visiting Associate — Capital Markets

New York, USA

Capital markets transactions for Latin American issuers, including bond issuances and ADR offerings in the United States.

2006 — 2009

Claro y Compañía

Associate — Litigation and Regulation

Santiago, Chile

Antitrust, civil liability and regulatory litigation, with participation in due diligence processes and corporate transactions.

06 — Columns

Publications in the press.

Estado Diario

Más formación, misma mesa

More education for women does not move the needle while the mechanisms that determine who reaches the table remain intact.

March 2026 · with Macarena Vargas · in Spanish
07 — Credentials

Distinctions, education and leadership.

Distinctions
Mujeres Empresarias & El Mercurio

100 Women Leaders of Chile — Executive Category

National recognition highlighting leadership, professional trajectory and impact in senior executive roles.

2023
The Legal 500

GC Power List Chile

Sustained recognition by The Legal 500 among leaders with the greatest influence on the legal and strategic direction of companies and institutions in Chile.

2022 · 2023 · 2024 · 2025
Idealis & Diario Financiero

Leading In-House Lawyer under 45

Recognition for influence and leadership at the most senior level of the in-house legal function in Chile.

2023 · 2024
Education
2022 — 2023

ESE Business School

Advanced Management Program (AMP)

Senior Leadership · Santiago & Barcelona
2021

Mujeres Empresarias & Cambridge Business Association

Board of Women (BOW) — Senior Leadership

Santiago, Chile
2011 — 2012

Columbia University — School of Law

LL.M. — Master of Laws

New York, USA
2000 — 2004

Universidad de Chile — Facultad de Derecho

Law Degree

Highest distinction · Admitted to the Bar, 2007
Leadership & social commitment
2022 — Present

Abogadas In-House Chile

Co-founder and Mentor

Professional network of more than 900 members
2026 — Present

Fundación Familias Primero

Board Member

Parental tools and reading promotion
08 — Contact

Let's talk.

Every important decision starts with a conversation.

CM
Advisory
© MMXXVI Consuelo Mengual Strategic Advisory