The 25th Plenary Assembly of the Council of Latin America (CEAL) began on Wednesday in Spain, where leaders emphasized the importance of merit when it comes to running successful companies.

The meeting gathered over 500 company owners and presidents from companies in 21 different Latin American countries. During the assembly, young executives from Argentina, Colombia, Panama and Mexico participated in a panel, EFE reports.

"In my company there is a strict policy of taking the lead," said Larry Maduro, head of a Panamanian distributor with success in Costa Rica. "I've served for a year and a half as vice president of the family company, but before, I had to graduate college, work for three years at another company and get a master's degree."

Maduro recognizes that his being the third generation in charge of the company is the "most dangerous."

"They say that the first generation builds it, the second lifts it and the third wrecks it," he said.

Still, the entrepreneur is confident that by teaching younger board members "the values of entrepreneurship," as reported by EFE, the company can succeed in the future.

Meanwhile, Juan Cortina, who works for Gamesa, a Mexican sugar and soft drink company, highlighted the importance of "transparency and ethics."

"[The two are needed to] meet the high expectations that society has with respect to the business world in an interconnected society where information flows quickly," he said.

According to Cortina, doing so will help with longevity because when compared to others, a company with transparency and ethics looks like "a fortress against the volatility of today's world."

CEAL will continue in Madrid through Friday.

Alberto Bacó, the secretary of Puerto Rico's Department of Economic Development and Commerce, said a high-level Puerto Rican delegation will be present at the conference to persuade Latin American and Spanish entrepreneurs to invest in the U.S. commonwealth.

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Follow Scharon Harding on Twitter: @ScharHar.

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