Amec formally congratulates CVM on the regulator’s decision in Emae and Eletrobras cases

On July 28, Amec – the Association of Capital Market Investors – congratulated CVM – the Brazilian Securities and Exchange Commission – on its decisions about the processes involving the controlling shareholder’s eventual vote impediment in the case of listed state-controlled enterprises (Emae – Empresa Metropolitana de Água e Energia – and Eletrobras). Additionally, the association also suggested to CVM that the discussions about the possibility of reverting the imposed penalties into compensations to the minority shareholders affected becomes part of the reform of the market’s penalties and infringements, established in the Law 6,385.
“CVM’s decisions dispelled the notion that the article 238 of the Corporate Law (which deals with listed state-controlled enterprises) is a blank check for controlling shareholders,” stated Mauro Rodrigues da Cunha, CEO of Amec.
Click here to access Amec’s letter to CVM in Portuguese.