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Amec Opinion - To rescue our SOEs |
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There’s consensus that something must be changed in the way Brazilian state-owned enterprises (SOEs) are managed. Regardless the ideological bias, that is, whether one defends free markets or state-owned enterprises, there’s no doubt that the Brazilian Government plays an important role in the country’s economic activities and that SOEs are an important vehicle of such participation. The DEST alone – Department of Coordination and Governance of State-Owned Enterprises – supervises 144 federal SOEs. Not to mention small companies that are outside the department’s scope and the several other companies controlled by state and local governments.
In view of this reality, it’s a priority for all Brazilians that these companies are well managed. If they do not properly pay their cost of capital, they destroy value for the society as a whole – and push up the public debt. On the other hand, if they are well managed, they can be powerful drivers to leverage public interests. |
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Amec’s August meetings – for members only – are confirmed as follows:
Technical Commission – August 19, at Amec’s headquarters in São Paulo, with remote access.
Foreigners Commission – August 25, via conference call.
Executive Board – August 27, at Amec’s headquarters in São Paulo.
Confirmations of attendance must be submitted to rosimeire@amecbrasil.org.br.
Click here to access the association’s annual calendar of meetings. |
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Amec formally congratulates CVM on the regulator’s decision in Emae and Eletrobras cases |
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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. |
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Amec submits suggestion on the reformulation of Novo Mercado |
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BM&FBovespa has been preparing a new proposal on the reformulation of Novo Mercado, on which Amec – the Association of Capital Market Investors – has also congratulated the regulator. The association took advantage of the official letter to highlight the most important items – in the opinion of its members – to be considered in this process of rethinking a more differentiated corporate governance level in the Brazilian capital market. |
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Abrasca answers Amec’s letter about the transparency in management compensation |
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Last July, Amec – the Association of Capital Market Investors – sent a letter to 33 companies listed in Ibovespa index that currently make use of the IBEF-RJ injunction to refrain from releasing their management’s compensation as established by the Brazilian Securities and Exchange Commission (CVM). The association received answers from B2W, Bradesco, Bradespar, Braskem, Gerdau, Lojas Americanas, and Vale, and also from Abrasca – the Brazilian Association of Publicly-Held Companies. Abrasca explained that some of its members felt uncomfortable with the request. |
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Apimec formalizes support to the Brazilian Takeover Panel |
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In July, Apimec Nacional – Association of Investment Analysts and Professionals of the Capital Market – issued a letter of support to CAF – the Brazilian Takeover Panel –, congratulating the association on the initiative, whose creation was inspired by the British Takeover Panel. Apimec Nacional joins Abrapp – Brazilian Association of Pension Funds – and Aberdeen Asset Management, United Kingdom’s largest third-party asset manager, which also formalized their support to the Panel, recommending that Brazilian companies adhere to it. |
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BM&FBovespa changes regulations on segments to include super preferred shares |
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On July 15, the Brazilian Securities, Commodities and Futures Exchange (BM&FBovespa) announced changes to the rules that apply to companies listed in Levels 1 and 2. After a period of hearings restricted to the companies in the mentioned levels, the stock exchange approved the flexibilization of the minimum free float concept. Now, companies can have a free float below 25 percent of their total capital, as long as it represents 50 percent of the preferred shares part of the negotiation. In practical terms, the change accommodates the situation of companies that issue preferred shares representing a disproportional portion of the capital – as in the case of the so-called super preferred shares. |
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2nd Latam ESG 2015 – Taking ESG into Account – Can we Evolve to a Sustainable Economy? |
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Organized by Apimec – The Association of Investment Analysts and Professionals of the Capital Market and EFFAS – The European Federation of Financial Analysis Societies
Date: October 6
Venue: BM&FBovespa - Rua XV de Novembro, 275, São Paulo - SP
Hour: from 8:30 am to 6:30 pm
Information and registrations: Gabriel Modenesi - gabriel@sbeventos.com.br - (55 11) 3104.1491 |
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XII CPC International Seminar – International Accounting Standards |
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The Committee of Accounting Pronouncements – CPC – will be holding the “XII CPC INTERNATIONAL SEMINAR – INTERNATIONAL ACCOUNTING STANDARDS" in Renaissance Hotel (Alameda Santos, 2.233 – Jardim Paulista – São Paulo), from 8 am to 6 pm, on November 9, 2015 (Monday), as part of the committee’s program of continued education and sustainability. The event is organized by FACPC – Supporting Foundation to the Committee of Accounting Pronouncements. |
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16th edition of IBGC’s Congress of Corporate Governance |
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