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Amec Opinion - The Best of Disinfectants |
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The Brazilian Stock Exchange - BM&F Bovespa – has just proposed, as part of the reform of Novo Mercado, that companies listed in the special segments disclose their management compensation as established by the Brazilian Securities and Exchange Commission - CVM.
The mere inclusion of a rule establishing that “premium” governance companies must obey the law may sound strange. But those who have been following the debate know that the proposal makes sense, as 33 publicly-held companies – 27 of which listed in the Level 2 or in Novo Mercado – make use of the IBEF-RJ injunction, which exempts them from such obligation under the arguments of “privacy” and “safety.” The proposal made by BM&F Bovespa therefore reopens a discussion started almost 10 years ago under the leadership of the then-chair of CVM, Maria Helena Santana. Since then, Brazilian publicly-held companies must (or, rather, should) disclose the minimum, average and maximum compensation of their management bodies – their boards of directors and management boards. The regulation, therefore, allows interested parties to understand the compensation and the incentives it represents for board members and directors. At the same time, the regulation is sufficiently balanced not to require the disclosure of individual compensation values – a common practice abroad that still hurts the pride of some people in Brazil. |
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The next meetings of Amec – the Association of Capital Market Investors – for members only, are confirmed as follows:
Foreigners Commission – September 17th, via conference call.
Technical Commission – September 21st, at Amec’s headquarters, in São Paulo, with remote access.
Management Board – September 29th, at Amec’s headquarters, in São Paulo, with remote access.
Confirmations of attendance must be submitted to maria.alice@amecbrasil.org.br.
Click here to access the Association’s annual calendar of meetings. |
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Registration for Amec 2016 Investor Forum – 10th anniversary edition – is now open |
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Amec – the Association of Capital Market Investors – will be celebrating its 10th anniversary during the 2016 Amec Investor Forum, to take place in Villa Bisutti Unidade Cardoso de Melo – Vila Olímpia São Paulo – São Paulo, on October 27th. At the event, the association will also introduce two important innovations: the Amec Stewardship Code and the association’s new visual identity, conceived to translate the idea of evolution. Registrations can be made in the event’s website http://www.amecbrasil.org.br/forum2016en/.
In the celebration of its 10th anniversary, Amec will introduce the Amec Stewardship Code, result of a one-year work led by the association. The ultimate objective of the code is to help institutional investors comply with the fiduciary duties owed to their clients through the exercising of their political rights.
In line with global trends, the code will bring principles, mechanisms and policies that will guide investors in all governance-related issues – including their own and their investees’. Click here for additional information about the Amec Stewardship Code. |
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Former Amec CEO to serve as Petros president |
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Walter Mendes is the new president of Petros, the pension fund of Petrobras’ employees. In this role, Mendes will be responsible for recovering the finances and enhance the fund’s corporate governance. Mendes was the CEO of the Association of Capital Market Investors – Amec – from 2009 to 2011 and responsible for the expansion of the association in the international market. |
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Ricardo Almeida to replace Guilherme Abud in Amec’s board of directors |
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With the acquisition of HSBC by Bradesco, the board member Guilherme Abbud (HSBC) resigned from his position in Amec’s board. Guilherme will be replaced by Ricardo Almeida, who is responsible for the management area of Bradesco Asset Management (Bram) and will be taking over his new position in the association’s board of directors within the next few days. |
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Researchers want to know which companies adopt the best disclosure practices in Brazil |
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Although it’s not an easy question to answer, market agents can help create a Disclosure Index of Brazilian Companies. Professors from the University of Illinois at Urbana-Champaign, Université Pierre Mendès-France (Grenoble II) and Universidade do Vale do Rio dos Sinos are developing a Disclosure Index and need the collaboration of the capital market agents. |
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Consistent with Amec’s concern, CVM blocks abuse against minority shareholder in Saraiva |
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In line with Amec’s Notice to the Market, the Brazilian Securities and Exchange Commission – CVM – decided that there is no legal support to forfeit the rights of Saraiva’s minority shareholder GWI Investimentos. The decision was taken in July, few days before the shareholders’ meeting during which the board also decided to remove the board member Mu Hak You, manager and founder of GWI Investimentos, and Ana Maria Loureiro Recart, member of the conselho fiscal nominated by Mu Hak. |
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Curso Avançado para Conselheiros - Edição Internacional (Advanced Course for Board Members – International Edition) |
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Organized by IBGC (Brazilian Institute of Corporate Governance)
Date: September 12th to 15th
Hour: 9 am to 5 pm
Venue: Washington - DC
Fees:
R$ 10,500.00 – IBGC’s members
R$ 11,700.00 - IBGC’s non members
Amec’s members are entitled to a 5% discount upon the price for IBGC’s non members
Click here for additional information |
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17º Congresso IBGC Governança Corporativa (“IBGC 17th Congress on Corporate Governance”) |
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Organized by IBGC (Brazilian Institute of Corporate Governance)
Date: October 17th and 18th
Hour: to be confirmed
Venue: Golden Hall | WTC São Paulo - Avenida das Nações Unidas, 12.551, Brooklin - São Paulo/SP
Fees:
By September 30th
R$ 3,487.00 - IBGC’s members
R$ 4,635.00 - IBGC’s non members
Amec’s members are entitled to a 5% discount upon the price for IBGC’s non members
Click here for additional information |
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