The Amec Stewardship Code was officially launched by Amec – the Association of Capital Market Investors - during the celebration of its 10^th anniversary, on October 27^th.

In a strong demonstration of the Code’s alignment with the international trends and best practices, 11 of the country’s largest institutions that invest in the Brazilian market signed the adhesion form, committing themselves to the 7 principles that comprise the Code.

On October 31^st, Amec – the Association of Capital Market Investors – published a Notice to the Market calling the attention of the capital market’s participants, companies and regulators to problems its members have been experiencing related to the contracting, retention and compensation of senior executives.

The proposal to merge BM&FBOVESPA’s and Cetip’s operations was the winner of the 2016 Amec Corporate Events Award granted by Amec – the Association of Capital Market Investors - on October 27^th.

The BNDES – the Brazilian National Bank for Social and Economic Development – surprised many market’s participants by rejecting, on October 26^th, 2016, JBS’s restructuring proposal, through which up to 85% of the company’s capital would leave the Brazilian market to be listed abroad. As a member of its controlling group, BNDS claimed, in a notice to the market, that “the proposed restructuring, which contemplated the transfer of the ownership of assets representing approximately 85% of JBS’ operating cash generation to a foreign company, would lead to the denationalization of the company and bring significantly changes to the rights and duties of all shareholders, with several kinds of consequences, subjecting them to the foreign law and jurisdiction.”

Amec’s Technical Commission welcomed, on October 19^th, 2016, the EY’s representatives Luiz Passetti and Luiz Marques, who made a presentation about the new independent auditor’s report, which will be compulsory for Brazilian listed companies as part of their 2016 financial statements.

Amec – the Association of Capital Market Inventors – sent a letter to CVM – the Brazilian Securities and Exchange Commission – on November 4^th, 2016, voicing its concern about companies that have been distorting their business purposes, mainly by taking advantage of gaps, such as “the participation in other corporations.” Recent cases reinforce this concern.

The BM&FBOVESPA – the Brazilian Stock Exchange - opened the second stage of the Public Hearing – to take place from November 7^th, 2016 to January 6^th, 2017 - to discuss a new proposal on the rules of the evolution process of the Special Segments (Novo Mercado and Level 2) with listed companies, investors, intermediaries and market’s agents. The new calendar includes the holding of a Restrict Hearing from March 1^st to May 31^st, 2017, and a voting period for listed companies from June 1st to June 30^th, 2017.

ICGN – the International Corporate Governance Network – made available in YouTube the video of the webinar held on October 20^th, 2016 about Stewardship Codes. The event was hosted by the Chief Policy Advisor for ICGN George Dallas, who is highly experienced in preparing and implementing Stewardship Codes in several countries. It’s a very useful tool for the institutions that have adhered or intend to adhere to Amec Stewardship Code. The video can be accessed in the following link: https://youtu.be/gtBzTCz2NXA