The chairman of the Brazilian Securities and Exchange Commission – CVM – Leonardo Pereira, confirmed his participation on the event for the celebration of 10 years of the Association of Capital Market Investors. The 2016 Amec Investor Forum will be held on October 27^th, at Villa Bisutti, Unidade Cardoso de Melo – Vila Olímpia São Paulo – SP. At this date the association will also present two important news: The Amec Stewardship Code and its new identity.

The complete agenda of the event and its enrollment form can be accessed on the hot site of the 2016 Amec Investor Forum: http://www.amecbrasil.org.br/forum2016en/

The Association of Capital Market Investors – Amec – addressed two letters to the Minister of Finance, Henrique Meirelles, about situations that might inhibit the growth of the Brazilian capital market. The first letter contains the investors' concerns with the idea that only technical capability is enough to become a member of the board of the Brazilian Securities and Exchange Commission – CVM. The second discusses the new interpretation of the Federal Revenue Service, which considers tender offers as transactions not conducted in the stock exchange.

The Association wrote a document that highlights the creativity to break the rule to delist from the Novo Mercado, through corporate restructuring. For example, there is an ongoing operation in which two companies emerge: one listed on the Novo Mercado, which retains a small portion of the original operation, and a new one, based abroad and outside Novo Mercado, which concentrates the majority of the assets, income and value.

In the letter, the Association of Capital Market Investors - Amec - mentioned the recent decision of the board of the Brazilian Securities Commission - CVM that, by majority and contrary to the reiterated position of the Superintendence of Company Relations, decided for the non-applicability of the preemptive right provided by Article 253 in any private sale of BR Distribuidora’s shares.

The Costa Rican government has shown its support for the process of improving corporate governance practices with the presence of the interim President of the country, Ana Helena Chacón, at the opening of the OECD Roundtable, held in San José on September 8^th and 9^th. The event was also attended by the Minister for the Presidency, Sergio Alfaro. Costa Rica recently began the process of joining the OECD, which implies including the adoption of the Principles of Corporate Governance of the G20 / OECD.

The judgment of the Administrative Sanctioning Process CVM RJ 03/2003, which occurred in May 2015, was highlighted in the Task Force on Corporate Governance of Economic Groups which met in San José, Costa Rica, on September 7^th.

The German manufacturer of generic drugs, Stada, was rejected by investors. This happened due to its low profitability and an opaque accounting. Moreover, there was an overcompensation of the directors and a board without diversity of identity. However, a major change occurred on the shareholders’ meeting of August 26, when shareholders voted for the dismissal of the company's chairman, Martin Abend and pledged to increase Stada’s revenue.