Amec invites CVM and BM&F Bovespa to reflect on dividend policies

At the end of June, the Association of Capital Market Investors – Amec – sent a letter to the Brazilian Securities and Exchange Commission – CVM – and to The Securities, Commodities and Futures Exchange – BM&F Bovespa, requesting efforts to make the policy on the payment of dividends by publicly-held companies clearer. The association expressed its willingness to contribute to an eventual study group especially created for that.
The mentioned letter brings examples by Amec’s members showing the need of having the matter regulated by CVM, such as the payment of symbolic dividends to remove the incidence of the article 111 of the Corporate Law.
In the document, Amec highlights another example: the by-laws of two companies with the same controlling shareholder interpret the clauses on the payment of dividends on a divergent basis. “The language of the documents must be self-interpretative, but they are not. The market has different views about the meaning of each dividend. Different opinions in the market are not negative by themselves, but not in such basic issues like this one,” states Mauro Rodrigues da Cunha, Amec’s CEO.
Click here to access the President Letter 5/2015.