Apimec Nacional supports Amec’s request for Transparency in Management Compensation

In October, Apimec Nacional – the Association of Investment Analysts and Professionals of the Capital Market – publicly supported the request made by Amec – the Association of Capital Market Investors – that listed companies do not turn to the injunction obtained by the Brazilian Institute of Finance Executives (Instituto Brasileiro de Executivos de Finanças – Ibef Rio de Janeiro), which allows them to refrain from disclosing their management compensation as required by the Brazilian Securities and Exchange Commission – CVM.
In June, 2015, with the objective of encouraging some companies to comply with CVM’s regulation on the disclosure of information, Amec sent a letter to the companies listed in the Ibovespa index that currently make use of BEF-RJ injunction. They are: Gol, Iguatemi, Gerdau, IMC, Fibria, Itau Unibanco, Itausa, Eztec, Even, Kroton, Embraer, Duratex, Lojas Americanas, CSN, CPFL Energia, Minerva, Cosan, Multiplus, Oi, Cielo, CCR, Pão de Açúcar, Brookfield, Braskem, Santander, Suzano, Bradespar, B2W Digital, Telefônica Brasil, Tim, ALL, Bradesco, and Vale. The letters were sent to the companies’ Chairmen, Chief Executive Officers and Investor Relations Officers.
In the letter, Amec recommends that the companies and executives do not use IBEF-RJ injunction and states that the association is at their disposal to discuss proposals related to the matter.
The association received answers from B2W, Bradesco, Bradespar, Braskem, Gerdau, Lojas Americanas, and Vale, and also from Abrasca – the Brazilian Association of Listed Companies. Abrasca explained that some of its members felt uncomfortable with the request.
“Amec would like to express its satisfaction with the companies that answered to its letter, even in the case of those who defend the maintenance of the status quo. We believe that the dialogue and sharing of experiences are the best ways to create value for the Brazilian capital market and, accordingly, we always seek to adopt this posture,” explained the CEO of Amec, Mauro Rodrigues da Cunha. The CEO also highlighted that the Association’s doors are open to the companies. “We have already received representatives of listed companies to express their points of view and learn about investors’ opinions. We look forward to receiving them to have an objective and mature dialogue,” Cunha states.
Click here to access the President Letter 04/2015 – Transparency in Management Compensation.
Click here to access Apimec Nacional’s public support to Amec’s request for Transparency in Management Compensation.