Civil society organizations join to oppose setback in Corporate Law

Amec has gathered with other seven civil society organizations to call the attention of congressmen and political leaderships about the importance of maintaining the political shielding in the nomination of directors to the boards of state-owned enterprises. The Law 13,303/2016 (the Corporate Law) establishes that those who have held a position in a political party or electoral campaign are not allowed to occupy an executive position in fully or listed state-owned companies for three years. The same applies to the politicians’ relatives. Such shielding is at risk, though.  During the analysis of the bill that creates a general law on regulators (Draft Bill 6,621/16), the House of Representatives included an amendment that eliminates the three-year waiting period. The Project now has a new classification as a Bill approved in the lower house, and waits for deliberation from the Senate.
From November 4 to 6, representatives of eight civil society organizations went to Brasília, talked with 20 senators and political leaderships and handed in a declaration that was attached to the bill, together with a technical note prepared by the Brazilian Institute of Corporate Governance – IBGC. The document highlights amendment defects incorporated into the draft bill.
In addition to Amec, the other seven organizations that participate in the group are the Brazilian Institute of Law and Business Ethics (IBDEE), the Brazilian Institute of Corporate Governance (IBGC), the Compliance Brasil Institute (ICB), the Ethos Institute Business and Social Responsibility (ETHOS), the Compliance Rio Institute (ICRio), the Association of Capital Markets Analysts and Investment Professionals (Apimec), and the Não Aceito Corrupção Institute (INAC).
Click here to follow the debate on the bill and here to read the declaration delivered by the organizations.