A healthy economic growth depends on fair and dynamic capital markets

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With the theme “Proposals for the Development of the Capital Markets,” Amec Investors Forum had a record number of participants
A robust regulatory framework, investors exercising their fiduciary duties and mechanisms that minimize conflicts of interests are, among others, essential factors to enable the capital market to play its role and contribute to the recovery of the country’s growth. This statement summarizes the Amec Investors Forum, held in São Paulo on August 22 with the theme “Proposals for the Development of the Capital Markets.”
From the regulatory standpoint, the main developments come from the Brazilian Securities and Exchange Commission (CVM). The regulator has been working for the past year on a project to reduce regulatory costs. “The markets compete among themselves and we have to adjust our regulations,” said CVM’s chairman Marcelo Barbosa. After receiving some 600 contributions from the market’s participants, the CVM expects to adjust 19 instructions in the first stage. In the second stage, the regulator will address long-term improvements. During the forum, Barbosa also announced the intention of revising the regulations on public offers. Points of attention are likely to be the Instruction 400, which regulates offerings involving a broad distribution of stock, and the Instruction 476, which regulates offerings with restricted selling efforts. According to Marcelo Barbosa, the objective is to prepare the market for an environment of lower interest rates.
The political landscape was also broadly discussed during the event. Gustavo Franco, José Marcio Camargo and Marcio Pochmann talked about the economic programs designed for the presidential candidates. The economists also addressed issues that are relevant for the market, such as situations of conflicts of interest and the political interference in listed state-owned companies. “I agree entirely with the restrictions on the participation of politicians in state-owned enterprises,” said Gustavo Franco.
During the event, Vale was recognized with the Amec Corporate Events Award for its migration to the Novo Mercado, made official last December. Throughout 2017, the mining company adhered to the “one share, one vote” principle by converting its preferred stock into ordinary stock. “The corporate restructuring was a unique experience for everybody in the company – directors, employees and investors,” said André Figueiredo, Vale’s Investor Relations Director. “You can expect more from us,” he added.
André Figueiredo, Vale’s Investor Relations Director, received Amec Corporate Events Award
Check out the presentations made available by the speakers:

The Forum’s program is available here.