Association expresses its opinion about the disclosure of management compensation and the shareholder list

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Amec participated in the Public Hearing 10/2016 held by the Office of the Superintendent of Market Development of the Brazilian Securities and Exchange Commission – CVM – that addresses the changes to the CVM Instruction 480/09. In the document sent to the regulator, the association highlights two important claims brought by its members: the publishing of the list of executives of listed companies that are members of Instituto Brasileiro de Executivos de Finanças (Ibef Rio) and benefit from the injunction that grants them the right of not disclosing their compensation, contrary to CVM’s own requirements, and the disclosure of the shareholder list by listed companies.
The SDM/CVM Public Hearing 10/16 suggests the incorporation of the Brazilian Code of Best Practices of Corporate Governance – CBGC – into a new periodical document with additional information about it; and the review of the Reference Form to include changes related to the annual financial statements and to the quarterly statement form (ITR).
In the document sent to the regulator, Amec’s members congratulate CVM on the initiative and call its attention to the importance of including a provision in the instruction establishing that the companies that do not disclose the information required about the maximum, average and minimum compensation by force of a judicial decision present a proof of the applicability of the judicial decision for their executives, informing the names of those that are members of Ibef-RJ.
Additionally, the association’s members request that CVM does not include, in the Reference Form, an item that allows the company to specify its policy on the disclosure of the shareholder list. Our members understand that the access to such document is a legal right shareholders are entitled to and that the position taken by CVM Board has been making it difficult for minority shareholders to exercise their communication and articulation rights.
Click here to access the President Letter 02/2017 – Public Hearing 10/2016.