On June 2, BNDESPAR became the newest member of Amec. “Joining Amec is a major step towards BNDESPAR’s strategy of having a more active voice in the development of the Brazilian capital market, especially in terms of protecting the rights of minority shareholders and driving companies to adopt the best corporate governance practices,” states Eliane Lustosa, Director at BNDESPAR.
The BNDES – the Brazilian National Bank for Social and Economic Development – has two wholly owned subsidiaries: Finame and BNDESPAR. Together, the three companies comprise the BNDES System. BNDESPAR is a business corporation whose subscribed share capital is represented by one nominative share owed by BNDES.
BNDESPAR objectives are:
- To perform operations aimed to capitalize private-controlled companies, in compliance with BNDES’ plans and policies;
- To support companies with efficient economic, technological and management conditions and adequate perspectives in terms of investment returns, in conditions and terms compatible with the risk and nature of their activities;
- To support the development of new projects that incorporate new technologies to their activities;
- To strengthen the capital market by increasing the offer of securities and democratizing the companies’ capital ownership; and
- To manage its own and third party’s securities.
As BNDESPAR’s sole shareholder, the BNDES has full power to take decisions about all businesses related to the subsidiary’s corporate purpose and to approve the resolutions it considers appropriate to defend its interests and development. Only BNDES has the power to deliberate about BNDESPAR’s administrative and managerial matters, such as the subsidiary’s initial public offer, issue of securities and the analysis of its financial statements.
BNDESPAR’s advisory, management and supervising bodies are the Board of Directors, the Management Board and the Conselho Fiscal, respectively.
To learn more about BNDESPAR’s structure, please click here.