CODIM publishes statement about the Participation of Shareholders in General Meetings

The CODIM (the Guidance Committee for the Disclosure of Information to the Market) released the Statement about the Participation of Shareholders at General Meetings in the auditorium of B3 (Brasil, Bolsa, Balcão) in São Paulo (SP) on March 14, 2018, at 11 am.
The objective of the Statement, introduced by the rapporteurs Helmut Bossert, representative of IBRI (the Brazilian Institute for Investors Relations), and Renato Vetere, representative of Amec (the Association of Capital Market Investors), is to help companies develop tools and create mechanisms to facilitate and encourage the participation of shareholders in general meetings.
Among other recommendations, a highlight is the creation of an Engagement Policy to increase the interaction between the Board of Directors and shareholders throughout the course of the year, and not only once a year. The practice will help strengthen the relationship among companies and shareholders, leading to a broader participation in general meetings.
According to Amec’s legal counsel Renato Vetere, “the participation or absenteeism of shareholders in general meetings is a highly complex issue in the Brazilian capital markets, despite the deep and significant advancements introduced by the proxy voting process. Therefore, the recommendations in CODIM’s statement enable a material evolution in related processes and will significantly strengthen the relationship among shareholders and companies”.
Click here to access the Statement (portuguese).
Click here to access the presentation (portuguese).