Interim President of Costa Rica opens the OECD governance event
The Costa Rican government has shown its support for the process of improving corporate governance practices with the presence of the interim President of the country, Ana Helena Chacón, at the opening of the OECD Roundtable, held in San José on September 8th and 9th. The event was also attended by the Minister for the Presidency, Sergio Alfaro. Costa Rica recently began the process of joining the OECD, which implies including the adoption of the Principles of Corporate Governance of the G20 / OECD.
Brazil was represented by a significant delegation. CVM’s Chairman Leonardo Pereira, CVM Director Pablo Renteria, Amec’s CEO, Mauro Rodrigues da Cunha, BM&F Bovespa’s Chief Regulation Officer, Flavia Mouta, and the assistant to Petrobras’ Governance Director, Paulo Daltro dos Santos were present. IBGC was represented by its director, Marta Viegas, its superintendent, Heloisa Bedicks, and its researcher, Daniel Gregory.
The event was preceded by a meeting of the Task Force on Corporate Governance of Economic Groups.
Besides the governance of groups (and transaction issues with related parties), the plenary discussed the development of governance codes, integrity, anti-corruption practices, governance of state-owned enterprises and cyber risks.
The CEO of Amec, Mauro Rodrigues da Cunha, stressed the importance of adequate treatment of corporate governance practices by investors, which was recently included as Chapter III of the Principles of Corporate Governance of the G20 / OECD, but is not discussed on debates of governance codes. Cunha presented Amec’s project for the creation of a Stewardship Code to fill this gap.
During his presentation, the President of the CVM, Leonardo Pereira, stressed the importance that investors actually embrace the concepts of stewardship so that all governance improvement initiatives actually have practical consequences. He also anticipated news about the Brazilian Code of Governance, which uses the IBGC Code as a starting point. In the coming days, the regulator will notify the Interagents Group its decisions on the 10 items of the code that did not reach a consensus. He also informed that the CVM decided not to change the remaining items in relation to what was produced by the group.
Amec’s CEO shared with the group the Brazilian experience with the problems of transactions with related parties, valuation reports, fairness opinions and transparency for executive compensation, especially in subsidiaries.
Further details about the event, including the webcast can be obtained through this link.
Overview of the event
Alexánder Mora, Minister of the Presidency of Costa Rica; Ana Helena Chacon, President of Costa Rica; Daniel Blume, OECD, the event organizer and Matthew Sullivan, president of the Corporate Governance Institute of Costa Rica
