Members debate about the shareholder list with CVM

The Brazilian Securities and Exchange Commission – CVM – is holding a Public Hearing on the draft of the new Instruction 480, opening the possibility of discussing, once again, the issue related to the disclosure of the shareholder list. In view of this new scenario, Amec’s – the Association of Capital Market Investors – members have opted to formalize, in the President Letter 15/2016, the points of view of investors based on the necessary legal background and guided by factual experiences learned from concrete cases.
In the letter, the investors claim that, in practical terms, an interpretation given by CVM’s board in 2009 has made the access to the shareholder lists unfeasible, affecting their ability to mobilize and exercise their rights.
“We understand that the consequence was not intentional but, since CVM Board does not participate in the companies’ meetings, we need to show how the restrictive interpretation of what would be the “private interest” has been impacting shareholders,” explains Mauro Rodrigues da Cunha, Amec’s CEO.
The association’s members are looking forward to the opportunity of interacting with CVM to discuss the matter as they understand that the access to the shareholder list is an essential right of those who invest in our companies.
Click here to access the President Letter 15/2016 – Disclosure of Shareholder Lists by Listed Companies.