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Stewardship News

The working group, formed by representatives of signatories to Amec Stewardship Code, has started to develop the implementation guide. The objective is to provide companies with a document that help them develop their annual stewardship report.

“The group’s members consider that the “Q&A” format is the best one to help the teams responsible for developing the reports. The working group is collecting examples of answers so that we can complete the guide,” explains Mauro Rodrigues da Cunha, Amec CEO.

Amec Code is recognized in OECD document

The Amec Stewardship Code is highlighted as one of the most important documents about the responsibilities of institutional investors in Brazil in the page 87 of the Corporate Governance Factbook 2017, a true compendium of governance practices from all over the world published by the OECD. It’s a worth reading for anyone who wants to compare global governance practices.

The PRI advocates the adoption of Amec Code by CVM and Previc

Last month, the PRI – Principles for Responsible Investment - published the report “Fiduciary Duty in the 21st Century – Brazil Roadmap.” The document includes a full session about management and engagement and highlights the Amec Code. According to the PRI, the Code and the Resolution 3,792, which regulates pension funds, are complementary documents.

In PRI’s opinion, the capital market’s regulators and pension funds should “adopt Amec Code and provide supervision and monitoring or reports based on it.”

India launches Stewardship Code

India has become the 17th country in the world to have a Stewardship Code. The Indian Code is focused on a specific class of institutional investors – the insurance companies, but it also impacts the other classes of investors, such as pension, mutual and foreign funds. The document was launched on March 22 by India’s Insurance Regulatory and Development Authority – IRDAI. Like Amec Code, the document is based on principles, but unlike the Brazilian version, its adoption is mandatory for institutional investors.

Signatories to the UK Stewardship Code start to submit 2016 reports

Several signatories to the UK Code have already disclosed their 2016 Stewardship Reports, among which em Aberdeen, Hermes and Robeco, which are also signatories to the Amec Stewardship Code.


The Association of Capital Market Investors – Amec – is pleased to invite its members to its Annual General Meeting, to take place at the association’s headquarters - Rua Joaquim Floriano, 1.120, 10º andar, cj. 101 – on April 27, at 6 pm on first call and 7 pm on second call.

The next meetings of Amec are also confirmed as follows:

Foreigners Commission – April 25, via conference call.

Annual General Meeting and Extraordinary Shareholders’ General Meeting – April 27, at 6 pm on first call and 7 pm on second call.

Technical Commission – May 10, at Amec’s headquarters, in São Paulo, with remote access. The Technical Commission’s May meeting was rescheduled from May 17 to May 10 because of the participation of an international speaker.

Confirmations of attendance must be submitted to maria.alice@amecbrasil.org.br.

Click here to access the Association’s annual calendar of meetings.

Latest News
Amec endorses Vale’s restructuring proposal

On March 29, the Association of Capital Market Investors – Amec - published a Notice to the Market endorsing the proposal presented by Vale’s controlling shareholders. The ultimate objective is the unification of all classes of shares and the eventual migration to BM&F Bovespa’s Novo Mercado special listing segment. Amec’s Technical Commission analyzed the deal and the members present in the meeting were unanimous in considering it positive.

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Distance Voting: Amec warns institutional investors

On March 24, the Association of Capital Market Investors – Amec – published a Notice to the Market to encourage institutional investors to participate in Shareholders Meetings through the distance voting system, a possibility created by the Brazilian Securities and Exchange Commission – CVM – by means of the Instruction 561. But while interacting with its members, the association has noticed some difficulties as to the use of the new proxy card.

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Amec is a reference in Glass Lewis’s 2017 voting policy

Glass Lewis, one of the world’s most respected proxy advisory companies, has incorporated several aspects mentioned in Amec’s President Letter 08/2016 in its 2017 voting policy. Glass Lewis’ voting policy document is directed at institutional investors from all over the world.

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ENI’s independent board member is found not guilty and nominated for reelection

In a dramatic victory for investors, independent members and the good corporate governance practices, Karina Litack, independent board member of the Italian oil company ENI, was found not guilty by Milan’s Office of the Attorney General in the lawsuit filed against her. The matter had been dragging for several months and seemed like a true conspiracy. Amid accusations of corruption against the company’s Board of Directors, Ms. Litack was implicated in a case of “alleged defamation against the company” by an obscure attorney from Sicilia. More information about the case can be found in this article published by The Economist magazine.

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ICGN publishes new document advocating the one share, one vote structure

The International Corporate Governance Network – ICGN, which gathers investors with assets under management of approximately USD 28 trillion, published a new document last month advocating the maintenance of ownership structures based on the “one share one vote” principle. The initiative reinforces another similar viewpoint statement issued in April 2015 and is a result of a “wave” identified by its members as to differential ownership structures, despite empirical evidences and the institutional investors’ view in favor of the traditional structure.

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Singapore Stock Exchange consults public on the One Share, One Vote Structure

In another initiative about the one share one vote structure, the Singapore Exchange started a public consultation to listen to the opinion of market participants on whether it should ban the listing of companies with dual share class structures.

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Institutional investors speak out against Snapchat

As mentioned in Amec’s March newsletter, the Council of Institutional Investors called upon the world’s leading indices to not include Snap in their respective indices. According to CII, non-voting shares are not real shares, reason why they should not be included in the benchmarks – what would force investors to buy them, mainly the passives or the closet indexers.

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ANBIMA to hold the 9th Congress of Investment Funds in May

Amec’s members are entitled to a discount to register in ANBIMA’s 9th Congress of Investment Funds. The event, to take place in São Paulo on May 10 and 11, will include presentations and debates about the challenges facing the funds industry, technological trends, sustainability and other topics that can impact the future of the markets.

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News published on JOTA web portal:

Only 8% of insider trading cases are tried by the Judiciary

Convictions are limited to the administrative sphere, according to researchers from Fundação Getúlio Vargas
By Guilherme Pimenta

The convictions for the misuse of privileged information in the capital market (insider trading) continue limited to the administrative sphere and do not reach the Judiciary through criminal actions. In the book “Insider trading: normas, instituições e mecanismos de combate no Brasil” (“Insider trading: rules, institutions and fighting mechanisms”), professors from the Center of Studies on Markets and Investments from FGV Direito-SP showed that only 4 out of 50 cases - or 8% of all violations - adjudicated by CVM - the Brazilian Securities Commission - in the 2002-2015 period were tried in the criminal sphere.

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Rio Money Fair

Organized by IBMEC Institute
Date: May 9 - 10
Venue: Centro de Convenções Bolsa do Rio - Praça 15 de Novembro, 20, Rio de Janeiro, RJ
Fee: click here
Registration: http://www.riomoneyfair.com.br/

9º Congresso de Fundos de Investimento (“9th Congress of Investment Funds)

Organized by Anbima
Date: May 10 - 11
Venue: Fundação Bienal de São Paulo – Av. Pedro Álvares Cabral, s/n, Portão 3 – Parque Ibirapuera, São Paulo, SP
Registration: http://www.congressoanbimadefundos.com.br/2017/english.html

Workshop “Novas regras para os agentes fiduciários” (“New rules for fiduciary agents” Workshop)

Organized by Capital Aberto
Date: April 27
Venue: Saint Paul Escola de Negócios
Hour: 8 am to 12:30 pm
Fees: Amec’s members – by April 13 - R$ 657 – after April 13 – R$ 711 (code: ca17amec)
Click here to register.

Workshop “A Selic caiu” (“Drop in the Selic rate” Workshop)

Organized by Capital Aberto
Date: May 18
Venue: Saint Paul Escola de Negócios
Hour: 8 am to 11 am
Fee: Amec’s members – by May 4 - R$ 657 – after May 4 – R$ 711 (code: ca17amec)
Click here to register.

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