Registration for the course on Corporate Governance for investors, that will take place on October 16 to 20, during the afternoons, at IBGC headquarters – Av. das Nações Unidas, 12.551, 21º. andar – São Paulo – SP, is now open. The course was organized through a partnership between Amec – Brazilian Association of Capital Market Investors – and IBGC – Brazilian Institute of Corporate Governance – and brings an essential aspect that maximizes its adjustment to the target audience.

Good corporate governance practices are not constrained to a company’s walls. Owners play an essential role in structuring the “checks and balances” that make governance processes much more efficient.

Amec – the Association of Capital Market Investors – submitted individual letters to Board’s Members of each company that voted favorably on the Novo Mercado reform and on the additional proposals. The association suggested that companies start adopting the practices which were not approved by the quorum needed.

The CEO of Amec, Mauro Rodrigues da Cunha, participated in the Public Hearing of Provisional Measure 784/17, which significantly increases the maximum fines of CVM – Brazilian Securities and Exchange Commission – and the Central Bank, creates administrative leniency and the Capital Market Development Fund and Financial Inclusion.

Most of the CVM directors who participated in the meeting of July 14 recognized the impediment of voting of the State of São Paulo in a joint resolution of the company EMAE on a proposal of agreement with Sabesp, confirming the position of its technical area. The chairman of the institution, Leonardo Pereira, and the director Pablo Renteria, confirmed the understanding but the judgment was interrupted by a request of revision made by the director Henrique Machado.

Assembleias was created to make the website of the Association of Capital Market Investors – www.amecbrasil.org.br – a repository of investors’ initiatives in relation to the companies in which they invest. The first publication available on the platform is the disclosure of BNDES – BNDESPAR intention to vote on the matters included in the agenda of the Extraordinary General Meeting of JBS, to be held on September 1, 2017.

In recent weeks, the Board of the CVM – the Brazilian Securities and Exchange Commission – has approached the complete restructuring of its collegiate, which has been embezzled for several months due to the end of the term of some directors.

On August 9, director Gustavo Gonzalez took office. The new director holds a Bachelor’s degree in Law from Faculdade de Direito of Pontifícia Universidade Católica (PUC/RJ), post-graduate (MBA) in Finance from IBMEC-RJ and a Master’s degree (LL.M.) from Columbia Law School, in New York (Harlan Fiske Stone Scholar). He is also a member of the Brazilian Bar Association (OAB) and of the New York Bar Association. In his speech, the director emphasized the importance of the agency’s attention to the practices and publicity of the compensation of public companies’ managers – a subject very much discussed in Amec’s agenda.

On August 15, the new chairman of the CVM, Marcelo Barbosa, was questioned on the Senate Economic Affairs Committee (Comissão de Assuntos Econômicos do Senado), having been unanimously approved - a fact that happened for the last time almost 10 years ago. On August 15, his name was approved by the plenary of the Senate and on the 25th the decree with his appointment was published.

Joule Asset Management has just become a member of Amec. The resource management company was founded in 2016 in São Paulo. The founding partners are Roberto Pinter Le and José Luiz de Almeida Nogueira Junqueira, who are the responsible for the asset until today. Both have more than 15 years of experience in the market, having worked in several financial institutions (banks, assets and brokerages). Currently, the equity under management is approximately 80 million reais, distributed into investment funds, clubs and portfolios.

Click here for more information about Joule Asset Management.

CODIM - the Guidance Committee for the Disclosure of Information to the Market – publicly presented the Guidance Statement No. 23, on July 18th, at FIPECAFI auditorium, in São Paulo. The objective of Statement No. 23 is to guide the company in developing its work with the independent auditor, managers and governance officers to fulfill part of their responsibilities as general supervisors of the financial reporting process.

Professors Heitor Almeida, from the University of Illinois at Urbana - Champaign; Philippe Protin of the Grenoble Alpes University and Roberto Frota Decourt of the UNISINOS – Universidade do Vale do Rio dos Sinos published the first article on the Information Asymmetry Index last July. The objective of this work is to propose an asymmetric index of information and to create a ranking of public companies as part of a market analysis that can be used in several studies in corporate finance.