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Stewardship News

Handbook Launch

The Amec Stewardship Code’s Implementation Handbook will be launched on September 12, at 1:30 pm, at B3 auditorium, Praça Antonio Prado, 48, 3rd floor, in São Paulo. The event is free of charge and places are limited. Click here to register.


1:30 pm – 2:00 pm - Registration

2:00 pm – 2:15 pm - Opening – What is the Stewardship Code
Mauro Rodrigues da Cunha, Amec

2:15 pm – 3:35 pm - How to start working with the Stewardship Code
Jaime Gornzstein, Hermes
Rochelle Giugni, Hermes
Isabella Saboya, IBGC

3:35 pm – 4:15 pm - The Amec Stewardship Code’s Implementation Handbook
Mauro Rodrigues da Cunha, Amec

4:15 pm – 4:45 pm - Coffee Break

4:45 pm – 5:45 pm - Institutional Investors Roundtable
Moderadora: Yuki Yokoi,Capital Aberto

Eliane Lustosa, BNDES
Walter Mendes, Petros
Jaime Gornsztejn, Hermes
Jorge Simino, Funcesp

5:45 pm – 6:30 pm - Closing – Next steps and the regulator’s view
Daniel Walter Maeda Bernardo, SIN, CVM
Mauro Rodrigues da Cunha, Amec

Australia launches the Stewardship Code

The Financial Services Council (FSC), entity that brings together Australian investment managers and asset owners, launched in July its Internal Governance and Asset Stewardship Standard, which is mandatory for all FSC asset management members. The decision adds Australia to the growing list of countries that have adopted the Stewardship Code. It is the 19th country to adopt the Code.

FSC CEO Sally Loane said: “Australia was until now one of the only major economies without a Stewardship Standard in place and the only signatory of the Asia Region Funds Passport without one. For this reason, we are especially proud and excited to launch our Standard.”


The next meetings of Amec are confirmed, as follows, only for members:

Technical Commission – September 20, at Amec’s headquarters, in São Paulo, with remote access.

Management Board – September 28, at Amec’s headquarters, in São Paulo, with remote access.

Foreigners Commission – September 27, via conference call.

Confirmations of attendance must be submitted to

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

Latest News
Amec and IBGC launch new course on Corporate Governance for Investors

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.

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Amec suggests voluntarily adoption of proposals that were not included on the Novo Mercado reform

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.

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Amec participates in debate on the Federal Senate on Provisional Measure to increase CVM fines

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.

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Majority in CVM recognizes vote impediment of controlling shareholder in EMAE and Sabesp case

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.

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BNDES proposal for JBS meeting launches the Assembleias, Amec’s information platform

Assembleias was created to make the website of the Association of Capital Market Investors – – 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.

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CVM Board is restructured

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.

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Joule joins Amec

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 statement addresses the new report of the independent auditor

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.

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Scholars launch first article on Information Asymmetry Index

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.

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Meeting of the RoundTable Task Force on Latin American Equity Market Development

Organized by Organização para a Cooperação e Desenvolvimento Econômico – OCDE (Organization for Economic Co-operation and Development – OECD)
Date: October 10 and 11, 2017
Venue: Hotel Meliá Jardim Europa – Rua João Cachoeira, 107 – Itaim Bibi, São Paulo
Click here for additional information and to register.

38º. Congresso Brasileiro da Previdência Complementar Fechada (38th Brazilian Congress on Closed Complementary Pension Funds)

Organized by Abrapp – Associação Brasileira das Entidades Fechadas de Previdência Complementar (the Brazilian Association of Pension Funds)
Date: October 4 to 6, 2017
Venue: Transamerica Expo Center – Av. Dr. Mário Vilas Boas Rodrigues, 387 – Santo Amaro – São Paulo - SP
Click here for additional information and to register.

Effective Board Leadership Workshop

Organized by IFC International Finance Corporation.
Date: October 17 to 19, 2017
Venue: IFC Headquarters 2121 Pennsylvania Ave. NW, Washington DC, USA
Click here for information and to register.

4ª. Conferência Internacional LATAM ESG 2017 – Integração ESG – Responsabilidades de Oportunidades (4th LATAM ESG 2017 International Conference – ESG Integration – Responsibilities and Opportunities)

Organized by Apimec – Association of Analysts and Investment Professionals of the Capital Market – in partnership with the Principles for Responsible Investment – PRI – of which Apimec is a Network Supporter.
Date: October 24, 2017
Venue: B3 – Rua XV de Novembro, 275, Centro, 1º. andar – São Paulo - SP
Information: Gabriel – (55 11) 3104-1491

XIV Seminário Internacional CPC – Normas Contábeis Internacionais (XIV CPC International Seminar – International Accounting Standards)

Organized by CPC – the Committee of Accounting Pronouncements and FACPC – the Supporting Foundation to CPC
Date: November 7, 2017
Venue: Grand Mercure Ibirapuera – Rua Sena Madureira, 1355 – Vila Clementino, São Paulo – SP, Brasil.
Click here for information and to register.

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