Relevant Facts - December 2014 Send to a friend
    Year-end recess and 2015 meeting schedule    

Amec will shut down from December 22, 2014 to January 2, 2015 for year-end holidays, resuming its regular activities as of January 5, 2015.

Click here to access the 2015 meeting schedule.

    CVM punishes Petros, Previ and Funcef for voting in candidates to occupy minority shareholders’ seats at Petrobrás’ Board of Directors. CFO and BNDES sign Plea Agreement    

On December 02, 2014, the Brazilian Securities and Exchange Commission (CVM) concluded the judging of the Administrative Sanctioning Process CVM no. 11/2012, dealing with the responsibilities of PREVI - Banco do Brasil Employee Pension Fund, FUNCEF – the Federal Savings and Loans Bank Employees’ Foundation, and PETROS – Petrobrás Social Security Foundation for having voted in the elections of candidates to occupy the seats of Petrobrás’ Board of Directors allocated to minority shareholders in the Company’s 2011 and 2012 General Shareholders’ Meetings.

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    Amec contributes to CVM’s Public Hearing about distant vote    

The Brazilian Securities and Exchange Commission – CVM –, through the Office of the Superintendent of Market Development, submitted to Public Hearing a draft of instruction suggesting changes to ICVM no. 480 and 481, aimed primarily to allow and regulate the distant participation and vote in General Shareholders’ Meeting through proxy cards. Contributions to the Public Hearing will be accepted by January, 22.

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    AMEC, BMF BOVESPA, CVM and IBGC represent Brazil in OECD’s Corporate Governance Roundtable    

Following a long tradition, Amec participated in the Corporate Governance Roundtable organized by the Organization for Economic Cooperation and Development (OECD), in partnership with the International Finance Corporation (IFC) and the Government of Spain. The meeting took place in Bogotá, Colombia, from November 17 to 19, and was sponsored by BVC – the Colombian Stock Exchange. The event program is available here.

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    Basel Committee suggests Corporate Governance Principles for Banks    

Last October, the Basel Committee published a draft of the revision of the Corporate Governance Principles for Banks. The document can be accessed here and is opened for public comments by January 9, 2015.

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    International Speakers participate in Amec’s Technical Commission Meeting    

In its November meeting, the Technical Commission welcomed two executives from IFRS, who delivered a speech about the most recent accounting standards. Mr. Fred Nieto and Ms. Marina Corsini detailed some accounting standards recently issued, such as the IFRS 9 (Financial Assets, Hedge Accounting and Impairment), 10, 11, and 12 (Consolidated Financial Statements, Joint ventures, and Disclosure of Interest in Other Entities). Other matters discussed included ongoing projects involving leasing, regulatory assets, rationalization of explanatory notes and the revision of the conceptual framework.

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    Guidance Letter 02
Privileged Information and the Board of Directors

The access to and use of non-public information (insider trading) in the trading of securities is one of the major threats to the capital market.

    Brazilian Takeover Panel – an answer to the problems facing the stock market    

CAF - the Brazilian Takeover Panel was established in 2013 as a result of a joint effort by BM&Fbovespa (the Securities, Commodities and Futures Exchange), ANBIMA (the Brazilian Association of Entities of the Financial and Capital Markets), IBGC (the Brazilian Institute of Corporate Governance), and AMEC (the Association of Capital Market Investors) towards the self-regulation of the market with a view to discussing issues related to public tender offers and corporate restructurings. CAF’s structure was based on the model of the United Kingdom’s Takeover Panel, created in 1968 also in the self-regulation sphere but that, due to the credibility gained, was eventually incorporated to the legislation and started to be a compulsory stage in all tender offers and corporate restructurings. Recently, the European Community has recommended that all the countries in the region should create entities of this type.


Governance – a highlight during Apimec 23rd Congress


Apimec 23rd Congress took place in the city of Porto Alegre (State of Rio Grande do Sul), at Centro de Eventos Plaza São Rafael, on December 1 and 2, 2014.

The main theme that guided the panels of Apimec Congress was the “Challenges for Brazil to recover its attractiveness and grow with Sustainability” and the objective was to discuss the new directions the country has to take, after the elections.

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