Amec’s Technical Commission will be holding a special meeting about the 2017 general shareholders’ meetings season at its headquarters, in São Paulo, on February 15^th. At the suggestion of its members, the meeting will include a broad debate in which investors leading voting campaigns will be able to address their claims, strategies and obstacles with a view to identifying synergies and ensuring more efficient processes for the exercising of their rights. The meeting will be open only for institutional investors that are members of Amec. However, given their importance in the capital of Brazilian companies, the BNDES (Brazilian National Bank for Social and Economic Development), Previ (Banco do Brasil pension fund) and Petros (Petrobras pension fund) were also invited to attend the meeting and have already confirmed their participation.

Amec participated in the Public Hearing 10/2016 held by the Office of the Superintendent of Market Development of the Brazilian Securities and Exchange Commission – CVM – that addresses the changes to the CVM Instruction 480/09. In the document sent to the regulator, the association highlights two important claims brought by its members: the publishing of the list of executives of listed companies that are members of Instituto Brasileiro de Executivos de Finanças (Ibef Rio) and benefit from the injunction that grants them the right of not disclosing their compensation, contrary to CVM’s own requirements, and the disclosure of the shareholder list by listed companies.

In a letter sent to the Brazilian Stock Exchange on February 3^rd, Amec – the Association of Capital Market Investors – calls the attention, without mentioning any concrete case, to tenders offers in which sellers try to circumvent the equitable treatment to the buyers through mechanisms that eventually pressure minority shareholders to transfer their shares under specific unilateral conditions.

On February 6^th, 2017, the airline Azul registered its preliminary prospectus to carry out an IPO. The operation involves the sale of preferred shares entitled to 75X the economic value of the company’s ordinary shares – representing a structure of super preferred shares similar to that adopted by Gol Linhas Aéreas.

The Board of the Brazilian Securities and Exchange Commission has unanimously decided to acquit the Federal Government for the losses incurred by Petrobras in the sale of fuel oil to Amazonas Energia. The transactions led to outstanding balances of up to BRL 15 billion funded by Petrobras, to the recognition of losses and to the signing of refinancing agreements at present values significantly below the amount due.