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Stewardship News

Letter by Larry Fink – BlackRock Chairman and CEO – to CEOs

In his annual letter to CEOs, Mr. Fink reflects on the belief that any company, either public or private, must have a sense of purpose to reach its full potential. He explains that, without such sense, the company will succumb to short-term pressure. He states that the time has come for a new model of shareholder engagement – one that strengthens and deepens communication between shareholders and the companies they own. Click here to read the letter.

Signatories to the Amec Code prepare for their first report

The 16 signatories to the Amec Stewardship Code are preparing to disclose the reports on their stewardship activities conducted during 2017. The Stewardship Code Implementation Working Group met in February and discussed the choices and strategies adopted by the signatories for this first cycle. It is interesting to see that each signatory is choosing a different approach, what shows the flexibility offered by the code.

The working group has agreed to schedule an extraordinary meeting for March, before the disclosure date, to debate about ultimate issues.

Amec and ABRAPP debate stewardship and self-regulation initiatives in the IBGC

On February 6, Mauro Rodrigues da Cunha and Luiz Ricardo Marcondes Martins, CEOs of Amec (the Brazilian Association of Capital Market Investors) and ABRAPP (the Brazilian Association of Pension Funds), respectively, addressed their organization’s efforts towards stewardship and the self-regulation of investment activities in the Brazilian Institute of Corporate Governance - IBGC.

ABRAPP CEO highlighted the importance of the industry, with approximately BRL 1 trillion in assets under management, for both the market and the country. He also pointed out that only a minority of pension funds are involved in the problems recently announced in the media. However, it is known that the large pension funds are mature and that the establishing of new funds would be welcomed. The system needs to reinvent itself.

The Self-regulation Code on investment activities is part of this context. By disseminating the best practices on a voluntary basis, it reinforces the sector’s quality and reputation. Martins also mentioned the certification of insurance professionals, which follows this same line.

Amec CEO highlighted the complementary nature of Amec’s and ABRAPP’s efforts towards the evolution of institutional investors. While ABRAPP’s code is focused on the selection and supervising of fund managers, Amec’s code is focused on the relationships among pension fund entities, contracted parties and invested companies, reason why the number of pension funds that are adhering to the Amec Code has been growing.

Click here for additional information about the event.

Amec CEO contributes to IBGC’s Cycle of Debates


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

Technical Commission – March 21, at Amec’s headquarters in São Paulo, with remote access.

Foreigners Commission – March 27, at Amec’s headquarters in São Paulo, via conference call.

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

Confirmations of attendance must be submitted to

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

Opinion of Amec


Peripheral markets like Brazil are often hit by global trends that are far from the radar screens of local participants. Just like a tsunami, when it is too late to do something when it appears on the horizon, these trends bring consequences for which we may not be prepared.

That is the case of the ongoing discussion in the central markets regarding the exclusion of non-voting shares from the main market indices.

Read more

Latest News
Amec submits contribution to Anbima Code of Asset Management

Amec submitted to Anbima, on February 19, its contributions to the Public Hearing of Anbima Code of Regulation and Best Practices of Asset Management.

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Amec highlights the importance of debating the executive compensation issue

At the end of January, the Association of Capital Market Investors – Amec – sent two letters about the executive compensation issue, one to its members and one to the Brazilian Securities and Exchange Commission - CVM. In the letter to its members, the association requests that they analyze the approval of the global compensation proposal presented by companies that do not follow CVM’s regulations - which stipulates the disclosure of the minimum, average and maximum compensation.

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IBGC, SpencerStuart and B3 survey gives overview on compensation values paid to board members in Brazil

On January 30, the Brazilian Institute of Corporate Governance – IBGC – held the launch event of the sixth edition of its Executive Compensation Survey, conducted by the institute in partnership with B3 and Spencer Stuart.

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What are the challenges for Private Equity Funds in Brazil?

On February 2, Funcef, Petros and Previ held the seminar “Challenges and Prospects for Private Equity Funds – FIPs – in Brazil,” focused on discussing the need of enhancing the governance and regulation of Private Equity Funds.

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The collapse of Carillion reignites debate about auditing practices

The liquidation of UK’s largest government contractor – Carillion – has reignited debates about the regulation of the financial market and auditing practices. The group, which employed approximately 43,000 people and had more than 450 contracts with the UK government, announced its collapse in mid-January. According to analysts, the collapse resulted from the company’s aggressive growth strategy in low-margin and capital-intensive segments.

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Amec participates in CII Spring Conference

Amec CEO, Mauro Rodrigues da Cunha, will be representing the association in the annual event of the Council of Institutional Investors – CII, to be held in Washington in March (click here to access the event website).

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Latin America Investment Conference 2018

Organized by the CFA Society Brazil
Date: March 01 and 02, 2018

Hour: from 5:30 pm (March 01) and from 8 am to 6:30 pm (March 02)
Venue: Belmond Copacabana Palace Rio de Janeiro – RJ
Click here to register.

Divulgação do Ofício Circular da SEP/CVM
Disclosure of SEP/CVM’s Official Letter

Organized by CVM and B3
Date: March 8, 2018

Hour: 8:30 am to 12 pm
Venue: B3 Auditorium in São Paulo
Click here to register.

Curso Assembleia de acionistas
Shareholders’ Meeting Course

Organized by Capital Aberto
Date: March 07 and 08, 2018

Hour: 8:30 am to 1 pm
Venue: Coworking Sabiá, Av. Sabiá, 388, Moema – SP
Click here to register.

CII Spring 2018 Conference

Organized by The Council of Institutional Investors
Date: March 12 to 14, 2018

Venue: 2500 Calvert St NW - Washington, DC United States 20008
Click here to access the event agenda.

Click here to register.

ICGN Annual Conference Milan

Organized by ICGN - International Corporate Governance Network
Date: June 25 to 28
Venue: Unicredit, Head Office, Piazza Gae Aulenti 3, 20154 Milan
Click here to access the event agenda.
Click here to register.

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