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Stewardship News

ABRAPP supports the Amec Stewardship Code

In December last year, the Brazilian Association of Pension Funds – ABRAPP – published a letter in support of the Amec Stewardship Code, submitted by the association to its members. Click here to read ABRAPP’s letter.

Stewardship, as yet not translated into Portuguese, is the governance of institutional investors that, after becoming responsible for managing third-party funds, must comply with the fiduciary duties agreed with their clients. Institutional investors are stewards of third-party funds, they “take care” of someone else’s investments.

In its supporting letter, ABRAPP states that “it reinforces its support to the Code, recommending that not only the entities with exposure to equities adhere to it, but also the equity funds in which pension funds have stakes.”

Today, Fundação Cesp and FUNCEF are signatories to the Amec Stewardship Code. “Pension funds play a pivotal role in disseminating stewardship principles as they impact on the activities of management firms in the long term, ultimately impacting the market as a whole,” explains Mauro Rodrigues da Cunha, Amec CEO.

Stewardship principles take effect in the United States

The principles of the Investor Stewardship Group – ISG – went into effect on January 1, 2018. The group gathers large asset managers and pension funds and was formed to bring to the world’s largest capital market the approach and principles already in force in dozens of other countries regarding the role of institutional investors in the governance of invested companies.

The signatories to the principles are Blackrock, Calpers, CalSTRS, JP Morgan, MFS, Neuberger Berman, T Rowe Price, and State Street, among others. In addition to them, global fund managers not based in the United States have also become their supporters. They are Aberdeen, Robeco, Hermes, HSBC, PGGM, UBS, MN, and Newton, among others. Together, the group of signatories and supporters have approximately $ 22 trillion in assets under management.

“The ISG is advocating for communication – not a tick-the-box compliance exercise,” said Anne Sheenhan, CalSTRS Director of Corporate Governance.

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The “craze” for ethical investments has reached Japan

According to an article published by The Economist, funds invested in ESG assets grew faster in Japan than anywhere else in 2014-16. Although the total investment balance is low compared with Europe or America, it’s high for Asia. Japan’s sustainable-investment balance is $474 billion, or some 3.4% of the country’s total managed assets. The shift is driven from the top down, as a governmental guideline, rather than, as elsewhere, by ethically minded individual investors.

Click here to read the article.

South Korea’s Stewardship Code

The South Korea’s government has announced that the NPS - the South Korea National Pension Service - will actively adopt the country’s Stewardship Code after the second half of 2018. Other pension funds are planning to adhere to the code in 2019. The government will relax disclosure requirements for companies that adhere to it. The government’s goal is to provide institutional investors with the right of recommending external auditors; today, only the main lending bank or the company itself are allowed to do that.


The next meetings of AMEC are confirmed, only for members:

Board of Directors – January 31, at Amec’s headquarters, in São Paulo, with remote access.

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

Management Board – February 22, at Amec’s headquarters in São Paulo with remote access.

Foreigners Commission – February 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 enters 2018 with a new member, Trafalgar Investimentos

Established in 2017 and headquartered in São Paulo, Trafalgar Investimentos is an independent fund manager that gathers professionals from UBS, Credit Suisse and Itaú and manages multimarket funds and securities, wealth management and credit funds.

Read more

Suzano Papel e Celulose wins the 2017 Amec Corporate Events Award

Suzano Papel e Celulose was the winner of the 2017 Amec Corporate Events Award, given by Amec – the Brazilian Association of Capital Market Investors. The nomination made by the association represents the recognition of minority investors as to the unification of Suzano’s shares into a single share class during the migration of the company to the Novo Mercado, B3’s highest corporate governance level.

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Amec organizes meeting among its members and representatives of Pension Funds

In the end of 2017, Amec – the Brazilian Association of Capital Market Investors – organized a breakfast meeting with professionals from pension funds engaged in investment activities – mainly equities. The objective was to encourage a dialogue about Amec’s agenda, which includes issues related to minority shareholder rights, regulations, development of the capital market and prospects for 2018.

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Event about revenue recognition for the real estate industry surpasses expectations

Although very close to the holiday session, the “POC ou não POC?” (“POC or not POC?”) event attracted a much wider audience than expected. “We decided to organize the event after the request of some Amec’s members that closely follow the real estate industry. And the topic proved to be very relevant,” explained Mauro Rodrigues da Cunha, Amec CEO.

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Report shows that improvements in quality of audit firms is too slow

The Dutch Authority for the Financial Market – AFM –, independent market conduct authority, published a report last year that shows that the implementation of changes by PIE audit firms to improve the quality of their audits is too slow.

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Amec participates in international events

In December, Amec was represented by its CEO in important international events.

In Paris, Mauro Rodrigues da Cunha, Amec CEO, participated in the ICGN meeting, held in the historic Stock Exchange building and attended by some 300 participants. He spoke in the panel about the payment of damages and compensation to investors together with Daniel Summerfield, Director of the USS pension fund, and Jeremy Libermann, from Pommeranz.

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Governance Code encourages debates among investors and companies

In December, Amec participated in another event to discuss the implementation of the Brazilian Code of Corporate Governance. The debate, organized by the Brazilian Institute of Corporate Governance - IBGC -, was attended by some 50 participants.

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Seminário Desafios e Perspectivas para os FIPs no Brasil
(Seminar on the Challenges and Prospects for Private Equity Funds – FIPs – in Brazil)

Organized by: Petros, Previ and Funcef
Date: February 2, 2018

Hour: 9:30 am
Venue: Rio Othon Palace Hotel, no Rio de Janeiro
For guests only.

Ciclo de Palestras: Implantação Consciente das Novas Regras - SP
Stewardship Code e Código de Autorregulação em Governança de Investimentos
(Debate Cycle: Conscious Implementation of the New Standards – SP
Stewardship Code and Self-Regulation Code of Investment Governance)

Organized by: IBGC
Date: February 6, 2018

Hour: 8 am
Venue: IBGC’s headquarters - Sala Independência - Avenida das Nações Unidas, 12.551 – 21° andar Edifício World Trade Center - São Paulo/SP
IBGC’s members: free
Non-members: $160.00 (one hundred and sixty reais)
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
Venue: B3 Auditorium in São Paulo
Further information about the event will follow in February.

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