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Handbook Launch

The Amec Stewardship Code’s Implementation Handbook will go through restricted hearings to be attended by Amec’s members and other stakeholders from July 12 to August 11.

The Handbook will be launched on September 12, in a specific event in São Paulo. More information will be available soon.

Japan revises its Stewardship Code

The Japanese Financial Services Agency (JFSA, the regulator of the Japanese financial market) disclosed, in May, the first revision of its Stewardship Code, originally published in 2014. The revision aims to add more transparency to issues related to conflicts of interest in fund managing activities and other activities conducted by the country’s conglomerates. More specifically, the code reinforces the need of disclosing the votes cast in the shareholders’ meetings of invested companies, including explanations about the reason why the members voted in favor and against the proposals.

Although voluntary, the code has a great impact on the Japanese market as the GPIF – the world’s largest pension fund, with USD 1.3 trillion in assets under management – establishes that all fund managers it hires must adhere to the code. The GPIF has been criticizing fund managers that do not comply with their fiduciary duties regarding their votes in the invested companies.

Sumi Trust, Dai-ichi Life and the UFJ have already declared their intention to adhere to the new rules in the next months.


The next meetings of Amec are confirmed as follows:

Technical Commission – August 16, at Amec’s headquarters, in São Paulo, with remote access.

Management Board – August 24, at Amec’s headquarters, in São Paulo, with remote access.

Foreigners Commission – July 25, via conference call.

Confirmations of attendance must be submitted to

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

Opinion of Amec

A setback for SOEs

The state-owned enterprises (SOEs), grew signficantly in the 20th century, as a result of the social choice made by the Brazilians to have a state with a significant participation in the country’s economic activities. They are therefore an integral and relevant part of our capital markets. Like it or not, it’s a legitimate choice that must be respected. It’s up to the public administrators and other stakeholders to find a model that ensures that the public objectives of such choice are efficiently managed.

The listed SOE model meets this reality well. Private investors have the opportunity to become partners of the State in a profitable activity that also seeks to satisfy the public interests established by the law. As a result, public investments can be leveraged with the support of private funds. At the same time, it’s possible to add transparency and implement good corporate governance practices to improve the efficiency of the entity controlled by the state.

In theory, it seems to work.

Read more

Latest News
Amec compliments CVM on its timely decision about the impediment to vote

In the beginning of the month, the Association of Capital Market Investors – Amec – sent a letter to the Brazilian Securities and Exchange Commission – CVM – complimenting the regulator on its decision to bar a situation of conflict of interest by the controlling shareholder. The association also requested that the CVM continues to adopt a proactive posture so that abusive situations are “aborted” before they are made concrete.

Read more

2017 Shareholders’ Meetings Season Workshop promotes learning opportunities

Held on June 13, the event addressed the experiences of the Brazilian capital market’s participants and the new distance voting process, implemented for the first time this year by the largest Brazilian companies. Apart from sharing their experiences, the participants suggested possible improvements to be adopted by the regulator for the next years.

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OEDC and CVM promote task force about the Latin American Equity Market Development

On October 10 and 11, the Brazilian Securities and Exchange Commission – CVM – will be holding OECD’s – the Organization for Economic Cooperation and Development – Latin American Roundtable on Corporate Governance. The event will be focused on the development of Latin America’s equity market.

Amec’s CEO, Mauro Rodrigues da Cunha, will attend the roundtable, to be held at the headquarters of the Brazilian Institute of Corporate Governance – IBGC.

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

Organized by Abrapp – 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.

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

Organized by Apimec – the 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, 1° andar – São Paulo – SP
Information: Gabriel – (55 11) 3104-1491

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