June | 2018

Amec introduces Stewardship Code during OECD annual event

Right to left: Sandra Guerra (Better Governance), Mauro Cunha (Amec), Hector Lehuedé (OECD) and Miguel Ferré (GCC), during the Latin American Roundtable on Corporate Governance, in Argentina
On June 12 and 13, Argentina played host to the 2018 Meeting of the Latin American Corporate Governance Roundtable, organized by the Organization for the Economic Cooperation and Development (OECD) on a yearly basis. Amec participated in the panel “Transparency for institutional investors and proxy advisors: stewardship codes versus regulatory disclosure requirements”. Amec’s CEO, Mauro Rodrigues da Cunha, shared the roundtable with Hector Lehuedé, Senior Policy Analyst, OECD, Miguel Ferré, Vice-president, Global Corporation Center – a partnership between IE Business School and EY Foundation, and Sandra Guerra, Managing Partner, Better Governance.

During the panel, Mr. Ferré talked about the regulatory innovations in Europe, mainly after the implementation of the new European Shareholder Rights Directive, and its consequences for fund managers. One of the main points of the new regulatory milestone is that member states must regulate the way managers in their jurisdictions will meet their stewardship obligations.

Yet Mr. Lehuedé introduced the draft of an academic paper developed in partnership with the Institute of Corporate Secretaries and Administrators – ICSA – about the deeper engagement between investors and listed companies.

Amec’s CEO presented the background of the Amec Stewardship Code. Among the topics, Mr. Cunha addressed the challenges in implementing the Code and the opportunity to share the experience with other Latin American countries as the Amec Code is the only Stewardship milestone in the continent.

Read more about the event in the Latest News session below.

Efama publishes new stewardship code

The European Fund and Asset Management Association (Efama) published the new version of its Stewardship Code, with principles, monitoring, voting and engagement guidelines for fund managers. The document is the result of the revision of Efama Code of External Governance, in line with the Revised Shareholder Rights Directive – published on May, 2017. EU member countries must adopt the document by June, 2019.

Based on the “comply or explain” system, the new code highlights how fund managers, through their management bodies, can encourage the best management practices. The scope of the chapter about the engagement with invested companies was updated and now includes environmental & social, compliance, culture & ethics and capital structure issues.

Check here to read the full document.
The next meetings are confirmed, as follows, only for members:

» Technical Commission – July 18, at Amec’s headquarters in São Paulo, with remote access.

» Management Board – July 19, at Amec’s headquarters in São Paulo, with remote access.

» Foreigners Commission – July 24, via conference call.

» Board of Directors – July 26, in São Paulo, with remote access.

Confirmations of attendance must be submitted to maria.alice@amecbrasil.org.br.

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

Amec receives the ICGN Excellence in Corporate Governance Award in Milan

On June 26, Amec received the Excellence in Corporate Governance Award. Offered by the International Corporate Governance Network (ICGN), the award recognizes the work the association has developed over the past 12 years since its creation. “Amec is very honored with this award. Our satisfaction is even greater as it is the most important corporate governance recognition globally. The ICGN reflects, on a world scale, values we also support. It is especially encouraging to receive this recognition in such an important moment, when the Brazilian companies are actually adopting more transparent compensation practices,” said Mauro Rodrigues da Cunha, Amec’s CEO. Read more

Robeco joins Amec

Robeco is Amec’s newest member. With $ 165 billion euros in assets under management, the Dutch asset manager joins the group of Amec’s international members, such as BlackRock, Franklin Templeton, and Aberdeen. Although a recent member, Robeco has been a signatory of the association’s Stewardship Code since February, 2017. Read more

Registration for Amec 2018 Investor Forum is now open

2018 Amec Investor Forum
The Amec 2018 Investor Forum – with the theme “Proposals for the improvement of the capital market” – will be held on August 22, at Casa Bisutti, Rua Casa do Ator, 577 – Vila Olímpia, São Paulo/SP. Participants can register online in forum2018en.amecbrasil.org.br. Read more

OECD roundtable focuses on the evolution of the Latin American markets

On June, the OECD promoted another edition of its traditional Meeting of the Latin American Corporate Governance Roundtable. The event, held since 1999 in the region’s countries, is supported by the Government of Spain. This year, the meeting took place in Buenos Aires, Argentina. Read more

OECD study illustrates debate about the challenges facing the capital markets

During the roundtable held in Buenos Aires, OECD’s representatives introduced the results of the studies led by the task force of the region’s equity markets aimed to identify the major obstacles for the development of Latin American equity markets. Read more

Funcef enhances governance while implementing the Amec Stewardship Code

On May 30, Amec was at Funcef’s headquarters, in Brasília, to talk about the Amec Stewardship Code. Funcef was the first pension fund that adhered to the code, in March last year, and now it is implementing the governance enhancements recommended in the document. Read more

Previ code is under review and Amec makes suggestions

Previ, Brazil’s largest pension fund, is revising the Previ Code of Corporate Governance. Launched in 2004, the code has become the document that guides the fund’s relationships with all agents that work with it and is being revised for the second time. Invited to participate in the restricted hearing, Amec sent its contributions – now under analysis. Read more

Public hearing to discuss the new rules on the calculation of fines and the leniency agreement is underway

The Brazilian Securities and Exchange Commission – CVM – has started the public hearing on the instruction that will regulate its activity. The draft, available since June 18, adjusts the regulatory framework to the Law 13,506 – edited last year, the text introduced the possibility of the regulator closing an administrative agreement as part of the supervision process (also called leniency agreement) and brought up the maximum value of the fine from BRL 500,000 to BRL 50 million. Given its relevance and scope, Amec will be discussing the standard during its Technical Commission meeting in July. Read more

CVM establishes deadline for the disclosure of compensation data

Since June 25, all companies must disclose complete information about their executive compensation, including the minimum, average and maximum values paid to their board members and directors – pursuant to the item 13.11 of the reference form. The rule is part of the Official Letter 04/2018 issued by the Office of the Superintendent of Corporate Relations (SEP) of the Brazilian Securities and Exchange Commission – CVM. The determination is the result of the decision of the 8th panel of the Regional Federal Appellate Court of the 2nd Region that, in the end of May, unanimously reversed the lower court decision that allowed the partial disclosure of executive compensation. Read more

Edison Garcia is the new president of INSS

Public Attorney Edison Garcia is the new President of the Brazilian Social Security Institute - INSS. The nomination was published in the Official Federal Gazette (DOU) on May 30. In his interviews after the nomination, Garcia highlighted the intention of implementing practices of the capital market in the institute. In addition to having been the superintendent and CEO of Amec from 2006 to 2012, the attorney also participated in the “National Financial System’s Council of Appeals” (known as Conselhinho) and in the Self-Regulation Council of Anbid (currently Anbima). Read more
24º Congresso Apimec
Apimec 24th Congress
Organized by: Apimec
Date: August 7 and 8, 2018
Venue: Teatro CIEE – Rua Tabapuã, 445 – Itaim Bibi, São Paulo
More information to be made available soon.
Congresso Brasileiro de Mercado de Capitais
Brazilian Capital Market Congress
Organized by: Anbima and B3
Date: December 3 and 4, 2018
Venue: Memorial da América Latina - Av. Auro Soares de Moura Andrade, 664 - Barra Funda, São Paulo/SP
Click here for additional information.
XV Seminário internacional CPC – Normas contábeis internacionais
XV CPC International Seminar – International Accounting Standards
Organized by: CPC
Date: October 15, 2018
Venue: Amcham Business Center – Rua da Paz, 1431 – Chácara Santo Antônio, São Paulo
Registrations to be open soon.
Send to a friend:
Send to a friend:
Be a member:
Be a member
Follow us:
Amec - Associação de Investidores no Mercado de Capitais
R. Joaquim Floriano, 1.120, 10º andar/101
Itaim Bibi - São Paulo - SP - Brasil
CEP: 04534-004