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Save the Date

Temporada de Assembleias 2017 – boletim de voto a distância (“2017 Shareholders’ Meetings Season – Distance voting”)

Date: June 13, 2017
Venue: Integração Escola de Negócios, R. Manuel Guedes, 504 - Itaim Bibi - São Paulo/SP
Hour: 2 pm to 6:30 pm


The next meetings of Amec are confirmed as follows:

Management Board – May 25, at Amec’s headquarters, in São Paulo, with remote access.

Foreigners Commission – May 23, via conference call.

Technical Commission – June 21, 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.


Decision Time

After two years of debates, the reform of the Novo Mercado enters the homestretch. The 130 companies listed in the special corporate governance segments of the Brazilian Stock Exchange – BM&F (currently B3) – will have the opportunity to voice their opinions about the proposals presented. In practical terms, the companies are being called to express their views about the first major update of the regulations since the creation of the special segment, in 2001. This fact alone –a review after 16 years of lessons learned - should be sufficient for the companies to analyze the matter in detail. However, what’s at stake goes beyond a mere update of the regulations: it’s the survival of the Brazilian equity market.

The Novo Mercado was created in 2001 with the objective of providing a symmetric environment as to the perception of value and risk. In other others, it was aimed to fill in the existing gaps in our regulations that allowed the capture – unpunished in practical terms - of the company’s value by specific groups in a disproportional way to their participation in its capital. That was the reality of the Brazilian market in the 90’s. A study conducted by the fund manager Bradesco Templeton at that time showed an average control premium of 721% in M&As involving listed companies in that period. It means that the value per share paid to controlling shareholders was, on average, 8 times higher than that paid to those who invested in the stock exchange. Accordingly, the minority investments in listed shares were a game of losers. The growing perception of the fact led to a significant decrease in the number of IPOs, a scenario that marked the turn of the century.

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Latest News
New Advisory Board to focus on Amec’s work in the long term

On April 27, the Association of Capital Market Investors – Amec – held its Annual and Extraordinary Shareholders’ Meeting, during which members approved the proposal to change the association’s corporate governance structure. The Advisory Board was created, with mandate to evaluate Amec’s work on a long-term perspective; help prepare the association’s strategic planning and submit, to the Board of Directors, its recommendations about all aspects related to the association’s work.

The recently-created Advisory Board is comprised of five members, three of whom with recognized knowledge and supportive of Amec’s objectives, and two members of the Board of Directors, one of whom the Chairman.

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Porto Seguro joins Amec

On May 12, Porto Seguro joined the group of Amec’s members. Porto Seguro is a Brazilian company that has been operating in the market for more than 70 years and is one of the country’s major insurance firms and the largest one in the car and household insurance segment. Today, it has approximately 8 million clients, 15,000 employees, 18,000 service vendors and 30,000 partner brokers. In 2016, it had net sales of $923 million reais.

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Association suggests a further analysis about accounting procedures and the auditors’ role

The Association of Capital Market Investors – Amec – sent to the Brazilian Securities and Exchange Commission – CVM – a contribution to the public hearing of the Office of the Superintendent of Accounting Standards – SNC 01/17, responsible for the update of the CVM Instruction 308/99, especially with respect to the work of independent auditors. As CVM itself mentions in the public notice, an update is necessary as the instruction was issued more than 17 years ago and significant changes have taken place since then.

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Amec and CFA Institute conduct joint study about the One Share, One Vote Principle

The paper “An Assessment of Dual-Class Shares in Brazil”, prepared by the professor Pedro Matos from the Darden School of Economics, University of Virginia, was launched on May 9. The study is the result of a partnership between Amec and the CFA Institute and investigates the empirical evidences in terms of the valuation vs. the operating performance of companies listed in the Novo Mercado – that follow the one-share, one-vote principle – and those not listed in the special segment.

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International practices reinforce claim for access to the shareholders’ list

On May 28, Amec sent a letter to the Brazilian Securities and Exchange Commission – CVM – presenting additional arguments about the need of a review of the regulator’s position regarding the access to the shareholders’ list by investors. Since 2009, the association has been consistently advocating that the law should ensure that shareholders have access to the shareholders’ list so that they can exercise their rights, including political rights, before the invested companies. Additionally, the current scenario brings about a lack of symmetry in which the management and the controlling shareholder have access to this information, unlike minority shareholders.

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IBRI to celebrate its 20th anniversary on June 5, 2017

The IBRI – Brazilian Investor Relations Institute – will be celebrating its 20th anniversary in a ceremony to take place at B3 headquarters (Rua XV de Novembro, 275 – ground floor – São Paulo – SP) on June 5, 2017, at 7 am.

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19º Encontro Internacional de Relações com Investidores e Mercado de Capitais (“19th International Meeting of Investors Relations and the Capital Market”)

Organized by IBRI and Abrasca
Date: June 21-22, 2017
Venue: FECOMERCIO - R. Doutor Plinio de Barreto, 285 – Bela Vista – São Paulo/SP
June 21 – 2 pm to 6:30 pm
June 22 – 8:30 am to 6 pm
Abrasca’s and IBRI’s members: R$ 1,650.00
Amec’s members: R$ 3,450.00
Others: R$ 4,500.00

Click here to register.

Workshop Sobre Voto a Distância: Resultados e Aprendizados de 2017 (“Workshop on Distance Voting: 2017 Results and Lessons Learned”)

Organized by B3
Date: June 1, 2017
Venue: Rua XV de Novembro, 275, Centro – São Paulo (SP)
Investment: free (limited places available)

Click here to register.

ICGN Annual Conference 2017

Organized by the International Corporate Governance Network
Date: July 11-13, 2017
Venue: Shangri-La Hotel, 1 Jalan Sultan Ismail, Kuala Lumpur, 50250, Malaysia
Click here to access the conference agenda.
ICGN’s members: £500
Non-members: £900
Partners*: £650
*Anyone who registers through MSWG, IIC or KWAP
Fee: Amec’s members – by May 4 - R$ 657 – after May 4 – R$ 711 (code: ca17amec)
Click here for additional information and to register.

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