May | 2018

Stewardship Code’s compliance rules take effect

The Association of Capital Market Investors – Amec – approved the Internal Rules and Enforcement Guidelines of the Stewardship Code. Approved by the association’s Board of Directors and Management Board, the document will guide the enforcement of the code’s signatories by establishing rules and procedures for the analysis of annual reports.

The rules are already in force, but sanctions will be enforced only from 2021 on. A Committee formed by market’s experts to be appointed by Abrapp (the Brazilian Association of Pension Funds), Anbima (the Brazilian Financial and Capital Market Association), Apimec Nacional (the Association of Investment Analysts and Professionals of the Capital Market) and IBGC (the Brazilian Institute of Corporate Governance), and by up to four members nominated by Amec to be chosen among its members, will be responsible for analyzing the reports. All invited associations have already agreed to nominate members.

Serving a two-year mandate term, the Committee will evaluate the reports and issue its opinion by June 30 every year, classifying the adherence of the signatories in three categories. Companies listed under the third category will be subject to sanctions that include from the preparing of an improvement plan to the exclusion from the list of signatories.

The full set of rules is available here.

ICGN launches stewardship awards

The International Corporate Governance Network – ICGN – has just launched new awards to recognize good stewardship practices. The nominations to the ICGN Stewardship Champion Award, in the Individual and Organization categories, are open by June 11. The nominations to the ICGN Global Stewardship Disclosures Award (Asset Owners) and to the ICGN Stewardship Disclosures Award (Asset Managers), which will also be awarded for the first time this year, are now closed.

Shortlisted candidates will be announced at the ICGN annual conference in Milan (June 25-28) and the winners will receive their awards during an event in London, on December 4.

Click here for more details about the award.
The next meetings are confirmed, as follows, only for members:

» Technical Commission – June 20, at Amec’s headquarters in São Paulo, with remote access.

» Foreigners Commission – June 26, via conference call.

» Management Board – June 28, at Amec’s headquarters 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.

Appeallate Court reestablishes the mandatory disclosure of executive compensation

The legal battle between the Brazilian Securities and Exchange Commission – CVM – and the Brazilian Institute of Financial Executives – Ibef – has come to an end. On May 23, the Regional Federal Appellate Court of the 2nd region (TRF 2) unanimously reversed the lower court decision that for eight year has protected the companies that did not disclose correctly the compensation paid to their executives. Amec participated in the aforementioned process as amicus curiae.
Read more

Amec participates in event about green finance

Fernando Tendolini, vice-presidente da Amec, durante o UK Green Finance Summit, em São Paulo
Fernando Tendolini, Amec’s vice president, at the UK Green Finance Summit, in São Paulo
Amec was one of the associations invited to participate in the “UK Green Finance Summit in Brazil”, held in São Paulo on April 26. The event, organized by the British Consulate, discussed the role of the capital market for green financing. In its presentation, the association introduced the Amec Stewardship Code and its efforts to encourage the participation of institutional investors when it comes to responsible management practices. Read more

Where do we want to go when it comes to the disclosure of policies?

Apresentação do presidente Mauro Cunha em workshop sobre as novas regras do Novo Mercado
Presentation of Amec’s CEO Mauro Cunha during workshop about the Novo Mercado’s new rules
“Of all innovations brought by the reform, these are the most underdeveloped ones,” said Mauro Rodrigues da Cunha, Amec’s CEO, when starting his presentation about policies on nominations, compensation and transactions with related parties. The topic, discussed in São Paulo on May 17, was the first one of a series of workshops organized by B3 to discuss the implementation of Novo Mercado’s new regulation. Read more

Petrobras lists on Level 2 of Corporate Governance benefited by a special waiver

On May 14, Petrobras’ shares started to be traded in the Level 2 of B3’s corporate governance segment. The delisting from the traditional listing segment was possible through a waiver granted by the stock exchange. Read more

Meeting with pension funds demonstrates the importance of concerted efforts among professional investors

On April 19, the Fundação Petros played host to the meeting organized by the Brazilian Association of Capital Market Investors – Amec – with professionals from the pension funds segment in the city of Rio de Janeiro. In addition to Petros, representatives from the country’s largest pension funds, such as Previ, Valia and Fundação Atlântico, also participated in the event. Read more

Hong Kong Stock Exchange loosens the “one share one vote” principle and rejects the sunset clause

To attract IPOs, especially tech companies, the Hong Kong Stock Exchange gave up the “one share one vote” principle. The fact takes place after years of discussions. In 2014, Alibaba’s IPO sparked off the long-running debate. The e-commerce giant listed its stock in the New York Stock Exchange (the IPO surpassed US$ 20 billion) because the Hong Kong Stock Exchange did not allow the listing of companies with dual-class shares – structure that violates the balance ensured by the one-single class structure, but grants the corporate executive control of the company with a small portion of its capital. Read more

Investors prepare to discuss stock exchanges’ governance practices

Changes as the one made by the Hong Kong stock exchange are in the cross hairs of investors willing to discuss the governance rules imposed by the stock exchanges. Representatives of the ICGN – International Corporate Governance Network – have been organizing themselves to explore the topic during ICGN annual conference, to take place in Milan, in June. The WFE – World Federation of Exchanges –, which represents the stock exchanges, informed it will be participating in the debate. Read more
8ª Conferência Brasileira de Contabilidade e Auditoria Independente
(8th Brazilian Conference on Accounting and Independent Audit)
Organized by: Ibracon
Date: June 11 and 12
Venue: Teatro Bradesco – Rua Palestra Itália, 500 (piso Água Branca) – São Paulo/SP
Click here for more information.
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 for the event agenda.
Click here to register.
Congresso Brasileiro de Mercado de Capitais
(Brazilian Capital Market Congress)
Organized by: Anbima and B3
Date: September 3 and 4
Venue: Memorial da América Latina - Av. Auro Soares de Moura Andrade, 664 - Barra Funda, São Paulo/SP
Click here for more information.
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