Amec – the Association of Capital Market Investors – held at its headquarters, on February 24^th, an exclusive breakfast for members that was graced with the presence of Jesse Fried, Professor of Law at Harvard Law School. The topic under discussion during the event was “the executive compensation and the role of investors.”

The free event started with a speech delivered by the professor, followed by a debate among all attendees.

In February, Amec – the Association of Capital Market Investors – sent a letter to Banrisul’ Board of Directors suggesting a General Shareholders’ Meeting to decide on the value to be paid by Rio Grande do Sul’s state public servants’ payroll.

In January, Amec – the Association of Capital Market Investors – contributed with the public hearing about ICGN – International Corporate Governance Network - Stewardship Code. The document drafted by the association’s members is part of the activities developed by Amec’s Working Group related to the preparing of the Brazilian Stewardship Code. “The contribution of the association to ICGN was very important for our learning process and will directly reflect on the drafting of the Brazilian code,” explains Amec CEO, Mauro Rodrigues da Cunha.

This month, the Association of Capital Market Investors sent a letter to CVM – the Brazilian Securities and Exchange Commission – about the risks detected in capital increase offerings, such as the lack of information and the difficulty in the assignment of rights.

Last Tuesday, the Senate approved the Draft Law 555 and submitted it to the House of Representatives. It represents a legal milestone for fully and listed state-owned enterprises and changes the rules on hires in these companies. Amec was contrary to the project (read the article “To rescue our SOEs”). Amec CEO, Mauro Rodrigues da Cunha, also addressed the association’s opinion in the Joint Committee of the Congress and in an event promoted in partnership with IBGC - the Brazilian Institute of Corporate Governance - and Insper.

On February 16^th, the Superior Court of Justice accepted the Special Appeal of the criminal action related to the Sadia/Perdigão case – the first insider trading case in the criminal sphere judged in Brazil as part of the partnership between the Brazilian Securities and Exchange Commission – CVM - and the Federal Prosecution Service.

The Steering Committee for Disclosure to the Market – CODIM – presented, in a press conference held on March 9^th, its Guiding Pronouncement (Pronunciamento de Orientação - PO) No. 19 about “Best Practices for the Disclosure of Information in Explanatory Notes”.

In the beginning of March, JGP Gestão de Recursos issued a letter of support to CAF – the Brazilian Takeover Panel – congratulating the association on the initiative, inspired by the British Takeover Panel. In the document, the fund management firm states that it fully supports the initiative to foster the development of the corporate governance in the Brazilian capital market.

Invited by CVM – the Brazilian Securities Exchange Commission – Amec has contributed to the process related to the drafting of a report of IOSCO - International Organization of Securities Commissions - by answering to a questionnaire about the following topics: Composition of Boards of Directors; Management Compensation and Risk Management.

As it usually does in the beginning of the year, the Brazilian Securities and Exchange Commission – CVM - published, on February 29^th, its CVM/SEP Official Letter No.02/2016, one of the most important documents to guide governance issues in Brazilian listed companies. In this year’s letter, CVM highlighted that all listed state-owned entities are to disclose, to the market, details about initiatives related to public policies linked to the law that establishes their performance and their possible financial impact.