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Stewardship News

Funcef - Fundação dos Economiários Federais (“Government Owned Bank Federal Employees Foundation”) - is the first pension fund to adhere to the Amec Stewardship Code. Funcef is Brazil’s third largest pension fund and one of the largest funds in Latin America.

Funcef, a non-profit organization with administrative and financial autonomy, was established with the objective of managing the complementary pension fund plans of CAIXA’s (the Federal Savings Bank) employees. Today, it has more than BRL 56 billion in active assets under management and approximately 137,000 participants.


The Association of Capital Market Investors – Amec – is pleased to invite its members to its Annual General Meeting, to take place at the association’s headquarters – Rua Joaquim Floriano, 1.120, 10º andar, cj. 101 – on April 27th, 2017, at 5:30 pm.

The next meetings of Amec are confirmed as follows:

Technical Commission – April 19th, at Amec’s headquarters, in São Paulo, with remote access.
Foreigners Commission – April 25th, via conference call.

Confirmations of attendance must be submitted to

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

Latest News
BM&FBOVESPA presents the final proposals on the listing regulation of the Novo Mercado and Level 2 segments to be submitted to the Closed Hearing

The Brazilian Stock Exchange - BM&FBOVESPA – has presented the final proposals on the Listing Regulation of BM&FBOVESPA’s Special Segments (Novo Mercado and Level 2), to be submitted to the Closed Hearing. During this first stage, that ends on May 31st, 2017, listed companies will be able to evaluate and clear up doubts about the new proposals on the respective listing rules; the second stage, called voting period, will take place from June 1st, 2017 to June 23rd, 2017. The 131 companies listed in BM&FBOVESPA’s Novo Mercado segment and the 19 ones listed in the Level 2 segment will be participating in the voting process of the Closed Hearing.

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Vale announces restructuring

Vale has announced a restructuring of its controlling structure, which is likely to lead to the Company’s migration to the Novo Mercado segment. The operation comprises the incorporation of the controlling shareholder group into Vale, with an embedded premium of 10%, with the non- mandatory option of preferred shares being converted into common shares in the ratio of 0.9342 common share for one preferred share.

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Amec’s representative shares CODIM’s new Statement

On March 8th, CODIM (the Guidance Committee for the Disclosure of Information to the Market) published the Statement No. 22 during an event held at the headquarters of APIMEC SP (the Association of Capital Markets Analysts and Investment Professionals). At the event, the rapporteurs Daniela Zolko, representative of AMEC (the Association of Capital Market Investors), and Helio Garcia, representative of IBRI (Brazilian Institute of Investors Relations), presented the Guidance Statement No. 22, which addresses the best practices for the participation of companies in the social media.

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CVM publishes Annual Official Letter highlighting the Proxy Card

On February 23rd, the Brazilian Securities and Exchange Commission – CVM – published its annual official letter with guidelines for listed companies. The document brings general guidelines on the adoption of the Proxy Card, introduces topics related to the Brazilian Corporate Governance Code – Listed Companies, and addresses the New Auditor’s Report.

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CVM corroborates the understanding of Amec’s members in Prumo case

The Brazilian Securities and Exchange Commission – CVM – published its decision about Prumo’s tender offer case, addressed in Amec’s President Letter 03/2017, corroborating the points listed by the association, especially the need of having an offer directed to all shareholders and the impossibility of making a direct relation between the withdrawal of the tender offer and an eventual request of a second appraisal report.

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Investors react against Snapchat’s share classes

The following news was published in the GLOBAL PROXY WATCH, one of the most read and respected newsletters among global institutional investors, duly authorized to be republished herein. The newsletter reflects Amec’s concerns about the super preferred shares and, primarily, about the harmful effects that such exotic shares have on the indexes as they virtually make the purchase by institutional investors mandatory, regardless of their negative governance characteristics. It’s a notable example that shows that the argument that the market must be free to trade and price this type of shares has to be analyzed with strong reservation.

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News published by the DCI newspaper: D&O cannot cover fines for insider trading

Who was possible the “director”? And the company?

By Ricardo Bomfim

São Paulo – The Superior Court of Justice (STJ) has set a precedent by dismissing the appeal field by an executive and establishing that insurance companies are not to indemnify officers who commit insider trading crimes.

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