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Stewardship News

Norway’s oil fund sees benefits in activism

In an interview to The Financial Times, Yngve Slyngstad, the CEO of Norges Bank Investment Management that manages the fund, explained that the strategy to disclose voting intentions ahead of the general shareholders’ meetings is proving to be more effective than expected.

Slyngstad explains that from the moment they started the process of notifying companies about the fund managers’ intention of declaring voting intentions in advance, companies became more willing to talk and compromise.

BNDESPAR adheres to AMEC Stewardship Code

The Code was an answer to the 2008 global financial crisis and comprises principles and duties of institutional investors.

BNDESPAR Participações SA has signed the adhesion term to the Amec Stewardship Code, aligning itself with the most advanced international corporate governance practices for institutional financial investors. The Stewardship Codes are adopted by the main financial markets worldwide, totaling more than 20 countries with similar initiatives, among them the United Kingdom, Japan, Canada, Italy, Australia and Switzerland.

The Stewardship Codes comprise principles and duties of diligent investment for institutional investors. They were created as of 2010 in response to the passive attitude and conflict of interests of several investors before the 2008 global financial crisis.

In Brazil, Stewardship initiatives are sponsored by AMEC – The Association of Capital Markets Investors. AMEC was founded in 2006 to defend the rights of minority shareholders and promote the development of the Brazilian stock market. Today AMEC gathers 59 foreign and domestic institutional investors, including BNDESPAR, responsible for approximately BRL 400 billion in assets in the Brazilian stock market under management.

The AMEC Stewardship Code is a set of principles and guidelines aimed to drive the engagement and transparency of institutional investors in the definition and performance of their shareholders’ responsibilities in invested companies. Additionally, it is focused on clarifying expectations and the basic governance responsibilities among investors so that they can improve the quality of their dialogues with the companies and contribute to their good performance in the long term. It also provides investors with a mechanism to communicate their priorities more objectively and report them to their clients and stakeholders.

The Stewardship Program of BNDESPAR and its respective policies – which will be developed and implemented based on the principles and duties of the AMEC Stewardship Code by 2021 – will be focused on strengthening the following attributes: transparency; accountability; engagement in discussing issues relevant to the capital market; exercising of voting rights; collaboration with other investors; and leadership for the development of good social and environmental practices and governance by the invested companies, among others.


The next meetings of AMEC are confirmed, only for members:

Technical Commission – December 13, at Amec’s headquarters, in São Paulo, with remote access.

Management Board – December 14, at Amec’s headquarters, in São Paulo, with remote access.

Foreigners Commission – December 19, via conference call.

Confirmations of attendance must be submitted to

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

Latest News
Amec suggests severe punishment for delays in the disclosure of financial statements

The Association of Capital Markets Investors – Amec – addressed the demand for more severe punishment in cases of significant delays in the disclosure of financial statements to CVM – The Brazilian Securities and Exchange Commission – and to B3 (Brasil Bolsa Balcão). Considering they are crucial pieces of information for investment decisions, the association’s members consider it an inadmissible practice, even when nominally punished, as in recent cases.

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Amec’s Board reformulates its contribution system

In November, Amec’s Board of Directors approved a restructuring in its member contribution system, to be implemented as of January 01, 2018. The matter has been discussed by Amec’s governance bodies since August and is in line with the goal of increasing the penetration of the association in Brazilian pension funds and among foreign investors interested in the country.

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Distance Voting: Amec contributes to public hearing based on its members’ experience

The Brazilian Securities and Exchange Commission – CVM – held a public hearing on the draft to enhance the CVM Instruction 481, of December 17, 2009, in the chapter that regulates the participation and distance voting in shareholders’ meetings. Amec presented suggestions for improvement based on the difficulties reported by its members.

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Amec’s and IBRI’s members discuss the implementation of the Code of Best Practices of Corporate Governance

On October 30, 2017, Amec received at its headquarters representatives of companies that are members of IBRI and Amec to discuss aspects related to the implementation of the Code of Best Practices of Corporate Governance, which will be mandatory for listed companies from 2018 on.

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Congress approves measure that increases CVM fines

On November 14, 2017, the Law 13,506 of November 13, 2017 entered into force, bringing relevant changes to the administrative proceedings in the performance of the Brazilian Securities and Exchange Commission (CVM).

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ICGN calls for more independence in Boards of Directors

The Executive Director of the International Corporate Governance Network (ICGN), Kerrie Warring, announced this month the organization’s new position on the best practices for Boards of Directors. The recommendations were addressed to the Asian audience, but reflect ICGN’s global vision.

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ICGN Paris

Organized by: ICGN – International Corporate Governance Network
Date: December 6 and 7, 2017

Venue: Palais Brongniart, 28 Place de la Bourse, 75002 Paris, France
Click here for information and register.

Symposium on Building the Financial System of the 21st Century

Organized by: Harvard Law School
Date: December 8 – 10, 2017
Venue: 1585 Massachusetts Ave, Cambridge, MA 02138

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