Opinion of Amec – About Goats, Jabuticabas and Hope
"There is no legal risk in the country" - Dilma Rousseff, September 2013

According to Warren Buffett, "you will never know who is swimming naked until the tide goes out." And for the recent years, the tide has definitely gone out. After the economic recovery experienced up to 2010 – primarily thanks to the fact that the world has not ended – all countries have been fighting against significant factors that have been limiting their growth. And in Brazil things are not different... but magnified. We achieved an outstanding growth in 2010 and, in the following years, disappointments and more disappointments.
Amec discusses rights and duties of shareholders and companies in its 6th seminar
Amec (the Association of Capital Market Investors) will be holding Amec 6th Seminar on the topic "Corporate Democracy – Rights and Duties of Shareholders and Companies," in São Paulo, on October 29th, 2013. Lectures will have an innovative and interactive format and be focused on the best practices used by companies in their communications with the market, from the disclosure of results in Shareholders´ Meetings to the ways corporations have been dealing with the changes in shareholders´ behavior. The event will count on the participation of international speakers who will be addressing activism stories from all over the world and their lessons for the Brazilian market.

Amec Corporate Events Award to enter run-off
Amec´s members have chosen the two corporate operations that now will be participating in the run-off to compete for 2013 Amec Corporate Events Award: Kroton, for the merger with Anhanguera, and Localiza, for the adoption of the election of Board´s members on an individual basis and preparing of the material sent to proxy-card so that investors could vote in favor or against each Board´s member via the proxy voting system.

Positive agenda for the capital market mobilizes entities
The positive agenda aims to contribute to the improvement of the regulatory environment, to foster the expansion of long term private financing sources and to attract resources for production investments in Brazil.

Representatives of entities that operate in the Brazilian capital market have established the GT Interagentes, group that will be coordinating the debate and preparing a positive agenda that, by means of the development of the local capital market and by fostering long term private investments, is able to help improve the competitiveness of the Brazilian economy.

Three new members join AMEC
In September, 3G Radar, GrandPrix, and Kondor Invest joined Amec, which now reached its highest number of members: 61 institutional, local and foreign investors with investment mandates in the Brazilian securities market totaling approximately R$ 500 billion.

CAF website is now live
The Brazilian Takeover Panel - CAF ("Comitê de Aquisições e Fusões") – has just launched its site. The site provides readers with access to information about the entity´s members, technical team, its agreement with CVM (Brazilian Security and Exchange Commission) and its Code of Self-Regulation. To access it, please visit

Minority shareholders fail to elect members to OGX´s Board of Directors
The group of minority shareholders led by the investor William Magalhães has not managed to reach its objective of electing directors to sit on OGX´s Board of Directors and Conselho Fiscal ("Audit Committee"). Willian Magalhães, the minority shareholders´ candidate, has not been elected. The Shareholders´ Meeting, which started one hour later than expected, was called to vote on new directors after that the former ministries Pedro Malan (Minister of Finance), Rodolpho Tourinho Neto (Minister of Mines and Energy), and Ellen Gracie (Associate Justice of the Supreme Court from 2000 to 2011) left their positions in the company´s Board of Directors. At that time, the company did not informed of the reason for their decision to leave the Board.

Eletrobrás claims additional compensation for expired concessions
Eletrobrás´ CFO, Armando Casado, stated in a meeting with analysts that the company has claimed for additional R$ 11 billion to the compensation to be paid by the government referring to the concessions renewed in advance as to the Provisional Measure No. 579. In the event it succeeds, the amount to be paid is close to the company´s assets accounting value.

Oi Announces Merger with Portugal Telecom
After a number of restructurings – effective and ineffective ones – last Monday Oi announced the merger of its operations with its co-controlling company Portugal Telecom.

Considering it is a complex issue, Amec has been attentively analyzing the announced proposal, taking into consideration the frequent problems Oi has had with its minority shareholders for the past years. The topic will be discussed in AMEC´s Technical Commission meeting, to take place on October 16th. After completing its internal governance processes about the case, the association will timely communicate its conclusions.
14° Congresso do IBGC – Novas Fronteiras da Governança (14th Congress of IBGC – New Governance Frontiers)
Dates: October 14th and 15th, 2013
Hour: 8 am to 6 pm
Venue: Grand Hyatt São Paulo – Avenida das Nações Unidas, 13.301, Brooklin

Não Associados:R$3.900,00

Additional information: (55 11) 3477 1646 – -

X Seminário Internacional CPC – Normas Contábeis Internacionais (CPC International Seminar – International Accounting Standards)
Date: November 11th, 2013
Hour: 8 am to 5.30 pm
Venue: WTC Events Center – Avenida das Nações Unidas, 12.551, Brooklin Novo – São Paulo
Members of entities associated to CPC and students:R$500,00

Supporting entities´ members:R$750,00


Registrations and information: