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Stewardship News

Activist shareholders are staying active

A recently published article in the US News & World Report addresses the global trend towards not only a growth in the activities of activist investors, but also in the active posture among mainstream investors, most of them indexed investors, usually known as passive investors. Some of the world’s largest institutional investors have been playing a more active role in response to their growing stewardship demands.

“Passive investing should not be confused with passive ownership,” says Rob Berick, managing director at Falls Communications. “Non-traditional activists utilize activist strategies and are working with management teams to effect change.”

Click here to read the complete article.

Non-signatories are using the Amec Stewardship Code as a guide to their internal policies

Investment managers and pension funds that have not adhered to the Amec Stewardship Code yet have been consulting Amec and sending feedback about the code, showing that its content has been used to guide internal discussions on how to enhance their practices.

This trend reiterates the fact that the Amec Code has been bringing the best international practices about the topic to Brazil, and that it fulfills the association’s main goal with its launch, that is, to positively influence on the work developed by institutional investors in their role as owners of Brazilian companies’ securities.

Amec remains at the disposal of interested institutional investors to discuss the topic and recommends the Implementation Handbook (available here) as a tool for this process.

Academic article praises Stewardship Code initiatives

In an article to be published in the Seattle University Law Review, the professor Jennifer Hill highlights the rise of stewardship codes as a welcome development in the debate about the global corporate governance. “Outside the United States, however, a powerful alternative narrative (to the traditional activism) about the benefits of increased shareholder engagement in corporate governance has gained traction in many major jurisdictions.”

Click here to read the author’s review about the topic.

Click here to read the professor’s complete article.


The next meetings of Amec are confirmed as follows, for members only:

Technical Commission – November 22, at Amec’s headquarters, in São Paulo, with remote access.

Management Board – November 23, at Amec’s headquarters, in São Paulo, with remote access.

Foreigners Commission – November 28, via conference call.

Confirmations of attendance must be submitted to

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

Latest News
Governance for Investors course kicks off

Another edition of the Corporate Governance for Investors course started with the attendance of approximately 20 investors. Held at IBGC’s headquarters - Av. das Nações Unidas, 12.551, 21º andar – São Paulo – SP – from October 16 to 20 during the afternoons, the course was organized by Amec – the Brazilian Association of Capital Market Investors – in partnership with IBGC – the Brazilian Institute of Corporate Governance. Its practical approach brings an essential aspect to maximize its adjustment to the target audience.

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Leadership, diversity and technological innovations mark the debates of the 18th edition of IBGC Annual Congress

On October 3, the Brazilian Institute of Corporate Governance – IBGC – held the 18th edition of its Annual Congress in São Paulo. The event was primarily attended by leaders of some of the country’s main companies and institutions. Approximately 720 people participated in this year’s edition.

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Amec participates in Abrapp Congress

Amec CEO, Mauro Rodrigues da Cunha, participated in the closing panel of the 38th Pension Fund Congress organized by Abrapp - the Brazilian National Association of Pension Funds. Based on the motto “a more conscious society, encouraged by the debates about reforms,” the event was aimed to discuss a new future vision and the understanding that capitalized pension fund savings are not only a protection mechanism for workers – regardless their marketplace insertion – but also an economic investment opportunity - when dully invested over time - that is so necessary for the country.

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OECD debates on Latin American equity market development

The task force on the equity market development, organized by the Latin American Corporate Governance Roundtable, met in São Paulo on October 10-11. Representatives from six Latin American countries were present, in addition to representatives from Spain, USA and OECD (Organization for Economic Co-operation and Development).

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Amec leaves CAF

We inform that Amec – the Association of Capital Market Investors – formally requested to leave ACAF (Takeover Panel Sponsors Association), the entity that manages CAF (the Brazilian Takeover Panel) on September 27, 2017. The decision was taken by Amec’s Board of Directors.

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CVM starts public hearing to enhance distance voting procedures

The Brazilian Securities and Exchange Commission – CVM – will be holding a public hearing about the draft of instruction to enhance the CVM Instruction #481, of December 17, 2009, in the chapter that regulates the participation and distance voting procedures in shareholders’ meetings. Suggestions and comments must be submitted, in writing, to the Office of the Superintendent of Market Development by November 1, 2017, preferably to the electronic mail address or to Rua Sete de Setembro, 111, 23º andar, Rio de Janeiro – RJ, CEP 20050-901.

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XIV Seminário Internacional CPC – Normas Contábeis Internacionais (XIV CPC International Seminar – International Accounting Standards)

Organized by CPC – the Committee of Accounting Pronouncements and FACPC – the Supporting Foundation to CPC
Date: November 7, 2017
Venue: Grand Mercure Ibirapuera – Rua Sena Madureira, 1355 – Vila Clementino, São Paulo – SP, Brasil.
Click here for information and to register.

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