Relevant Facts - September 2015
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The meetings of the Association of the Capital Market Investors to take place in October – for members only – are confirmed as follows:

Technical Commission – October 21, at Amec’s headquarters in São Paulo, with remote access.

Foreigners Commission – October 27, via conference call.

Board of Directors – October 22, at Amec’s headquarters in São Paulo.

Executive Board and Board of Directors – October 22, at Amec’s headquarters in São Paulo.

Confirmations of attendance must be submitted to maria.alice@amecbrasil.org.br.

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

   
   
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    Hermes Investment Management joins Amec    
   

We are proud to announce that Hermes Investment Management has joined Amec, becoming our 65th member.

Hermes Investment Management is a London-based active asset manager working to deliver a superior performance on a responsible way. With this in mind, the company leads the debate and contributes to the transformation of the investment industry. Hermes is a pioneer in corporate governance debates and protection to investor’s rights.

   
   
   
    Amec calls CVM’s attention to abusive operations    
   

In the beginning of September, Amec – the Association of Capital Market Investors – sent a letter to CVM – the Brazilian Securities and Exchange Commission – pointing out the negative effects that some recent operations can bring to the domestic capital markets. Through these operations, the controlling shareholder transfers its liabilities to the publicly-held company with no minimally justifiable consideration to remaining shareholders.

   
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    Association requests that the “one-share-one-vote” concept is kept in IBGC Code    
   

In light of the possibility of reviewing the “one-share-one-vote” concept in the revision of IBCG – Brazilian Institute of Corporate Governance – Code, the Association of Capital Market Investors – Amec – submitted a letter to the Institute in the end of August with the objective of expressing its members’ concern about the granting of disproportional political power and economic commitment, which opens the way to serious managerial problems.

   
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    Amec contributes to public hearing about the Governance Program of State-Owned Companies prepared by BM&F Bovespa    
   

Amec’s members have formalized their recommendations for the Governance Program of State-Owned Companies that has been prepared by the Brazilian Stock Exchange - BM&F Bovespa -, currently under public hearing. The main suggestions addressed in the letter are related to the importance of having career public servants in SOEs’ Boards of Directors and of banning Ministers, State or Local Secretaries, as well as employees who occupy positions of trust, to participate in the Boards.

   
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    US court punishes controlling shareholder for undervaluing the company in its buyout    
   

The Delaware Court Judge Travis Laster, in the USA, decided that Mr. David Murdock, CEO and controlling shareholder of Dole – one of the world’s largest sellers of fresh fruit – fraudulently drove down the company’s stock price in a buyout operation carried out in 2013. The billionaire Mr. Murdock and the then CCO Mr. Michael Carter, will have to reimburse other shareholders $148 million. That is one of the largest amounts awarded in a lawsuit tied to a merger in the United States.

   
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    In Brazil, CVM justifies positions questioned by Amec related to Oi case    
   

Amec has received a letter from CVM - the Brazilian Securities and Exchange Commission - this month in which the regulator analyses some of the issues questioned by the association in the President Letters 16/2013 and 03/2014. In brief, CVM reports the work developed and that the complaints were not supported by the commission’s decisions.

   
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    New G20/OECD Principles of Corporate Governance will promote trust and improve functioning of financial markets    
   

As part of continuing efforts to promote market confidence and business integrity, G20 Finance Ministers have endorsed a new set of G20/OECD corporate governance principles.

The G20/OECD Principles of Corporate Governance provide recommendations on shareholder rights, executive remuneration, financial disclosure, the behaviour of institutional investors, the board of directors and how stock markets should function. Good corporate governance is seen as an essential element for promoting capital-market based financing and unlocking investment, which are keys to boosting long-term economic growth.

   
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    CODIM publishes Guiding Pronouncement about the “Fair Disclosure"    
   

CODIM - the Guidance Committee for the Disclosure of Information to the Market - announced the Guiding Pronouncement (“Pronunciamento de Orientação”) No. 18 about the “Fair Disclosure” in a press conference on September 9, 2015, at 11 am, at the headquarters of APIMEC SP - Associação dos Analistas e Profissionais de Investimento do Mercado de Capitais (Association of Capital Markets Analysts and Investment Professionals).

   
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    16th edition of IBGC’s Congress of Corporate Governance    
   

Organized by IBGC – The Brazilian Institute of Corporate Governance

Date: November 16 and 17, 2015
Venue: Sheraton WTC São Paulo – São Paulo - SP
Information: congresso@ibgc.org.br – (55 11) 3477.1646
Fees: members – R$ 2,680.00 and non members – R$ 3,570.00
Registrations: http://www.furqdelg.com.br/ibgccongresso2015/visitantes/inicio.php

   
   
   
    2nd Latam ESG 2015 – Taking ESG into Account – Can we Evolve to a Sustainable Economy?    
   

Organized by Apimec – The Association of Investment Analysts and Professionals of the Capital Market and EFFAS – The European Federation of Financial Analysis Societies

Date: October 6
Venue: BM&FBovespa - Rua XV de Novembro, 275, São Paulo - SP
Hour: from 8:30 am to 6:30 pm
Information and registrations: Gabriel Modenesi - gabriel@sbeventos.com.br - (55 11) 3104.1491

   
   
   
    XII CPC International Seminar – International Accounting Standards    
   

The Committee of Accounting Pronouncements – CPC – will be holding the “XII CPC INTERNATIONAL SEMINAR – INTERNATIONAL ACCOUNTING STANDARDS" in Renaissance Hotel (Alameda Santos, 2.233 – Jardim Paulista – São Paulo), from 8 am to 6 pm, on November 9, 2015 (Monday), as part of the committee’s program of continued education and sustainability. The event is organized by FACPC – Supporting Foundation to the Committee of Accounting Pronouncements.

   
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