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Stewardship News

Investors support Implementation Handbook launch

The association launched Amec Stewardship Code’s Implementation Handbook on September 12. The event, held at B3 auditorium – assigned to Amec free of charge –, had a large audience, mainly representatives of institutional investors.

The event included a speech by Jaime Gonrsztejn and Rochelle Giugni, representatives of Hermes – Amec’s member and one of the Code’s signatories. They described the work conducted by Hermes with global clients and addressed the necessary steps towards implementing a stewardship program. The presentation is available here. The attendees also had the opportunity to participate in a Q&A session led by Isabella Saboya, the Code’s editor.

Also as part of the event, Amec’s CEO, Mauro Rodrigues da Cunha, addressed the current status of the stewardship debate in Brazil and around the world and talked about the Handbook development process, as well as its main points. Check here the CEO’s presentation.

The presentation was followed by a debate among institutional investors that had the participation of Eliane Lustosa, Capital Market Director for the BNDES, Antonio Augusto Miranda, Director at Funcef, Jorge Simino, Director at Funcesp, and Andrea Marinho, Manager at Petros, who represented its CEO, Walter Mendes. Jaime Gonrsztejn also participated in the roundtable.

The closing session was led by Bruno Gomes, representative of the Superintendence of Institutional Investors Relations of the Brazilian Securities and Exchange Commission – CVM.

Funcesp adheres to Amec Code

Funcesp has signed up to Amec Stewardship Code. The formalization took place during the Implementation Handbook launch, on September 12. Funcesp has become the 16th signatory of the Code and the 2nd pension fund to adhere to it.

Funcesp is Brazil’s largest private-sector pension fund, according to PREVIC, the regulatory agency for private pension funds. With assets of approximately 23.4 billion reais under management, it ranks 4th in the segment in terms of investment assets. With 109,000 pension fund participants – some 15,000 active participants, 30,000 assisted participants and 62,000 pension fund dependants –, Funcesp manages a benefit payroll of $1.7 billion reais per year.

Today, Funcesp manages pension and/or health funds for the following sponsor companies: AES Group (AES Eletropaulo, AES Tietê, TIM Celular), CESP, CPFL Group (CPFL Energia, CPFL Brasil, CPFL Geração, CPFL Paulista, CPFL Piratininga), CTEEP, Duke Energy, Elektro, and EMAE.

Funcesp is also a reference as a non-profit health plan operator, classified with the highest satisfaction level by The National Regulatory Agency for Private Health Insurance and Plans – ANS. Today, it manages DIGNA Saúde, PES, NOSSO Plano de Saúde and Extensive health plans, totaling more than 85,000 clients, among whom employees, retirees and dependants.


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

Technical Commission – October 18, at Amec’s headquarters, in São Paulo, with remote access.

Foreigners Commission – October 24, via conference call.

Board of Directors – October 26, at Amec’s headquarters, in São Paulo, with remote access.

Confirmations of attendance must be submitted to

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

Opinion of Amec

Frustrating Expectations

What is a capital market?

In the past, the capital market was seen as a bunch of operators yelling on the phone, buying and selling shares. Such thing does not exist anymore. The technology has dematerialized the trading floor and made it easier to understand that the market is not that. The market is confidence. It’s an environment where buyers and sellers feel safe to trade assets. Investors need to know they will choose their investments based on genuine information. That the fund managers that will be managing their funds are competent and honest. And that they will be entitled to a proportional share of the invested companies’ results – whether they are positive or negative. When one buys 1% of a company, he/she must have 1% of its result. Not more than that – as he/she would be benefited on a disproportional basis – nor less than that, as he/she would be damaged.

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Latest News
Amec and IBGC open new class on Governance for Investors

Registration for the Corporate Governance for Investors course is now open. The course, to take place at IBGC headquarters - Av. das Nações Unidas, 12.551, 21º andar – São Paulo – SP – from October 16 to 20 during the afternoons, was organized by Amec – Brazilian Association of Capital Market Investors – in partnership with IBGC – Brazilian Institute of Corporate Governance. Its practical approach brings an essential aspect to maximize its adjustment to the target audience.

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CVM chairman participates in Technical Commission meeting

Marcelo Barbosa, the new chairman of the Brazilian Securities and Exchange Commission – CVM – participated in a debate with Amec’s – Brazilian Association of Capital Market Investors – members in the Technical Commission meeting, on September 21.

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CVM does not publish viewpoint about the conflict in JBS

Unlike recent precedents, the Board of the Brazilian Security and Exchange Commission - CVM – decided, in a meeting held on August 29, not to publish its viewpoint about a possible conflict of interest in JBS’ Shareholders Meeting, called at the request of BNDESpar with the objective of suing JBS’ directors, who admitted harmful acts to the company. Despite the fact that some of these directors are also controlling shareholders, CVM concluded – contrary to the opinion of the Office of the Superintendent of Company Relations – that “it is up to the shareholders themselves to evaluate whether they are in a situation of conflict of interest as to the decisions in question.”

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Amec debates the Communication between board and shareholders

Amec is organizing, in partnership with PwC, a breakfast to discuss the Board-Shareholders Engagement topic. The event will be held at Hotel Tryp Iguatemi on October 4.

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STJ confirms that former Rhodia-Ster’s minority shareholders will receive damages

The Superior Court of Justice – STJ – rendered, in August, an important decision in the minority shareholders case of the former Rhodia-Ster – whose name was changed to M&G Poliester –, who claimed damages for losses caused by actions taken by controlling shareholders and some directors. The process dates from 2009, and minority shareholders will receive damages totaling $6 million reais, subject to monetary adjustment and indexation.

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Voting on Amec Corporate Events Award is underway

Amec’s members received, in September, the ballot to cast their votes on the annual Amec Corporate Events Award. This year, the award ceremony will take place during Amec workshop to be held in the 2nd half of the year. Detailed information about the workshop will be communicated later on.

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Tagus joins Amec

“Tagus Investimentos has decided to become Amec’s member in recognition of the long-lasting and important role the association plays in defending good practices and enhancing the corporate governance of Brazilian listed companies,” says Regis Abreu, Tagus partner.

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Amec to participate in IBGC and ABRAPP Congresses

Amec CEO, Mauro Rodrigues da Cunha, will be one of the speakers of two of Brazil’s most important events for those interested in the capital market and good corporate governance practices.

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Organized by Instituto Brasileiro de Governança Corporativa (Brazilian Institute of Corporate Governance)
Date: October 2 and 3

Venue: WTC Golden Hall - Av. das Nações Unidas, 12.551 - Brooklin Novo - SP
Click here for additional information and to register.

38º Congresso Brasileiro da Previdência Complementar Fechada (38th Brazilian Congress on Closed Complementary Pension Funds)

Organized by Abrapp – Associação Brasileira das Entidades Fechadas de Previdência Complementar (the Brazilian Association of Pension Funds)
Date: October 4 to 6, 2017

Venue: Transamerica Expo Center – Av. Dr. Mário Vilas Boas Rodrigues, 387 – Santo Amaro – São Paulo – SP
Click here for additional information and to register.

Meeting of the Roundtable Task Force on Latin American Equity Market Development

Organized by Organização para a Cooperação e Desenvolvimento Econômico – OCDE (Organization for Economic Co-operation and Development – OECD)
Date: October 10 and 11, 2017

Venue: Hotel Meliá Jardim Europa – Rua João Cachoeira, 107 – Itaim Bibi, São Paulo
Click here for additional information and to register.

Effective Board Leadership Workshop

Organized by IFC International Finance Corporation.
Date: October 17 to 19, 2017

Venue: IFC Headquarters 2121 Pennsylvania Ave. NW, Washington DC, USA
Click here for information and to register.

4ª Conferência Internacional LATAM ESG 2017 – Integração ESG – Responsabilidades e Oportunidades (4th LATAM ESG 2017 International Conference – ESG Integration – Responsibilities and Opportunities)

Organized by Apimec – Association of Analysts and Investment Professionals of the Capital Market – in partnership with the Principles for Responsible Investment – PRI – of which Apimec is a Network Supporter.
Date: October 24, 2017

Venue: B3 – Rua XV de Novembro, 275, Centro, 1º andar – São Paulo – SP
Information: Gabriel – (55 11) 3104-1491

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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