September | 2018

Petros adheres to the Amec Stewardship Code

Daniel Lima, Petros’ CIO, formalizes the adherence to the Amec Stewardship Code, together with the association’s CEO, Mauro Rodrigues da Cunha
Petros formalized its adherence to the Amec Stewardship Code during the Amec Investors Forum, held in São Paulo, on August 22. At the event, Daniel Lima, Petros’ CIO, highlighted that the adherence reinforces the entity’s commitment to the governance principles. “We want more people to supervise our work,” he declared, recognizing that the foundation has already made a self-critical analysis and has been striving to improve its practices.

Petros is Latin America’s second largest pension fund and the country’s largest multisponsored fund, with $ 81 billion in assets under management. With it, the Amec Stewardship Code now has 17 signatories, among which two foundations – Funcef and Funcesp also signed the document that gathers principles and guidelines on the best ways to meet fiduciary duties.

Note: On September 27th, Petros announced that Mr. Lima would become the fund’s CEO, replacing Mr. Walter Mendes.

Stewardship issues and the self-regulation of pension funds discussed during Abrapp’s Pension Fund Congress

Mauro Rodrigues da Cunha (on the right) during the Brazilian Congress of Closed Pension Funds, held in Florianópolis
Amec was present in the 39th Brazilian Congress of Closed Pension Funds, promoted by the Brazilian Association of Pension Funds (Abrapp) in the city of Florianópolis, Santa Catarina, from September 10 to 12. Invited by the organizers, the association participated in the “Self-regulation in Closed Complementary Pension Funds – Paths, Developments and Perspectives” debate. Mauro Rodrigues da Cunha, Amec’s CEO, recalled Abrapp’s support to the Amec Stewardship Code, in addition to the complementary nature of the Code and the self-regulation of investment activities created by Abrapp.

Several representatives of pension funds showed great interest in the Code and requested additional information about it.
The next meetings of Amec are confirmed, only for members:

» Technical Commission – October 17, at Amec’s headquarters in São Paulo, with remote access.

» Foreigners Commission – October 23, at Amec’s headquarters in São Paulo, with conference call.

» Management Board – October 25, at Amec’s headquarters, in São Paulo, with remote access.

» Board of Directors – October 31, at Amec’s headquarters, in São Paulo, with remote access.

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

The association’s annual calendar of meetings is available here.

A healthy economic growth depends on fair and dynamic capital markets

With the theme “Proposals for the Development of the Capital Markets”, Amec Investors Forum had a record number of participants
With the theme “Proposals for the Development of the Capital Markets”, Amec Investors Forum had a record number of participants
A robust regulatory framework, investors exercising their fiduciary duties and mechanisms that minimize conflicts of interests are, among others, essential factors to enable the capital market to play its role and contribute to the recovery of the country’s growth. This statement summarizes the Amec Investors Forum, held in São Paulo on August 22 with the theme “Proposals for the Development of the Capital Markets.” Read more

Amec submits suggestions on CVM’s new sanctioning milestone

Amec participated in the public hearing that will result in the new sanctioning milestone of the Brazilian Securities and Exchange Commission (CVM). The draft, disclosed to the market in June, addresses the investigation of administrative violations, proceedings, imposition of fines, commitment terms and gathers the regulations on the administrative agreement as part of the supervision process (leniency agreement). The document reflects the changes introduced by the Law 13,506/17, which brought up the maximum value of the fines feasible to be applied by the regulator from BRL 500,000 to BRL 50 million, depending on the severity levels of violations. Read more

The regulator should respond promptly to corporate restructuring operations

On September 4, Amec published a notice to the market. The Association’s Executive Board and Board of Directors requested that the Brazilian Securities and Exchange Commission (CVM) voices its opinion “promptly with a view to guiding the market and preventing damages” regarding “corporate restructuring operations that may result in the compulsory sale of shares held by minority shareholders and weaken tag along rules.” Read more

AGMs of UK’s companies face significant shareholder dissent

Shareholders in the United Kingdom are more critical about the resolutions companies submit for approval during their AGMs, informed the Investment Association, the trade body that represent approximately 200 assets in the country, with 6.9 trillion pounds under management. Up to the end of July 2018, 237 resolutions faced significant shareholder dissent (over 20%) – a jump of 25% over the same period last year. The opposition to individual director re-election was also significant: from 38 in 2017 to 80 in 2018. The rise was particularly stark in the FTSE 250, where rebellions rose by more than 100% with 37 resolutions in 2018. Read more

Debates about the governance practices adopted by regulation agencies and state-owned enterprises continue

The good governance practices adopted by the private sector have been gaining more and more relevance in the public sphere. The topic was addressed in the event “Governance of regulation agencies and state-owned companies,” organized by the Brazilian Institute of Corporate Governance (IBGC) with the support of the TozziniFreire law firm, in Brasília. Amec, represented by its CEO Mauro Rodrigues da Cunha, participated in the debate about the benefits and about-turns of the Draft Law 6,621/2016. Read more

Amec participates in event about executive compensation

Together with Eduardo Lucano (Abrasca) and Ana Gati (IBGC’s Communication and Capital Market Commission), Amec’s CEO, Mauro Rodrigues da Cunha, talked about executive compensation, in São Paulo
The executive compensation policy was the theme of the debate organized by the Brazilian Institute of Corporate Governance (IBGC) in São Paulo, on September 14. The difficulty of balancing fixed and variable pays and, at the same time, motivating and retaining executives continues to be a challenge for the companies. Another challenging task is to establish transparent salaries that are in line with the results generated for shareholders. “A more transparent compensation is only the tip of the iceberg. The dialogue about the incentive structure is complex and details are important. Such dialogue is essential for the companies to evolve,” said Mauro Rodrigues da Cunha, Amec’s representative in the debate. Read more

What is actually useful in financial statements?

Financial statements represent the accountability of a company’s Board of Directors before stakeholders, especially partners and shareholders. But which data are actually useful for external users? Is it possible to say which is the most important piece of information? Which ones must be improved? The researcher Ismael Heissler, postgraduate student of the Comptrollership and Accounting Postgraduate Program of the School of Economic Sciences of the Federal University of Rio Grande do Sul (UFRGS), intends to answer all these questions in his master’s degree thesis. Read more
XV Seminário internacional CPC – Normas contábeis internacionais
XV CPC International Seminar – International Accounting Standards
Organized by: CPC
Date: October 15, 2018
Venue: Amcham Business Center – Rua da Paz, 1431 – Chácara Santo Antônio, São Paulo
Click here to register.
Fórum Diversidade no Conselho
Board Diversity Forum
Organized by: CKZ Diversidade
Date: October 23, 2018
Venue: Radisson Paulista – Alameda Santos, 85, Jardins, São Paulo
Click here for the program.
Click here to register.
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Amec - Associação de Investidores no Mercado de Capitais
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