Amec participates in two panels in ICGN Conference

The CEO of the Association of Capital Market Investors, Mauro Rodrigues da Cunha, represented Amec in the mid-year event of the International Corporate Governance Network (ICGN). ICGN is an organization of investors and interested parties responsible for assets under management in excess of $18 trillion USD.
Cunha spoke in the opening panel – a breakfast promoted in partnership with the Center for Audit Quality, during which he addressed the role of Audit Committees in the Brazilian scenario, mainly with respect to the difference between what’s known as Audit Committee in common law countries and the Brazilian practice. In Brazil, the participation of board members in the Committee is not compulsory as it is abroad. Additionally, investors that count on the US jurisdiction for companies with ADRs eventually get frustrated since the Sarbanes Oxley Act is full of exceptions for foreign companies – it does not require, for example, the participation of independent members in the Committee, what therefore all but eliminates its purpose. The panel was graced with the presence of representatives from the USA, United Kingdom, and Japan.
Amec’s CEO also participated in the panel about differentiated voting rights, addressing Amec’s clear position in favor of the one-share-one-vote principle. Cunha stated that the Brazilian experience shows the bad consequences of unbalanced interests through non-voting shares and the devastating results for the capital market. Accordingly, it’s surprising that this historical experience is left aside in favor of “pragmatic” visions to allow deviations from the one-share-one-vote principle.
The panel counted on the participation of representatives from ACGA (Hong Kong), Calpers (USA), CCGG (Canada), and FRR (France).