On July 11, Amec – the Association of Capital Market Investors – filed at CVM – Brazilian Securities and Exchange Commission – its contribution to the Public Hearing No. 04/2014 of CVM’s Office of the Superintendent of Market Development. Amec considers that its participation is relevant to the process dealing with the review of the Normative Instruction No. 409.

Click here to access Amec’s manifestation.

CVM Board has unanimously decided to reject the Plea Agreement proposed by the Federal Government, which is accused of non compliance with the Article 115 of the Corporate Law due to its participation in the General Shareholders’ Meeting that decided for the acceptance of the terms of the Provisional Measure 579 – which brought about high losses to the state-owned company.

The Petroquisa Case, which has been closely followed by Amec’s Technical Commission, has evolved. After the decision [read here] that puts any and all investments in quasi-public corporations at stake in Brazil, the case was submitted to the Supreme Federal Court (STF) and will have Minister Luiz Fux as its reporting judge.

In the General Meeting that usually takes place simultaneously to the Annual Conference, ICGN’s (International Corporate Governance Network) members approved the review of the network’s Global Governance Principles.

The Canadian Coalition for Good Governance (CCGG) is celebrating its 10th anniversary. Operating under a model similar to Amec’s, CCGG gathers 47 institutional investors responsible for managing $2 trillion USD in Canadian investors’ assets. Its mission is to represent institutional investors, promote good governance practices, enhance the regulatory environment and collaborate with a greater alignment among the interests of companies’ Boards and managers and their shareholders.

The Dutch association of institutional investors has submitted comments on the proposal for the review of independent auditing opinions to the International Auditing and Assurance Standards Board (IAASB). Eumedion believes that “auditing opinions can become more relevant and useful for investors.” With this in mind, it calls the attention to the proposal dealing with the inclusion of the Auditing Committee’s opinion regarding the communications among these committees and independent auditors.

On June 16, the Minister of Finance Guido Mantega announced two new measures aimed to encourage the emission of shares by medium-size companies. The first one is related to the exemption of the tax on capital gains for investments in companies with revenues of up to $700 million Reais. Despite the announcement, the measure will be formalized only later.

The International Finance Corporation (IFC) has been seeking an independent evaluation on the transaction to check possible benefits for the controlling shareholder. Meanwhile, the fund management company Cartica Capital filed a judicial process in New York claiming that CorpGroup, from Saieh, has been disproportionally benefited at the expense of other investors.

ICGN is seeking a professional whose mission will be to get proactively involved in public policies and regulatory entities together with other interested parties and promote ICGN’s initiatives, experiences and priorities. This includes working with ICGN Policy Committees and assuring the quality of ICGN policy-related publications. Résumés will be accepted by August 01, 2014. For additional information, please access: https://www.icgn.org/images/ICGN_Senior_Policy_Advisor_Role_SP.pdf.

The 4^th Congress on Corporate Law will take place at Pergamon hotel, in São Paulo, on August 19 and 20. Amec’s members are entitled to a 10% discount on the registration fee.