February | 2019

New CVM director mentions Amec Code during assessment in the Senate

The engagement culture of institutional investors in invested companies is one of the concerns of the new director of the Brazilian Securities and Exchange Commission (CVM), Flávia Perlingeiro, nominated by the Economy Minister, Paulo Guedes, to replace Pablo Renteria. During her assessment in the Senate, held on February 26, she highlighted her participation in studies and discussions about the management of conflicts of interests and the importance of environmental, social and governance (ESG) factors that are mentioned in the Amec Stewardship Code (available here).

From 2012 up to her nomination to the CVM, Flávia served as a lawyer at the Brazilian National Bank for Social and Economic Development (BNDES), during which time she participated in debates that culminated in the edition of the bank’s social and environmental policy and also in the adherence of BNDESPar to the Stewardship Code. Read more
The next meetings of Amec are confirmed, only for members:

» Annual General Meeting – April 16, at Amec’s headquarters.

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

» Foreigners Commission – April 23, via conference call.

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

» Board of Directors – May 30, at Amec’s headquarters, in São Paulo, with remote access.

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

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

International investors react to Vale’s oversight for dams after tragedy

On January 25, one of Vale’s tailings dam collapsed, affecting more than 300 people among fatal victims or missing people. The disaster took place three years after a similar collapse in the facilities of one of Vale’s subsidiaries, Samarco, in the city of Mariana (State of Minas Gerais), which resulted in 19 deaths and a devastating environmental impact. The Church of England funds reacted immediately to the events and suggested that a system to supervise the conditions of the dams be created, according to a joint call published in January. Read more

Apimec highlights the importance of ESG factors after disaster in Brumadinho

On February 7, the Association of Capital Markets Analysts and Investment Professionals (Apimec) published a notice showing its solidarity for the families of the more than 300 victims of Brumadinho’s tragedy. The association highlighted that, 13 days after the disaster, it was not yet possible to know its environmental, social and economic impacts. Read more

Shareholders press BP and the company agrees to greater climate disclosure

The board of directors of the British oil and gas company agreed to support a shareholders’ proposal at its annual general meeting, in May. Board members agreed to disclose how the company’s business strategy, spending plans and emissions policies align with the Paris climate agreement, which deals with global warming issues. Read more

Investors want boards to focus on diversity in the 2019 proxy season

Board diversity, climate changes and human capital management are the top three topics shareholders want boards to focus on in 2019, according to a survey carried out by the US EY Center for Board Matters, which interviewed 60 institutional investors with approximately $32 trillion of assets under management. Read more

Investors’ letter about diversity in boards of directors and management boards

The board diversity topic has been included in the Brazilian investors’ agenda. In the first week of February, the group of investors of the 30% Club Chapter Brazil sent a collective letter about the theme to Chairs of IBrX-100 companies at B3. The 30% Club leads a global campaign organized and led by the market that gathers companies, institutional investors, recruiting companies, professional services organizations and other market’s participants aimed at a better gender balance in boards of directors and management boards. Read more

Jorge Simino is Amec’s new representative in Apimec’s Supervisory Board

Jorge Simino, Director of Investments at Funcesp and VP of Amec, will represent the association in Apimec’s Supervisory Board of Capital Market’s Analysts. The board is composed of nine members and, among other competencies, it is responsible for judging administrative appeals involving investment analysts. Among Simino’s challenges in his new position is the task of incorporating environmental, social and governance (ESG) issues into the work routine of investment analyses. Read more

CVM proposes that analyses of public offers be confidential

Companies will be allowed to not give publicity to the registration of public offerings at the Brazilian Securities and Exchange Commission (CVM). The new approach, to be adopted on a trial basis throughout 2019, allows companies to have their registration confidentially analyzed by the regulator. At the end of the year, the CVM will start a public hearing about the topic. The decision is part of the Resolution 809, published on February 19. Read more

Survey reveals problems in board evaluations

Board evaluation is a tool that has been considered more and more crucial for the building of a good governance system. A small but growing number of Brazilian companies follow the practice in different ways. The “Brazilian Corporate Governance Code – Listed Companies recommends it in its item 2.4: “The company should evaluate the performance of its board of directors and committees, such as deliberative bodies, the chair of the board, (individual) board members and the governance body, if any, on a yearly basis.” Read more
9ª Conferência Brasileira de Contabilidade e Auditoria do Ibracon
Ibracon 9th Brazilian Accounting and Independent Auditing Conference
Organized by Ibracon
Date: June 10 - 11, 2019
Venue: Teatro Bradesco, São Paulo
Click here to view the agenda.
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