Opinion of Amec (2014)

Instructed Vote

A major shareholder of a listed company sells his/her share interest. Immediately thereafter, the Board member nominated and elected by that shareholder resigns from his/her position. What seems the natural… read more →

Who pays for the control premium?

A lot of ink has been spilled over the lack of efficiency of the tag along rights in Brazilian companies. The major claim made by minority shareholders in the 90’s… read more →


Of the species that inhabit Boards of Directors, there are two that are probably the most pernicious ones: the “accomplice” and the “dodger.” The accomplice is the one who agrees… read more →

Virtus in medium est

If the market is efficient, why are non-voting shares discriminated? Questions like this are blandly repeated by ‘the more radical liberals’ when they want to criticize many of the regulatory… read more →

What are appraisals for?

We have already briefly explored the topic of appraisals in this session (The “Majority of the Minority,” Dec/13, and “That Simple,” May/14). Now it’s time to tackle this subject head… read more →

That Simple

The Brazilian Exchange and Securities Commission – CVM – made a mistake. The decision taken by CVM’s board in March about the restructuring of Grupo Oi may be the most… read more →

An additional step towards the Corporate Democracy

To regulate goes beyond issuing standards, supervising and punishing. To regulate is also to guide. And maybe this is the most efficient way a regulatory body can operate. Everybody is… read more →

The majority of the minority (or The Paper Accepts Everything)

In December, Amec participated in the announcement of an important partnership between CVM (the Brazilian Securities and Exchange Commission) and Columbia University. The objective is to share information to help… read more →

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