The new law on regulatory agencies, approved on June 25, establishes that politicians and their relatives are not allowed to be nominated to participate in the regulators’ boards of directors or joint boards of directors. The bar on such nominations was not excluded from the Law 13,848 thanks to the joint initiative of organizations representing the civil society, among which Amec and the Brazilian Institute of Corporate Governance (IBGC), which put pressure on the Senate.
Valéria Café, IBGC‘s Advocacy and Influence Superintendent, says that last year, the then Draft Law 6621/16 was approved by the House of Representatives and submitted to the analysis of the Senate without the bar on political nominations. In view of that, eight organizations joined and met with senators to request that the prohibition be included again. Ms. Café highlights that the initiative is a successful example of advocacy. “It shows that the civil society can achieve good results and influence on public policies,” she says.
In addition to Amec and the IBGC, the other organizations that participated in the initiative were the Brazilian Institute of Law and Business Ethics (IBDEE), the Compliance Brasil Institute (ICB), the Ethos Institute of Companies and Social Responsibility (ETHOS), the Não Aceito Corrupção Institute (INAC), the Compliance Rio Institute (ICRio), and the Association of Capital Markets Analysts and Investment Professionals (APIMEC).