An organization that incorporates good corporate governance practices at the core of its mission must be concerned with its own governance.
This issue, which has been a priority for Amec since its creation, is revised on a regular basis.
Amec’s Board of Directors is the Association’s highest authority. It is comprised of 18 Amec’s members currently serving three-year terms. Amec’s Board meets four times a year. Most of them are investment directors or partners at management corporations with a high level of representation and experience in the Brazilian capital market. In accordance with AMEC bylaws, the Board is evenly composed of representatives from three main categories – fund managers who work either independently or are employed by financial institutions, pension funds, and foreign investors.
Amec’s Management Board is comprised of its CEO and by one third of the Board of Director’s members, who serve as vice presidents. The Management Board meets on a monthly basis and directly monitors the Association’s activities.
In 2012, Amec’s then-current CEO Edison Garcia resigned from his position for personal reasons and was replaced by the vice president Mauro Rodrigues da Cunha. Edison Garcia left an extremely important legacy to Amec by participating in its creation and growth (see box).
The Technical Committee (TC) meetings complete the Association’s governance system. The TC discusses and manages all of the association’s topics of interest. Recommendations are further submitted for approval to the Management Board and/or Board of Directors, as the case may be. In 2012, the Technical Committee met 13 times via videoconference calls in Rio and São Paulo, with an average participation of 20 members.
To assure an even greater transparency, Amec has been preparing itself to have its accounts audited. In 2012, the association changed its accounting system to the accrual method so that it is prepared for this important step in 2013.