August 8, 2018 – The ASSOCIATION OF CAPITAL MARKET INVESTORS – Amec – hereby informs the capital market’s participants that is Management Board, under the terms of the Article 19 of its Bylaws, approved the publishing of this notice to the market.
Listed state-owned companies are very important for the Brazilian capital markets. With that in mind, Amec has been following and collaborating with discussions and initiatives focused on improving their corporate governance, including the debate over the bill that became the Law 13,303 and B3’s Programa Destaque em Governança de Estatais (the stock exchange’s program with proposals to enhance corporate governance practices of state-owned companies).
Our members consider that the proposal to amend the Law 13,303, approved by the House of Representatives on July 11, 2018 during the debate over the Bill 6,621/2016, is a mistaken decision when it comes to the possibility of allowing the election of party leaders and other political agents to the governance boards of state-owned enterprises.
Accordingly, we support the message published by the Brazilian Institute of Corporate Governance (IBGC) on July 16, 2018.
Amec urges congressmen to prevent the law from suffering such a setback with a view to preserving one of the main benefits brought by the SOEs Law. Instead of going back to a time characterized by indiscriminate political nominations, our members think it is essential to continue to improve the SOEs’ governance practices based on OECD’s principles.