Stewardship Code’s compliance rules take effect
The Association of Capital Market Investors – Amec – approved the Internal Rules and Enforcement Guidelines of the Stewardship Code. Approved by the association’s Board of Directors and Management Board, the document will guide the enforcement of the code’s signatories by establishing rules and procedures for the analysis of annual reports.
The rules are already in force, but sanctions will be enforced only from 2021 on. A Committee formed by market’s experts to be appointed by Abrapp (the Brazilian Association of Pension Funds), Anbima (the Brazilian Financial and Capital Market Association), Apimec Nacional (the Association of Investment Analysts and Professionals of the Capital Market) and IBGC (the Brazilian Institute of Corporate Governance), and by up to four members nominated by Amec to be chosen among its members, will be responsible for analyzing the reports. All invited associations have already agreed to nominate members.
Serving a two-year mandate term, the Committee will evaluate the reports and issue its opinion by June 30 every year, classifying the adherence of the signatories in three categories. Companies listed under the third category will be subject to sanctions that include from the preparing of an improvement plan to the exclusion from the list of signatories.
The full set of rules is available in:
ICGN launches stewardship awards
The International Corporate Governance Network – ICGN – has just launched new awards to recognize good stewardship practices. The nominations to the ICGN Stewardship Champion Award, in the Individual and Organization categories, are open by June 11. The nominations to the ICGN Global Stewardship Disclosures Award (Asset Owners) and to the ICGN Stewardship Disclosures Award (Asset Managers), which will also be awarded for the first time this year, are now closed.
Shortlisted candidates will be announced at the ICGN annual conference in Milan (June 25-28) and the winners will receive their awards during an event in London, on December 4.
Click here for more details about the award.