New CVM director mentions Amec Code during assessment in the Senate
The engagement culture of institutional investors in invested companies is one of the concerns of the new director of the Brazilian Securities and Exchange Commission (CVM), Flávia Perlingeiro, nominated by the Economy Minister, Paulo Guedes, to replace Pablo Renteria. During her assessment in the Senate, held on February 26, she highlighted her participation in studies and discussions about the management of conflicts of interests and the importance of environmental, social and governance (ESG) factors that are mentioned in the Amec Stewardship Code (available here).
From 2012 up to her nomination to the CVM, Flávia served as a lawyer at the Brazilian National Bank for Social and Economic Development (BNDES), during which time she participated in debates that culminated in the edition of the bank’s social and environmental policy and also in the adherence of BNDESPar to the Stewardship Code.
The new director, whose nomination was approved by 56 senators (vs. 6 against), stated that transparency and the active and diligent exercise of voting rights are of utmost importance for investors and invested companies. She also outlined some of the main points in CVM’s agenda for 2019, among which the regulation of investment funds in credit rights (FIDC), the expansion of the so-called incentivized debentures in infrastructure and the development of the corporate debt market.
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