Two noteworthy articles and one notable initiative in Brazilian CG practices nowadays.
One already-missed opportunity: the recent law concerning state-owned companies divides opinions. The article is in Portuguese and Valor hasn’t published an English version, but here goes a two-sentence summary: “Most specialists agree that the law makes it easy for companies to look good “on paper” while failing in practice. In fact, some experts say that the existing Corporate law would suffice if properly enforced…”
(In Brazil, as the reader may know, some laws “catch on” and others don’t, with little difference in practical consequences. This is changing somewhat, but CG is a “soft” enough field to make it more vulnerable to this effect.)
One ongoing discussion: the possibility of reforming Novo Mercado (Bovespa’s highest CG listing segment) requirements. A great artible by AMEC president Mauro Cunha highlights the opportunities and risks in these discussions.
Finally, one interesting initiative: the discussion of a voluntary Stewardship Code, inspired by (among others) the UK’s.
Disclosure: I have worked with, and admire, both Mauro Cunha and Isabella Saboya, who are linked to these and past initiatives regarding the improvement of the Brazilian capital markets. As friends we may not agree 100% of the time, but they are Good – and the capital G isn’t a typo.