Brazilian state firms urged to adopt tighter governance guidelines

by Adam Brown for IR Magazine

Measures aimed at regaining trust of investors amid corruption probe into state oil producer Petrobras

Brazil’s largest stock exchange operator and the country’s securities regulator have asked state-owned companies to voluntarily adhere to stricter guidelines designed to improve corporate governance to rebuild investors’ trust after a series of corruption scandals.

Exchange operator BM&F Bovespa, with the backing of Brazilian securities regulator Comissão de Valores Mobiliários (CVM), has issued a call for greater governance from companies that are partly or wholly owned by the federal or state governments, including greater disclosure, stricter internal controls and improved administration.

‘The program is based on three principles: credibility, given the need to rebuild investor confidence in state-owned enterprises; alignment of interests, fostering a shared focus for government, investors, employees and society as a whole; and best practice in corporate government, using the tools developed for this purpose over time,’ BM&F Bovespa says in a press release. Read more here.

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