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24 - The Brazilian Stewardship Framework
from Part II - Jurisdictions
- By Bruno Bastos Becker, Rafael Andrade, Viviane Muller Prado
Edited by Dionysia Katelouzou, King's College London, Dan W. Puchniak, National University of Singapore
Book:

Global Shareholder Stewardship

Published online:

28 April 2022

Print publication:

12 May 2022, pp 507-526
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Summary

This Chapter outlines the broader Brazilian stewardship framework by assessing both the public and private rules applicable to investment and pension funds considering their fiduciary duties. It analyses the background and rules of the first and only Brazilian Stewardship Code, launched in 2016 by AMEC. Note that the Brazilian companies have historically concentrated ownership amongst a few companies with managerial control and institutional investors are usually minority shareholders, with a limited influence on the investee companies’ corporate governance. The chapter argues that despite the existence of various stewardship initiatives, there is no sound effort by public and private regulators to monitor and to enforce these rules and principles. There is also no clear endeavour from the public and private regulators to align their norms in relation to stewardship related duties.