cvm

(0:00) Intro.

(1:10) About the podcast sponsor: The American College of Governance Counsel.

(1:57) Start of interview.

(4:00) Alexandre's "origin story." His time as Commissioner of the Brazilian Securities and Exchange Commission (CVM) (2020-2023). 

(7:34) On his OECD background note on Institutional Investors' Engagement in Latin America (2023).

(14:56) Local institutional investors and pension funds engagement in Brazil. *reference to E118 with John Coates: The Problem of Twelve, Index Funds and Private Equity.

(17:23) On stewardship codes.

(19:58) On internal stewardship teams at asset managers and passive investors.

(21:05) Challenges of shareholder activism and dispersed ownership in Brazil.

(25:53) Enforcement and Cooperation between U.S. and Brazilian regulators. *Reference Enhanced Memorandum of IOSCO.

(28:03) On the governance of State-Owned Enterprises (SOEs).

(34:24)  The geopolitical landscape and where Brazil stands vis-a-vis China and the U.S.

(36:38) Fintech developments in Brazil. *Reference to Pix from Brazilian Central Bank (Open Finance Project).

(39:19)  The future of corporate governance in Brazil, and prospects to join the OECD. Private right of action for enforcement?

(41:29) Book that has greatly influenced his life: 

1. The Economic Structure of Corporate Law by Frank H. Easterbrook and Daniel R. Fischel (1991)

(42:08) His mentor: his father.

(42:47)  Quotes that he thinks of often or lives her life by: "No need to hurry but do not waste time" by Jose Saramago. "I'm neither an optimist nor a pessimist, I prefer to be a hopeful realist." (Ariano Suassuna)

(43:44) An unusual habit or absurd thing that he loves.

(45:34) The living person he most admires.

Alexandre Rangel is a former Commissioner of the Brazilian Securities and Exchange Commission (CVM) (2020-2023) and Consultant of the OECD (2023). He’s currently practicing law at Rangel Advogados.

You can follow Evan on social media at:

Twitter: @evanepstein

LinkedIn: https://www.linkedin.com/in/epsteinevan/ 

Substack: https://evanepstein.substack.com/

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You can join as a Patron of the Boardroom Governance Podcast at:

Patreon: patreon.com/BoardroomGovernancePod

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Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License

Autumn is up on and the guys talk about SAD aka Winter Depression. A newly-licensed Dr Ken explains symptoms, causes, when to visit a GP and treatments. 

Steve and Dr Ken talk hair loss in the latest podcast. They discuss causes, prevention and when things get so bad you need to see a doctor. 

Carl Beech joins Steve and Dr Ken to talk Early Onset Parkinsons. The lads discuss symptoms, causes, progression and treatment in this educational and inspirational conversation. 

No podcast ‘Notícia No Seu Tempo’, confira em áudio as principais notícias da edição impressa do jornal ‘O Estado de S.Paulo’ desta segunda-feira (15/08/2023):

Com o agronegócio puxando o crescimento do País, cidades com atividades ligadas direta ou indiretamente ao setor estão se destacando na criação de novos postos de trabalho. Segundo levantamento realizado pela consultoria LCA, com base no Cadastro Geral de Empregados e Desempregados (Caged), quatro dos cinco municípios com mais de 50 mil habitantes que criaram o maior número de vagas no primeiro semestre, em relação à população, são vinculados ao agro.

E mais:

Economia: CVM exige mais transparência na recomendação de investimentos

Política: Barroso quer ouvir do ‘MST à CNI’ e levar à pauta do STF aborto e drogas

Metrópole: Plano do MEC para o ensino médio cria entraves para o técnico

Internacional: Problemas em urnas eletrônicas na capital marcam prévias da Argentina

Caderno 2: Ingressos para ver Paul McCartney em SP estão esgotados

See omnystudio.com/listener for privacy information.

Steve and Dr Ken are back with top tips for having a healthy holiday. From diet, drinks and hydration through to conquering jet lag and preparing the ultimate first-aid kit, it's all here.

Papo com o Anjo na Jovem Pan: Entrevistas sobre negócios, de forma simples, descontraída e direta ao ponto.

Nesta edição, João Kepler conversa com Tito Gusmão, fundador e CEO da Warren, corretora de investimentos e gestora de patrimônios digital. Aos 12 anos, deu início ao seu primeiro projeto de compra e venda de produtos. Tornou-se um pesquisador sobre investimentos e o guru de seus amigos. Chamou atenção de uma das maiores empresas de investimento do Brasil, onde atuou por oito anos. Em 2017, com ajuda de mais dois sócios, abriu as portas da Warren, que hoje auxilia mais de 200 mil clientes a investir bem. É graduado em Publicidade e Propaganda pela Estácio do Rio de Janeiro e conta em seu currículo cursos realizados na NYU - New York University e na Archer Consulting, de São Paulo.

Fundada em 2017, a Warren é uma corretora e gestora de patrimônio regulada pela CVM, Anbima e Banco Central, que acredita que os investimentos são um instrumento de realização dos projetos de vida das pessoas no curto, médio e longo prazo. Por meio da gestão de carteiras por objetivos, a Warren oferece uma solução completa para cada momento de vida do investidor. Com o Modelo Warren, a empresa é a pioneira em oferecer uma relação 100% alinhada e transparente com o cliente, sem conflito de interesse e com uma taxa única.

Instagram João Kepler: @JoaoKepler 

See omnystudio.com/listener for privacy information.

Steve and Dr Ken are joined this time by DJ and TV presenter, Scott Mills, as they discuss highs and lows, battling depression and anxiety and realising that it's ok not to be ok.

0:00 -- Intro.

1:47 -- Start of interview.

2:39 -- Sandra's "origin story". She was born and grew up in Sao Paulo, Brazil. After graduating from UNIP with a degree in communications she worked as a journalist for 10 years. She later transitioned to executive roles. In 1995, she was invited by Bengt Hallqvist to join a group to discuss issues impacting boards in Brazil. "She had nothing to do with boards at the time." "[B]ut she fell in love with the topic." That led to the creation of the Brazilian Institute of Board Members, rebranded the Brazilian Institute of Corporate Governance five years later. 

10:06 -- On founding her firm Better Governance in 2005 "to be fully dedicated to corporate governance".

12:20 -- On her book "The Black Box of Governance" (2021) "The book presents a guide to behavioral tools enabling directors and executives to confidently navigate the boardroom, improving interactivity and the efficiency of the decision-making process."

19:13 -- On the evolution of corporate governance in Brazil in the last 25 years. Overview of the Novo Mercado (created in 2000). At the time this McKinsey report was influential. The Brazilian corporate law was revised in 2001. The first company to be listed in Novo Mercado was only in 2002 (the market was slow to adopt it). The year 2007 was a record year for IPOs in Brazil. In this period "Brazil was a benchmark" for the region. "But then there was a plateau, a stagnation."

25:57 -- About the Brazilian Corporate Governance Code (for Listed Companies). She started this process in 2013 when she was Chair of the IBGC with the formation of "The GT Interagentes" (Interagents Working Group) comprised of 11 of the most important agencies related to the capital markets. There were two observing entities: CVM (Brazilian securities regulator) and BNDES (Brazilian development bank).

29:32 -- On the influence of the Brazilian Corporate Governance Code and the state of Novo Mercado today.

34:48 -- About the Lava Jato (Car Wash) Investigation, Petrobras and corruption in Brazil.

36:09 -- On the governance of state-owned enterprises. "For me, it doesn't work."

40:27 -- About Crisis-Resilient Boards: Lessons from Vale (article published on Harvard Law School Corporate Governance Blog) and latest ESG trends in Brazil (including the SEC's suing Vale for making false and misleading claims). "Nothing resists the culture that you have installed."

51:00 -- On ESG in Brazil. "The international institutional investors are the ones really leading and raising the bar." "For me, I'd be happy when the time comes where we would no longer need to use this acronym, it should [just] be embedded in strategy." "The G (in ESG) is the driver of everything."

57:04 -- On the future of corporate governance in Brazil. "The drivers are both fear and greed." "Governance may have to change profoundly [particularly] given the governance models of startups and scaleups. We may have to rethink flexibility in governance models."

01:02:28 - Novels that have greatly impressed her: 

1. Animal Farm and 1984 by George Orwell (1945 and 1949)
2. House of Spirits, by Isabel Allende  (1982)
3. Name of the Rose, by Humberto Eco (1980)

*Corporate governance books that have greatly influenced her:

1. A History Corporate Governance 1602-2002, by Paul Frentrop (2003)
2. Corporate Governance and Chairmanship: A Personal View, by Sir Adrian Cadbury (2002)

01:04:57 - Who were your mentors, and what did you learn from them? 

1. Bengt Hallqvist, the founder of IBGC. "He was the one that introduced corporate governance to me,  and with that he changed my life."

01:06:00 - Are there any quotes you think of often or live your life by? 

1. "Things can always be better."

01:06:48 -  An unusual habit or an absurd thing that she loves: dancing!

Sandra Guerra is the founder of Better Governance and has served on the boards of listed, closed, family-controlled and state-controlled companies as well as of non-profit organizations both in Brazil and abroad. She was one of the founding members of the Brazilian Institute of Corporate Governance (IBGC). She's the author of “The Black Box of Governance” published by Routledge in 2021.

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 You can follow Evan on social media at:

Twitter: @evanepstein

LinkedIn: https://www.linkedin.com/in/epsteinevan/ 

Substack: https://evanepstein.substack.com/

__

Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License

You can follow Evan on social media at:

Twitter: @evanepstein

LinkedIn: https://www.linkedin.com/in/epsteinevan/ 

Substack: https://evanepstein.substack.com/

__

You can join as a Patron of the Boardroom Governance Podcast at:

Patreon: patreon.com/BoardroomGovernancePod

__

Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License

Conversamos com a CVM sobre os impactos que a nova regulamentação de fundos trará nas responsabilidades de PLD/FTP de agentes de mercado, especialmente distribuidores e administradores fiduciários. O painel é composto por Daniel Maeda, da CVM; Julia Duarte, da XP Investimentos e coordenadora da nossa Comissão de PLD/FTP; e Rubens Vidigal, do escritório Vidigal Neto Advogados. A moderação é de Silmara Baccani, do BNY Mellon.

Quais diligências de prevenção à lavagem de dinheiro os gestores de recursos devem adotar ao compor as carteiras dos fundos de investimento? Daniel Maeda e Marcus Vinicius de Carvalho, da CVM, discutem a questão com Antenor Madruga, do escritório Madruga BTW Advogados, e Aline Menezes, do UBS e do nosso Fórum de Apoio Jurídico. Luís Fernando Affonso, da Franklin Templeton e da nossa Comissão de PLD/FTP, participa como moderador da conversa.

Conversamos com a CVM e com o mercado sobre os controles e monitoramentos que devem ser criados e aprimorados pelas securitizadoras com base na Resolução CVM 50. O bate-papo é moderado por Ila Sym, da empresa de soluções financeiras Virgo e da nossa Comissão de PLD/FTP, e conta com a participação de: Bruno Gomes e Marcus Vinícius Carvalho, da CVM; Pedro Simões, do escritório Duarte Garcia Advogados; e Roberta Cassoli, da ZELA Consultoria.

No podcast ‘Notícia No Seu Tempo’, confira em áudio as principais notícias da edição impressa do jornal ‘O Estado de S. Paulo’ desta segunda-feira (06/09/21):

A promessa de alta rentabilidade em prazos curtos tem atraído pequenos investidores para aplicações que, depois, se revelam fraudes, como pirâmides financeiras. As criptomoedas também aparecem no topo da lista. Pesquisa da CVM com vítimas de golpes mostra que esse foi o ativo usado em 43% dos esquemas. A divulgação das fraudes é mais frequente pelo WhatsApp (27,5%), seguido pela divulgação boca a boca (19,7%). 

E mais:

Política: Ministros ainda avaliam se devem tomar parte em atos

Metrópole: SP concentra uso de vacina de lotes vetados

Esportes: Clássico sul-americano é suspenso

See omnystudio.com/listener for privacy information.

Carl Beech is the President of CVM, a Christian movement focus on evangelism to men. Ten years ago, he founded The Gathering, an annual Christian men's weekend away in a field in Swindon, described as a cross between Songs of Praise and Top Gear. More recently Carl's established Edge Ministries, a national coalition of organisations focussed on reaching the most hurting, lost and broken in society.