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Brazil introduced remote voting for foreign investors

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Alessandri Zequi & Flavio Meyer

 

Brazil has recently introduced remote voting procedures that allow foreign investors to exercise their voting rights without being present at shareholder meetings. Stocche Forbes Advogados partners Alessandra Zequi and Flavio Meyer consider whether the move will make Brazilian equities more attractive

As part of a broader effort to encourage publicly traded Brazilian companies to follow corporate governance best practices, the Brazilian securities and exchange commission (CVM) recently enacted rules for a new voting system known as remote voting. As of 2018, remote voting is mandatory for all companies with equity securities traded on the B3 – the Sao Paulo stock exchange – during their annual shareholders’ meetings (and other meetings held on the same dates) and meetings in which they elect a majority of the board of directors (conselho de administração) or audit committee (conselho fiscal).

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