On Sep. 21, BRZ CVM proposed reform of rules governing meetings.
BRZ CVM issued public consultation to update Resolution 81, on shareholder meetings.
Mechanisms for remote participation, voting at shareholder meetings will be expanded.
Of note, consultation is part of BRZ CVM 2023 regulatory agenda issued in Dec. 2022.
Main Proposed Changes
CVM outlined key changes to BRZ CVM Resolution 81: expand mandatory disclosure of remote voting form for all shareholder meeting types, i.e., general, special, ordinary.
Reduce number/type of publicly-held firms subject to stricter remote voting rules.
Update timing and waiver requirements if shareholders oppose remote voting option.
Improve transmission of votes via central source or direct to company, improve timing to send remote ballots; expand physical locales to participate in meetings real-time.
Enhance remote voting form, include cases of exemption from the obligation to make remote voting forms available, reducing the cost of compliance for public companies.
Revise the timelines and voting instructions to send ballots and/or to receive ballots.
Clarify that second assembly call is not required to reopen vote if ballots not received.
Consultation
Suggestions, comments on Resolution 81 amendments to be sent until Nov. 24, 2023.
Jun. 2024 BRZ CVM Final Rules
On Jun. 4, 2024, BRZ CVM adopted final reforms to shareholder meetings rules.
