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Supervision and Enforcement in Corporate Governance

image of Supervision and Enforcement in Corporate Governance

This fifth peer review of the OECD Principles of Corporate Governance analyses the supervision and enforcement of rules and practices relating to related party transactions (RPTs),  takeover bids and shareholder meetings. The review covers 27 jurisdictions and is based on a general survey of all participating jurisdictions, as well as an in-depth review of supervision and enforcement practices in Brazil, Turkey, and the United States.

English

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Brazil: the corporate governance framework and practices relating to supervision and enforcement

This chapter, part of the fifth peer review based on the OECD Principles of Corporate Governance, summarises public and private supervision and enforcement practices in Brazil, in particular in the areas of related party transactions (RPTs), takeover bids and shareholder meetings. The chapter, prepared by Maria Helena Santana, former Chair of Brazil’s Securities Commission, the CVM, acting as a consultant to the OECD, highlights the key characteristics, strengths and limitations of the Brazilian framework for corporate governance-related enforcement, including a strong reliance on the supervision of its Securities Commission (CVM); close co-operation between CVM and Brazil’s Stock Exchange (BM and FBovespa), on enforcement of listing requirements; and greater use of market arbitration mechanisms than court processes to settle corporate governance-related disputes. It concludes with some recommendations on further improvements in the supervision and enforcement framework.

English

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