Lighthouse, Brazil Edition, March 2023

Morrow Sodali is pleased to present the latest edition of Brazil Lighthouse, which complements our other publications from North America, Europe and Australia, and unlocks key insights and trends on corporate governance and sustainability for boards and investors.

This edition features an in-depth analysis of the 2022 Proxy Season in Brazil. Our team of experts has compiled a comprehensive review of the most important developments and trends to arise from the AGMs in Brazil, spanning everything from shareholder activism to gender diversity. We also provide insights into what these developments mean for investors, companies and regulators going forward. 

Also in this edition, Paula Magalhães and Nathália Zalli from Lobo De Rizzo Advogados delve into what to expect for the 2023 proxy season and beyond by exploring ESG improvements including board independence criteria, updated disclosure requirements, and changes to diversity ratios for senior leadership.

Pedro Melo, CEO and Luiz Martha, Content and Research Manager, from the Brazilian Institute of Corporate Governance (IBGC) have written an interesting article explaining the bottlenecks that may hinder the ongoing advances Brazilian companies are making in their corporate governance practices.

We also include an article by Fábio Henrique de Sousa Coelho, CEO of the Association of Capital Markets Investors in Brazil (AMEC), which shares insights from the investor perspective on the upcoming proxy season in Brazil. This interesting perspective, taken from recent discussions at AMEC, reveals the most important trends for the 2023 season including game-changing rules for the ESG agenda, the enduring difficult business environment for capital markets, and the threat to the autonomy of state-owned enterprises.

If you would like to know more about the latest developments in corporate governance and sustainability in Brazil, then please complete the form below to receive an electronic copy of this publication.