Controlled access to information for all the agents operating in the market is one of the fundamental principals of market transparency. Information on companies should primarily be made public through the CVM’s ‘IPE’ system (www.cvm.gov.br) whilst most of it is also accessible on the investor relations sections of company websites. It is important to frequently check the filings and postings at the CVM site that each company does, as some documents are only available there or are easier to find versus the investor relation site.
On top of this, a shareholder can also request direct access at the company’s headquarters or from the investor relations department. Many companies publish information by means of e-mails and, in order to receive such correspondence, the shareholder may, indeed should, register themselves with the investor relations department of the company they are interested in. Many brokerage firms also issue reports and analyses on the strategy and results of many companies for their clients. A conscientious and active shareholder should seek all the information which is available, read it, analyze it, clarify any doubts and take care of their rights.
The law establishes a number of obligations for the publication of information, including: the company headquarters should make documents available concerning those issues that are to be discussed at general assemblies as of the date of publication of the first announcement scheduling such assembly; access to information referring to the ownership and transfer of shares and securities it has issued, whenever requested by any shareholder; the provision, to any shareholder with at least 0.5% of the capital stock, of the addresses of the other shareholders with the aim of attempting to obtain power-of-attorney to represent them at the company’s general assemblies; information concerning the purchase and sale options on shares and debentures convertible into shares issued by the company or companies which are either subsidiaries or part of the same group; etc.
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