July 10, 2015
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I B G C- THE BRAZILIAN INSTITUTE OF CORPORATE GOVERNANCE The Brazilian code is written for the Brazilian situation but would be applicable, wholly or in parts, in most countries in Latin America What is the objective of Corporate Governance?? The main objective of the Code of Best Corporate Governance Practices is to suggest courses of action to all types of companies – whether listed or privately held corporations, limited liability companies or partnerships – with a view to:
*FISCAL COUNCIL-The Fiscal Council is a Brazilian institution, created with the purpose of bridging a gap in the activities of the Board of Directors. It was created because most companies have a controlling shareholder that normally dominates the Board of Directors. The minorities and the owners of non-voting stock have no influence and little information. Therefore, Fiscal Council is a partial remedy to this. It has access to information and can express its opinion in the General Assembly.
Good Corporate Governance practices converts principle into objective recommendations, aligning interests with the purpose of preserving and enhancing the organization’s value facilitating its access to capital and contributing to its longevity.
- Improving their performance
- Facilitating access to capital
- Owners – shareholders, quota holders or partners
- Board of Directors – the body representing the owners
- Management – the chief executive officer and top managers
- Auditing – the independent auditors
- Surveillance – the fiscal council
- Ethics/Conflicts of interest