First Meeting of the Latin American Corporate Governance Roundtable

The first meeting of the Latin American Corporate Governance Roundtable was held in São Paulo, Brazil 26-28 April, 2000. The Roundtable was co-hosted by the São Paulo Stock Exchange (Bovespa) with the support of the Securities and Exchange Commission of Brazil (CVM) and the Brazilian Institute of Corporate Governance (IBGC).

• Agenda
• Issues Paper
• Main Conclusions
• More information on the Latin American Corporate Governance Roundtable

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Key Presentations:

• Corporate Governance In Latin America - New Thoughts for a New Century by H.E. Marcos de Azambuja, Ambassador of Brazil to France
• Welcome Address, by Seiichi Kondo, Deputy Secretary General, OECD
• Opening Address, by Alfredo Rizkallah, Chairman, São Paulo Stock Exchange, Brazil
• Opening Address, by Karl Voltaire, Director, Latin American and Caribbean Department, International Finance Corporation

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Materials:

Theme 1: Corporate Governance, Competitive Companies and Efficient Capital Markets - The Public and Private Sector Perspectives

Session 1: The Public Policy Perspective

• The OECD Principles of Corporate Governance, by Stilpon Nestor, Head, Corporate Affairs Division, OECD

Session 2: The Private Sector Perspective

• A Private Sector Perspective on Corporate Governance, by Ira Millstein, Senior Partner, Weil, Gotshal and Manges LLP, United States
• The Private Sector Perspective by Marcos Bertin, FUNDECE, Argentina
• The Private Sector Perspective, by Elvira Schamann, Federacion Iberoamericana de Bolsas de Valores

Theme 2: Corporate Governance in Latin America: An Empirical Overview

Session 3: Ownership and Corporate Governance Practices in Selected Latin American Countries

• Ownership, Control and Corporate Valuation of Brazilian Companies, by Ricardo Leal, Federal University of Rio de Janeiro, Brazil
  - pdf document
  - powerpoint presentation
• Corporate Governance in Mexico, by Gonzalo Castañeda Ramos, Universidad de las Americas, Puebla, Mexico
• Situacion de las Directorios Argentinos (in Spanish only), by Alejandro Etchart, Spencer Stuart, Argentina

Session 4: The Legal and Regulatory Framework - A Comparative Overview

• The Legal and Regulatory Framework - A Comparative Overview, by Mike Lubrano, The International Finance Corporation
• Corporate Governance Assessment - Brazil by Henrique Lang, Pinheiro Neto Advogados, Brazil
  - pdf document
  - powerpoint presentation
• Corporate Governance Assessment - Chile, by Ricardo Escobar, Carey y Cía Ltda, Chile
  - pdf document
  - powerpoint presentation
• Corporate Governance Assessment - Mexico, by Antje Zaldivar, Private Law Practioner, Mexico
• Takeovers in the Argentinian Capital Markets: The YPF Case by Analía E. Cuervo, Comisión Nacional de Valores, Argentina
  ( in Spanish )

Theme 3: Corporate Governance Practices in Latin America: Issues and Perspectives

Session 5: Shareholders' Rights and Shareholder Participation

• Sistemas de Información General (in Spanish only), by Guillermo Fretes, Comisión Nacional de Valores, Argentina
• Tender Offers, Takeovers and Corporate Governance, by Alvaro Clarke de la Cerda, Superintendency of Securities and Insurance, Chile
  - pdf document
  - powerpoint presentation

Session 6: The Market for Corporate Control - The Rules of the Game

• Tender Offers - The Chilean Case, by Jorge Bustos Oyandel, Securities and Exchange Commission of Chile
  - pdf document
  - powerpoint presentation

Session 7: The Role of the Board of Directors

• Investor Opinion Survey by McKinsey and Company, UK

Session 8: The Role of Stakeholders in Corporate Governance

• The Role of Stakeholders in Corporate Governance by John Fernandes, Força Sindical, Brazil
• Indicadores Ethos - de Responsabilidade Social Empresarial (in Portuguese), by Oded Grajew, Ethos Institute, Brazil

Session 9: Disclosure and Transparency

• Disclosure and Transparency - An International View, by Mary Keegan, Pricewaterhouse Coopers, United Kingdom
• Disclosure and Transparency - CSN's View and Experience, by Maria Silvia Bastos Marques, Companhia Sidérurgica Nacional, Brazil
• Disclosure and Transparency - The Brazilian Scenario, by Taiki Hirashima, Arthur Andersen, Brazil
• Transparency, Corporate Governance and Capital Markets, by Ronald Gilson, Stanford Law School and Columbia University School of Law, United States
  - pdf document
  - powerpoint presentation

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Papers distributed, but not presented at meeting:

• Differential Pricing of Equity Classes, Majority Control and Corporate Governance - Evidence from the Brazilian Equity Market, by Richard Saito, Fundaçao Getúlio Vargas