Download The Latin American Corporate Governance Roundtable

The Latin American Corporate
Governance Roundtable
26-28 April, 2000
The São Paulo Stock Exchange
São Paulo, Brazil
Mrs. Elvira Schamann
FIABV Secretary General
Why
Corporate Governance
Now??
The Latin American Corporate Governance
Roundtable
Globalization
• RISK
–Macro
–Financial Systems
- Institutional components
The Latin American Corporate Governance
Roundtable
Market Participants
- Institutional investors
- Financial intermediaries
- Analysts
The Latin American Corporate Governance
Roundtable
- Privatizations
-Takeovers/mergers/combinations
The Latin American Corporate Governance
Roundtable
STOCK EXCHANGES
- ACCESS TO CAPITAL
- LIQUIDITY
- VISIBILITY ---TRANSPARENCY
The Latin American Corporate Governance
Roundtable
Market
capitalization/GNP
%
90
80
70
60
50
40
30
20
10
0
AVERAGE
ARGENTINA
BRAZIL
CHILE
MEXICO
PERU
The Latin American Corporate Governance
Roundtable
Number of listed
companies
16.000
14.000
12.000
10.000
8.000
6.000
4.000
2.000
0
1994
1999
U.S.
Europe
Latinamerica
The Latin American Corporate Governance
Roundtable
Stock indexes
LATINAMERICAN PERFORMANCE, IBEX 35 AND DOW JONES
31/12/96 = 100
250
200
150
100
Lat ino amer icano
D o w Jo nes
50
Ib ex 3 5
Mar-00
Dic-99
Sep-99
Jun-99
Mar-99
Dic-98
Sep-98
Jun-98
Mar-98
Dic-97
Sep-97
Jun-97
Mar-97
Dic-96
0
The Latin American Corporate Governance
Roundtable
Compañía de Minas
Buenaventura S.A.
• Company listed since 1971
• Changes in its capital structure in 1996
• Open to new international investors since
1996
• New changes to its capital structure - more
shareholders
The Latin American Corporate Governance
Roundtable
C. M. B. S.A.
•
•
•
•
New Capital
Shareholders
Liquidity
Visibility
The Latin American Corporate Governance
Roundtable
FIABV
- Update standards
- Review of Corporate
Governance guidelines
- for listed companies
- for stock exchanges
The Latin American Corporate Governance
Roundtable