World Bank2013-10-012013-10-012012-06https://hdl.handle.net/10986/15957This report assesses Brazil's corporate governance policy framework. It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Brazil. It is an update of the 2005 corporate governance Report on the Observance of Standards and Codes (ROSC). Brazil's experience over the past 10 years has shown the value of corporate governance reforms, both in Brazil and around the world. Good corporate governance enhances investor trust, helps to protects minority shareholders, and can encourage better decision making and improved relations with workers, creditors, and other stakeholders. It is an important prerequisite for attracting the patient capital needed for sustained long-term economic growth. This report is organized into four sections: section one is the commitment of the public and private sectors to reform; section two is shareholder rights; section three is disclosure and transparency; and section four is boards of directors.en-USCC BY 3.0 IGOACCOUNTANTACCOUNTINGACCOUNTING STANDARDSACTIVE MARKETAMORTIZATIONAMOUNT OF CAPITALARBITRATIONASSET HOLDINGSASSET MANAGEMENTASSET MANAGERSAUDIT COMMITTEEAUDIT COMMITTEESAUDIT STANDARDSBALANCE SHEETBANKING ASSETSBANKING SECTORBANKRUPTCYBOND MARKETCAPITAL MARKETCAPITAL MARKET DEVELOPMENTCAPITAL MARKETS DEVELOPMENTCAPITAL STOCKCASH FLOWCENTRAL BANKCENTRAL DEPOSITORYCIVIL LAWCOMMERCIAL BANKCOMPANY BEHAVIORCOMPANY LAWCONFLICT OF INTERESTCONFLICTS OF INTERESTCORPORATE FINANCECORPORATE GOVERNANCECORPORATE GOVERNANCE FRAMEWORKCORPORATE GOVERNANCE FRAMEWORKSCORPORATE GOVERNANCE REFORMSCORPORATE LAWCOST OF CAPITALCREDITORSCURRENCYCURRENCY RISKCUSTODYDEBT MARKETSDEBT OFFERINGDEPOSITDEPOSITSDERIVATIVEDERIVATIVESDERIVATIVES MARKETSDISCLOSURE REQUIREMENTSDISPUTE RESOLUTIONDISPUTE RESOLUTIONSDOMESTIC BANKDOMESTIC INSTITUTIONAL INVESTORSDUE DILIGENCEECONOMIC DEVELOPMENTEMERGING MARKETEMERGING MARKET COUNTRIESEMERGING MARKETSENFORCEMENT POWERSEQUITIESEQUITY FUNDSEQUITY HOLDINGSEQUITY INVESTMENTEQUITY INVESTMENTSEQUITY MARKETEQUITY MARKET CAPITALIZATIONEQUITY MARKETSEQUITY TRADINGEXCHANGE COMMISSIONFAIR PRICEFINANCIAL CONGLOMERATESFINANCIAL CRISESFINANCIAL CRISISFINANCIAL INSTITUTIONFINANCIAL INSTITUTIONSFINANCIAL INTERMEDIARIESFINANCIAL MARKETFINANCIAL MARKETSFINANCIAL SECTORFINANCIAL STATEMENTSFINANCIAL SYSTEMFIXED RATEFOREIGN INSTITUTIONAL INVESTORSFOREIGN INVESTORSFOREIGN OWNERSHIPFRAUDFRAUDSGLOBAL CAPITALGLOBAL CAPITAL MARKETSGLOBAL STANDARDSGOVERNANCE ISSUESGOVERNANCE PRACTICESGOVERNANCE REGULATIONGOVERNANCE REGULATIONSGOVERNMENT DEBTGROSS DOMESTIC PRODUCTHOLDINGHOLDINGSINDIVIDUAL INVESTORSINFORMATION DISCLOSUREINFORMATION TECHNOLOGYINITIAL PUBLIC OFFERINGSINSIDER DEALINGINSIDER TRADINGINSTITUTIONAL INVESTORINSTITUTIONAL INVESTORSINSURANCEINSURANCE COMPANIESINSURANCE COMPANYINSURANCE PREMIUMSINTEREST RATEINTEREST RATES ON GOVERNMENT SECURITIESINTERNATIONAL BEST PRACTICESINTERNATIONAL INVESTORSINTERNATIONAL STANDARDSINVESTINGINVESTMENT BANKINGINVESTMENT BANKSINVESTMENT FUNDSINVESTOR CONFIDENCEINVESTOR PROTECTIONJURISDICTIONSLEGAL AUTHORITYLEGAL FRAMEWORKLEGAL PROTECTIONLEGAL PROVISIONSLEGAL RIGHTLEGAL TRADITIONLIABILITYLIQUIDATIONLIQUIDITYLOANLOAN PORTFOLIOSLONG-TERM CAPITALMAJORITY SHAREHOLDERMARKET CAPMARKET CAPITALIZATIONMARKET CONDITIONSMARKET INDEXMARKET INDICESMARKET INTERMEDIARIESMARKET LIQUIDITYMARKET PARTICIPANTSMARKET PERFORMANCEMARKET RISKMARKET RISKSMARKET TURNOVERMARKET VALUEMINORITY INVESTORSMINORITY SHAREHOLDERMINORITY SHAREHOLDER PROTECTIONMINORITY SHAREHOLDER RIGHTSMINORITY SHAREHOLDERSMONETARY FUNDMUTUAL FUNDMUTUAL FUND ASSETSMUTUAL FUNDSNEW MARKETOPERATIONAL INDEPENDENCEPENSIONPENSION FUNDPENSION FUNDSPORTFOLIOPRIVATE BONDPRIVATE CREDITPRIVATE DEBTPRIVATE PENSIONPROPERTY RIGHTSPROTECTION OF MINORITY SHAREHOLDERSPUBLIC COMPANIESPUBLIC DEBTPUBLIC ENFORCEMENTPUBLIC OFFERINGPUBLIC OFFERINGSPUBLIC POLICYRAPID GROWTHREAL INTERESTREAL INTEREST RATESREGULATORY BODIESREGULATORY CAPITALREGULATORY FRAMEWORKRETIREMENT SAVINGSRETURNRETURNSRISK FACTORSRISK MANAGEMENTSECONDARY MARKETSECURITIESSECURITIES MARKETSELF-REGULATIONSETTLEMENTSETTLEMENT SYSTEMSSHARE OF EQUITYSHAREHOLDERSHAREHOLDERSSTATE ENTERPRISESSTOCK EXCHANGESTOCK EXCHANGESSTOCK MARKETSTOCK MARKETSSTOCKSSUPERVISORY BOARDTRADINGTRADING VALUETRADING VOLUMETRANSACTIONTRANSACTION COSTSTRANSPARENCYTREASURYVALUATIONVALUATIONSWEAK CORPORATE GOVERNANCEWITHDRAWALWorld Bank10.1596/15957