Práticas de governo corporativo nas Assembleias gerais de acionistas de empresas listadas na Colômbia
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Dec 1, 2014
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Resumo
Este estudo analisa as Assembleias Gerais de Acionistas (AGA) sob o enfoque de governo corporativo, que caracteriza as assembleias de 2012 de 11 empresas colombianas que representam um pouco mais de 50% do COLCAP. Utilizando a metodologia de Apostolides e os lineamentos do Código do País, constroem-se índices de avaliação a respeito do dever ser das assembleias. Constata-se que, nessas reuniões, não se atendem a aspectos fundamentais como processo de votação, a composição e a remuneração do conselho diretivo, a revelação de informação sobre os candidatos ao conselho e a transmissão das AGA pela internet. Pelo contrário, outorga-se maior atenção aos lanches servidos, materiais de escritório e ao lugar no qual se desenvolve a reunião.
Keywords
Annual general meetings, minority shareholder, corporate governanceAsambleas Generales de Accionistas, gobierno corporativo, accionista minoritarioGoverno corporativo, Assembleias gerais de acionistas, acionista minoritário
References
Apostolides, N., and Boden, R. (2005). Cedric the Pig: Annual General Meetings and Corporate Governance in the UK. Social Responsibility Journal, 1 (1), 53-62.
Apostolides, N. (2007). Directors versus shareholders: Evaluating corporate governance in the UK using the AGM scorecard. Corporate Governance: An International Review, 15 (6), 1227-1287.
Apostolides, N. (2010). Exercising corporate governance at the annual general meeting. Corporate Governance. The International Journal of Business in Society, 10 (2),140-149.
Chong, A., and López de Silanes, F. (2007). Corporate Governance in Latin America. In A. Chong and F. Lopez-de-Silanes (Eds.), Investor protection and corporate governance: Firmlevel evidence across Latin America. Stanford: Stanford University Press. De Jong, A., Mertens, G., and Roosenboom, P. (2006).
Shareholders’ voting at general meetings: Evidence from the Netherlands. Journal of Management & Governance, 10 (4), 353-380.
Dimitrov, V., and Jain, P. (2011). It’s showtime: Do managers report better news before annual shareholder meetings? Journal of Accounting Research, 49 (5), 1193-1221.
Fairfax, L. (2010). Virtual Shareholder Meetings Reconsidered. Seton Hall Law Review, 40 (4), 1367-1431.
Hodges, R., Macniven, L. and Mellett, H. (2004). Governance of UK NHS Trusts: The Annual General Meeting. Corporate Governance: An International Review, 12 (3), 343-352.
Iwatani, M., and Taki, T. (2009). Evolution of General Shareholders’ Meetings in Japan. Nomura Journal of Capital Markets, 1 (1), 1-17.
Jensen, M., and Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3 (4), 305-360.
Klapper, L., and Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10 (5), 703-728.
La Porta, R., Lopez-De-Silanes, F., and Shleifer, A. (1999). Corporate Ownership around the World. The Journal of Finance, 54 (2), 471-517.
La Porta, R., Lopez-De-Silanes, F., Shleifer, A., and Vishny, R. W. (1997). Legal determinants of external finance. The Journal of Finance, 52 (3), 1131-1150.
La Porta, R., Lopez-De-Silanes, F., Shleifer, A., and Vishny, R. W. (1998). Law and Finance. The Journal of Political Economy, 106 (6), 1113-1155.
Lefort, F. (2005). Ownership structure and corporate governance in Latin America. ABANTE, 8 (1), 55-84.
OCDE (2004). Principios de Gobierno Corporativo de la OCDE. Paris.
Poulsen, T., Strand, T., and Thomsen, S. (2010). Voting power and shareholder activism: A study of Swedish shareholder meetings. Corporate Governance: An International Review, 18 (4), 329-343.
Shleifer, A., and Vishny, R. W. (1986). Large shareholders and corporate control. The Journal of Political Economy, 94 (3), 461-488.
Sjostrom, W. (2007). The case against mandatory annual director elections and shareholders’ meetings. Tennessee Law Review, 74 (2), 199-239.
Strätling, R. (2003). General meetings: A dispensable tool for corporate governance of listed companies? Corporate Governance: An International Review, 11 (1), 74-82.
Superintendencia Financiera de Colombia (2010). Documento Conceptual de Gobierno Corporativo. Delegatura para riesgos de conglomerados y gobierno corporativo. Subdirección de metodologías de supervisión y análisis de riesgos. Bogotá, Colombia.
Tirole, J. (2001). Corporate Governance. Econometrica, 69 (1), 1-35.
Zetzsche, D. (2005). Shareholder interaction preceding shareholder meetings of public corporations – a six country comparison. Available at SSRN: http://dx.doi.org/10.2139/ssrn.624241.
Zetzsche, D. (2007). Virtual Shareholder Meetings and the European Shareholder Rights Directive – Challenges and Opportunities. Available at SSRN: http://dx.doi.org/10.2139/ssrn.996434.
Apostolides, N. (2007). Directors versus shareholders: Evaluating corporate governance in the UK using the AGM scorecard. Corporate Governance: An International Review, 15 (6), 1227-1287.
Apostolides, N. (2010). Exercising corporate governance at the annual general meeting. Corporate Governance. The International Journal of Business in Society, 10 (2),140-149.
Chong, A., and López de Silanes, F. (2007). Corporate Governance in Latin America. In A. Chong and F. Lopez-de-Silanes (Eds.), Investor protection and corporate governance: Firmlevel evidence across Latin America. Stanford: Stanford University Press. De Jong, A., Mertens, G., and Roosenboom, P. (2006).
Shareholders’ voting at general meetings: Evidence from the Netherlands. Journal of Management & Governance, 10 (4), 353-380.
Dimitrov, V., and Jain, P. (2011). It’s showtime: Do managers report better news before annual shareholder meetings? Journal of Accounting Research, 49 (5), 1193-1221.
Fairfax, L. (2010). Virtual Shareholder Meetings Reconsidered. Seton Hall Law Review, 40 (4), 1367-1431.
Hodges, R., Macniven, L. and Mellett, H. (2004). Governance of UK NHS Trusts: The Annual General Meeting. Corporate Governance: An International Review, 12 (3), 343-352.
Iwatani, M., and Taki, T. (2009). Evolution of General Shareholders’ Meetings in Japan. Nomura Journal of Capital Markets, 1 (1), 1-17.
Jensen, M., and Meckling, W. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3 (4), 305-360.
Klapper, L., and Love, I. (2004). Corporate governance, investor protection, and performance in emerging markets. Journal of Corporate Finance, 10 (5), 703-728.
La Porta, R., Lopez-De-Silanes, F., and Shleifer, A. (1999). Corporate Ownership around the World. The Journal of Finance, 54 (2), 471-517.
La Porta, R., Lopez-De-Silanes, F., Shleifer, A., and Vishny, R. W. (1997). Legal determinants of external finance. The Journal of Finance, 52 (3), 1131-1150.
La Porta, R., Lopez-De-Silanes, F., Shleifer, A., and Vishny, R. W. (1998). Law and Finance. The Journal of Political Economy, 106 (6), 1113-1155.
Lefort, F. (2005). Ownership structure and corporate governance in Latin America. ABANTE, 8 (1), 55-84.
OCDE (2004). Principios de Gobierno Corporativo de la OCDE. Paris.
Poulsen, T., Strand, T., and Thomsen, S. (2010). Voting power and shareholder activism: A study of Swedish shareholder meetings. Corporate Governance: An International Review, 18 (4), 329-343.
Shleifer, A., and Vishny, R. W. (1986). Large shareholders and corporate control. The Journal of Political Economy, 94 (3), 461-488.
Sjostrom, W. (2007). The case against mandatory annual director elections and shareholders’ meetings. Tennessee Law Review, 74 (2), 199-239.
Strätling, R. (2003). General meetings: A dispensable tool for corporate governance of listed companies? Corporate Governance: An International Review, 11 (1), 74-82.
Superintendencia Financiera de Colombia (2010). Documento Conceptual de Gobierno Corporativo. Delegatura para riesgos de conglomerados y gobierno corporativo. Subdirección de metodologías de supervisión y análisis de riesgos. Bogotá, Colombia.
Tirole, J. (2001). Corporate Governance. Econometrica, 69 (1), 1-35.
Zetzsche, D. (2005). Shareholder interaction preceding shareholder meetings of public corporations – a six country comparison. Available at SSRN: http://dx.doi.org/10.2139/ssrn.624241.
Zetzsche, D. (2007). Virtual Shareholder Meetings and the European Shareholder Rights Directive – Challenges and Opportunities. Available at SSRN: http://dx.doi.org/10.2139/ssrn.996434.
Como Citar
González, G.-P., Guzmán, A., Prada, F., & Trujillo, M.-A. (2014). Práticas de governo corporativo nas Assembleias gerais de acionistas de empresas listadas na Colômbia. Cuadernos De Administración, 27(49), 37–64. https://doi.org/10.11144/Javeriana.cao27-49.pgca
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