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By Charles P. Oman

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Read or Download Corporate Governance In Development: The Experiences Of Brazil, Chile, India, And South Africa (Oecd Development Centre) PDF

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Additional info for Corporate Governance In Development: The Experiences Of Brazil, Chile, India, And South Africa (Oecd Development Centre)

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4. Insider trading occurs when corporate insiders or others with privileged access to information likely significantly to affect the market value of a company’s shares use that information to make profits through trading in the company’s shares before the information is released to other market participants. 5. Particularly important are pre–emptive rights to new issues – sometimes referred to in Brazil as “tag along” rights – included among the “anti–director rights” cited here in note 1 to this annex.

5 We excluded majorityforeign-owned affiliates of foreign firms6; banks and utilities were also excluded from the sample of medium firms. Two groups of firms are distinguished: (i) widely-held firms, and (ii) those with controlling ultimate owners. A firm is considered to have an ultimate owner (controlling shareholder) if a single shareholder’s combined direct and indirect voting rights exceed 20 per cent of total voting rights in the firm. Among the firms with controlling owners, five categories of ultimate owners were then identified: (a) (b) (c) (d) (e) a family or individual the state a widely-held financial institution a widely-held corporation miscellaneous (such as a co-operative, a voting trust, or a group with no single controlling investor).

It is also evident that while the privatisation process began in the early 1990s, the State, though shrinking, is still an important shareholder in large Brazilian corporations. It still controls very large firms like Petrobrás, Banco do Brasil, Caixa Econômica Federal, and the large part of the electricity sector that is not yet privatised. Pyramids and dual class shares In many countries pyramidal ownership structures, which dominant shareholders and business groups use to enforce their control over firms within the group, are common.

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