General Meeting
Members’ decisions are the basis for our corporate governance. The general meeting is the highest decision-making body. In the general meeting, each institution is entitled to one vote – as a way of ensuring that everyone has the same representation regardless of the company’s size or segment.
GRI 102-25
Voting members of each meeting do not have a specific mandate; they are the institution’s representative, appointed and replaced by it without a defined term of office. Voting takes place annually at the general meeting, at a meeting held in the first four months of the year, and whenever necessary through an extraordinary meeting.
GRI 102-22, 102-24
General Meeting Activities
At these meetings, the Association’s most strategic decisions are made, which include:
GRI 102-26
- Choosing, every two years, the group that will comprise Anbima’s Executive Board and Audit Committee.
- Choosing, every four years, the group that will comprise Anbima’s Ethics Committee, renewing one-third of the members every two years.
- Deliberating on the creation or changes in self-regulatory codes.
- Deliberating on the Association’s accounts.
Executive Board
The Executive Board does not perform executive activities for the Association. They are professionals who hold the position on a voluntarily basis, chosen through elections held every two years, and reflect the plurality of the different sizes and segments of the institutions we represent. GRI 102-35
Composed of 22 members: a president, eight vice presidents, and up to 14 directors, who are elected every two years. Members meet at least once a month, and there may be extraordinary meetings convened by the president or the majority of participants. GRI 102-25
Executive Board’s Responsibilities
Lead and manage the Association.
Enforce the bylaws, rules and procedures.
Enforce the resolutions of the General Meeting.
Set the Association’s strategic agenda, suggesting and approving the priority initiatives for the following year.
Executive Board in December 2021
Audit Committee
Composed of three full members, the Audit Committee is elected by the General Meeting. Its main responsibilities include the following: review the accounts submitted by the Executive Board; approve the external audit’s opinion on the accounts; present the accounts to be deliberated by the General Meeting.
Board members in December 2021
Ethics Committee
GRI 102-17
It is made up of up to nine members – four of whom are independent, i.e., not associated with any Member Institutions. All members, including a president and a vice-president, are appointed by the Executive Board and elected by the General Meeting for four-year terms. Re-election is permitted, and every two years one-third of the members must be renewed. Members receive no remuneration for performing their duties.
Main atributions
- Review requests for membership and adherence (95 such requests were approved in 2021);
- Interpret and apply the principles and rules of the Code of Ethics;
- Establish and review procedures;
- Suggest to the Executive Board, when necessary, the application of penalties against members who violate rules established in the Code of Ethics.
Ethics Committee in December 2021
Codes of conduct GRI 102-16, 102-17, 102-33
ANBIMA’s Code of Ethics
The document – which deals with issues such as fair competition, use of inside information, and risk of physical or financial liquidation capacity – was updated in July 2021. It is mandatory for all institutions that follow our self-regulation codes, whether members or adherents.The rules established in the 17-page Code of Ethics set the standards of conduct, with aspects relating to good faith, probity, transparency, responsibility and loyalty, aimed at improving and adding value to the financial and capital markets, including (among other ethical principles) guiding the activities of institutions that follow our codes of best practices, aimed at the best interest of clients and investors. Click this link to learn more.
Code of Ethics and Professional Conduct
Intended for employees, this Code addresses corporate policies, information security, and personal investments, addressing the misuse of inside information and conflicts of interest, among others. The code demands upstanding, fair, legal and transparent performance, and employees sign a statement certifying that they are in agreement with the document at the time of hiring.
Executive Committee
A multidisciplinary group made up of the main leaders of the internal staff, which helps in executive decision making. There are nine members – five men and four women.
GRI 405-1
The committee members are listed below:
Representative and supervisory bodies GRI 102-21
To defend the interests of Members, we discuss topics that contribute toward strengthening the market, through forums, commissions, and consultative groups.
They are composed of market professionals, who take part in these bodies voluntarily. Discussions on regulatory improvements are submitted to the Executive Board, which may be evaluated at public hearings, and are sent to the appropriate regulatory agencies.
Understand group formatting:
Representation Forums
There are six representation forums, related to market activities and supported by thematic commissions – created according to each forum’s needs and the demands of the action plan.
Support Forums
We also have two support forums to address legal and tax issues.
Consultative Groups
Our consultative groups are divided into permanent groups, which support the products and services we offer, and emerging groups, which discuss essential topics for market development and can go through all of the forums, but are not incorporated into the specific agenda of any of them.
Permanent:
Emerging:
Oversight groups
Monitoring commissions
These are groups that guide the performance of the in-house market oversight team. Composed of representatives from Member institutions, they analyze and approve the reports prepared by the area. They are also responsible for sending – to the regulatory and best-practices councils – the technical review of investigations into institutions that have failed to comply with the requirements of the self-regulation codes.
Regulation and Best Practices Boards
They are responsible for instituting and judging processes involving institutions that follow our self-regulation codes, and issue resolutions and guidance opinions regarding the procedures and possible irregularities in complying with these codes. To ensure independence in their resolutions, they are made up of people appointed by the Anbima’s Executive Board and professionals from other market entities.
We have nine commissions and nine councils on the following topics:
- Certification
- FIP and FIEE
- Investment funds
- Wealth Management
- Capital market
- Trading in Financial Instruments
- Private Banking
- Qualified Services
- Retail
