Análise do Quórum das Assembleias de Acionistas no Brasil após a Implementação do Voto a Distância

Abstract

According to the research and the market understanding, the low adherence to shareholders' meetings needs to be improved by new methods that facilitate the shareholder participation and reduce the costs. By analyzing the quorum in the meetings held between 2014 and 2019 for Brazilian Companies listed in the IBRX 100 Index, this research found an increase in the meeting’s average quorum after the remote voting methodology implementation. In addition, it was analyzed the relation between corporate characteristics’ variables and the meetings’ quorum, where It was verified the relation of the variables stock liquidity and dividend yield with the lower participation in meetings. On the other hand, there was a relationship of the variables ROA, ROE, company’s size, shareholding ownership and remote voting with a higher participation in the meetings. The result for the remote voting variable is aligned with the result found in this paper’s main objective, that was an increase in the meeting’s quorum. Applying a new approach, some market participants were interviewed to qualitatively analyze their perception of the remote voting mechanisms in Brazil, where we found the perception that there was an advance in the legislation but without initiatives to engage the small shareholders. It was found that the market needs to evolve, looking for new ways for the shareholder’s participation, highlighting that remote voting tools, if correctly applied, can increase the meetings’ attendance levels.