Analyzes the different aspects of the composition of boards of directors and the performance of their members, as elements that establish the governance of companies. Report 34

Taking the opportunity of the installation of the BOVESPA Arbitrage Chambre, discusses the superiority of the arbitrage judgement over conventional Justice in settling corporate conflict.

Discusses the practice of loan agreements between listed companies and their controlling shareholders and the implication of this practice in the inequitable distribution of value among shareholders.

Technical comments on and criticisms of the reform of Brazilian Corporation Legislation, in the economic context of capital market evolution.

Explanation of the excessive contempt for the non-liquidity premium in the Brazilian market, as due to a high opportunity cost of capital in an environment of asset administration with the exclusive CDI benchmark.

Towards a more dispersed ownership and its benefits of permitting better share pricing and better governance conditions in companies.

Discusses the important issue of tag-along rights for minority shareholders, based on the description of a real legal decision case.

Analyzes the matter of public companies going private, based on market experiences and also on recent specific regulation. (CVM Instructions 229, 299, and 345).

Discusses the false dilemma between greater protection versus extinction of the local capital market, in discussing the draft bill for the new Corporate Law. As reference, presents theoretical and empirical evidence that the more regulated markets are the more developed ones.

Explains the market distortions of control premiums in Brazil as a consequence of the imbalance of power in companies, based on the concentrated capital structure and on the illegal lack of support for the non-controlling shareholder. Also describes the corporate restructuring of Ultrapar and the important decision to extend tag-along rights to all shareholders.