Compliance e conflito de interesses: análise comparativa dos programas listados no novo mercado em 2020 e 2022

Abstract

The objective of this article is to conduct a comparative analysis of the quality of the integrity programs of companies listed in the Novo Mercado segment of the B3 (Brazil, Bolsa, Balcão) as of January 2020 and January 2022. Considering the governance standards required by the capital market, the research verifies the content of programs, specifically, the policies adopted on conflict of interest. The present examination encompasses the degree of variation in results; the impact of legislative innovations (if and how they were incorporated); possible changes in the rules established by B3 regarding the conflict of interest parameter in the period between 2020 and 2022; the number of companies that eventually left B3's Novo Mercado segment and, finally, whether the reasons for leaving are related to the Covid-19 pandemic or to the non-compliance with any conflict of interest rule; besides verifying how many companies joined the mentioned segment. For such, the confrontation of this theme is carried out within the scope of compliance, starting from the alterations of Law 14.195/2021 regarding Related-Party Transaction Policies (TPR).