CVM Resolution No. 204: Greater Transparency and Modernization of Shareholder Meetings

In effect since June 2024, CVM Resolution No. 204 has introduced significant changes to the Brazilian capital market, reinforcing transparency and modernizing shareholder meetings. With new requirements for the detailed disclosure of voting instructions and the possibility of digital and hybrid meetings, the Brazilian Securities and Exchange Commission (CVM) aims to make processes more accessible and efficient for companies and investors. These measures foster a more inclusive corporate environment, allowing shareholders to track and participate in decisions more clearly and effectively.

Additionally, the simplification of remote voting ballots and the expanded responsibilities of custodians and recordkeepers enhance the security and reliability of decision-making processes. For companies, this represents an advancement in governance and an opportunity to strengthen relationships with investors. For shareholders, it means greater control and transparency in corporate decisions. Ultimately, CVM Resolution No. 204 marks a crucial step toward modernizing the market, preparing it for a more digital, secure, and efficient future.