{"id":94754,"date":"2025-07-02T19:16:00","date_gmt":"2025-07-02T22:16:00","guid":{"rendered":"https:\/\/murray.adv.br\/?p=94754"},"modified":"2025-07-02T20:10:03","modified_gmt":"2025-07-02T23:10:03","slug":"companies-reject-proposed-changes-to-novo-mercado-rules","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/companies-reject-proposed-changes-to-novo-mercado-rules\/","title":{"rendered":"Companies reject proposed changes to Novo Mercado rules"},"content":{"rendered":"
\n
\n
\n
Majority vote blocks revisions to governance standards for Brazil’s top-tier listing segment<\/strong><\/em><\/h6>\n<\/div>\n<\/div>\n
\n
\n
<\/div>\n
\n
\n

07\/02\/2025<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/section>\n

\n
\n
\n
\n

Brazilian listed companies have rejected proposed changes to the rules of B3\u2019s Novo Mercado, the stock exchange\u2019s premium segment for firms adhering to the country\u2019s strictest corporate governance standards. The vote on 25 proposed amendments concluded on Monday (June 30), with results published Tuesday on B3\u2019s website.<\/p>\n<\/div>\n

\n
\n

According to the exchange, 152 companies participated in the vote. Of those, 74 opposed all of the proposed changes. Under Novo Mercado rules, this is enough to block the revisions, as the segment requires fewer than one-third of companies to reject a proposal for it to pass.<\/p>\n<\/div>\n

\n

Only eight companies supported all the amendments, while 70 approved some changes but not others.<\/p>\n<\/div>\n

\n

\u201cIt\u2019s a sad day for the market and for corporate governance,\u201d said F\u00e1bio Coelho, president of Amec, the association representing minority shareholders, including asset managers. \u201cWe knew the vote would be close, but investors didn\u2019t expect such a strong message of rejection to the proposed improvements.\u201d<\/p>\n<\/div>\n

\n

Mr. Coelho noted that many of B3\u2019s proposals had no direct financial impact and were already standard in other markets. \u201cWe assumed most items would be broadly accepted, but that wasn\u2019t the case.\u201d<\/p>\n<\/div>\n

\n

Luiz Martha, director of knowledge and impact at the Brazilian Institute of Corporate Governance (IBGC), said the decision was a missed opportunity. \u201cWe\u2019re losing a chance to modernize not just Novo Mercado\u2014already a pioneer in governance practices\u2014but the broader capital market,\u201d he said.<\/p>\n<\/div>\n

\n

\u201cCreated 25 years ago as a seal of trust and quality, the segment now risks losing its appeal by failing to evolve,\u201d Mr. Martha added.<\/p>\n<\/div>\n

\n

This marked the fifth review of the Novo Mercado rules since the segment\u2019s inception in 2000. The process began in May 2024 and included two public consultation rounds with listed companies, market participants, and institutions.<\/p>\n<\/div>\n

\n

After gathering feedback, B3 launched a restricted hearing process in March, with the vote initially scheduled for late April. The deadline was extended to June 30 at the request of participating companies.<\/p>\n<\/div>\n

\n

B3 stated that throughout the process, it held more than 60 meetings with about 120 companies and received 76 written submissions from companies, investors, associations, and market experts.<\/p>\n<\/div>\n

\n
\n

During the restricted consultation phase, B3 also committed to launching a broader discussion with market stakeholders and regulators on procedural matters related to future changes to the Novo Mercado regulations. According to feedback seen by Valor, many companies found that procedural review more relevant than the 25 specific proposed revisions.<\/p>\n

*By\u00a0Nelson Rocco, Valor\u00a0\u2014 S\u00e3o Paulo<\/p>\n

Source: Valor International<\/p>\n

https:\/\/valorinternational.globo.com\/<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Majority vote blocks revisions to governance standards for Brazil’s top-tier listing segment 07\/02\/2025 Brazilian listed companies have rejected proposed changes to the rules of B3\u2019s Novo Mercado, the stock exchange\u2019s premium segment for firms adhering to the country\u2019s strictest corporate governance standards. The vote on 25 proposed amendments concluded on Monday (June 30), with results […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[26214],"class_list":["post-94754","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-novo-mercado-en"],"yoast_head":"\nCompanies reject proposed changes to Novo Mercado rules - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/companies-reject-proposed-changes-to-novo-mercado-rules\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Companies reject proposed changes to Novo Mercado rules - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Majority vote blocks revisions to governance standards for Brazil’s top-tier listing segment 07\/02\/2025 Brazilian listed companies have rejected proposed changes to the rules of B3\u2019s Novo Mercado, the stock exchange\u2019s premium segment for firms adhering to the country\u2019s strictest corporate governance standards. The vote on 25 proposed amendments concluded on Monday (June 30), with results […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/murray.adv.br\/en\/companies-reject-proposed-changes-to-novo-mercado-rules\/\" \/>\n<meta property=\"og:site_name\" content=\"Murray Advogados\" \/>\n<meta property=\"article:published_time\" content=\"2025-07-02T22:16:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-07-02T23:10:03+00:00\" \/>\n<meta name=\"author\" content=\"Gelcy Bueno\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Gelcy Bueno\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/murray.adv.br\/en\/companies-reject-proposed-changes-to-novo-mercado-rules\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/murray.adv.br\/en\/companies-reject-proposed-changes-to-novo-mercado-rules\/\"},\"author\":{\"name\":\"Gelcy Bueno\",\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e\"},\"headline\":\"Companies reject proposed changes to Novo Mercado rules\",\"datePublished\":\"2025-07-02T22:16:00+00:00\",\"dateModified\":\"2025-07-02T23:10:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/murray.adv.br\/en\/companies-reject-proposed-changes-to-novo-mercado-rules\/\"},\"wordCount\":436,\"keywords\":[\"Novo Mercado\"],\"articleSection\":[\"Murray News\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/murray.adv.br\/en\/companies-reject-proposed-changes-to-novo-mercado-rules\/\",\"url\":\"https:\/\/murray.adv.br\/en\/companies-reject-proposed-changes-to-novo-mercado-rules\/\",\"name\":\"Companies reject proposed changes to Novo Mercado rules - Murray Advogados\",\"isPartOf\":{\"@id\":\"https:\/\/murray.adv.br\/en\/#website\"},\"datePublished\":\"2025-07-02T22:16:00+00:00\",\"dateModified\":\"2025-07-02T23:10:03+00:00\",\"author\":{\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e\"},\"breadcrumb\":{\"@id\":\"https:\/\/murray.adv.br\/en\/companies-reject-proposed-changes-to-novo-mercado-rules\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/murray.adv.br\/en\/companies-reject-proposed-changes-to-novo-mercado-rules\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/murray.adv.br\/en\/companies-reject-proposed-changes-to-novo-mercado-rules\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"In\u00edcio\",\"item\":\"https:\/\/murray.adv.br\/en\/home\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Companies reject proposed changes to Novo Mercado rules\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/murray.adv.br\/en\/#website\",\"url\":\"https:\/\/murray.adv.br\/en\/\",\"name\":\"Murray Advogados\",\"description\":\"PLG International Lawyers\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/murray.adv.br\/en\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e\",\"name\":\"Gelcy Bueno\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/murray.adv.br\/en\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g\",\"caption\":\"Gelcy Bueno\"},\"url\":\"https:\/\/murray.adv.br\/en\/author\/news\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Companies reject proposed changes to Novo Mercado rules - Murray Advogados","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/murray.adv.br\/en\/companies-reject-proposed-changes-to-novo-mercado-rules\/","og_locale":"en_US","og_type":"article","og_title":"Companies reject proposed changes to Novo Mercado rules - Murray Advogados","og_description":"Majority vote blocks revisions to governance standards for Brazil’s top-tier listing segment 07\/02\/2025 Brazilian listed companies have rejected proposed changes to the rules of B3\u2019s Novo Mercado, the stock exchange\u2019s premium segment for firms adhering to the country\u2019s strictest corporate governance standards. The vote on 25 proposed amendments concluded on Monday (June 30), with results […]","og_url":"https:\/\/murray.adv.br\/en\/companies-reject-proposed-changes-to-novo-mercado-rules\/","og_site_name":"Murray Advogados","article_published_time":"2025-07-02T22:16:00+00:00","article_modified_time":"2025-07-02T23:10:03+00:00","author":"Gelcy Bueno","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Gelcy Bueno","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/murray.adv.br\/en\/companies-reject-proposed-changes-to-novo-mercado-rules\/#article","isPartOf":{"@id":"https:\/\/murray.adv.br\/en\/companies-reject-proposed-changes-to-novo-mercado-rules\/"},"author":{"name":"Gelcy Bueno","@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e"},"headline":"Companies reject proposed changes to Novo Mercado rules","datePublished":"2025-07-02T22:16:00+00:00","dateModified":"2025-07-02T23:10:03+00:00","mainEntityOfPage":{"@id":"https:\/\/murray.adv.br\/en\/companies-reject-proposed-changes-to-novo-mercado-rules\/"},"wordCount":436,"keywords":["Novo Mercado"],"articleSection":["Murray News"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/murray.adv.br\/en\/companies-reject-proposed-changes-to-novo-mercado-rules\/","url":"https:\/\/murray.adv.br\/en\/companies-reject-proposed-changes-to-novo-mercado-rules\/","name":"Companies reject proposed changes to Novo Mercado rules - Murray Advogados","isPartOf":{"@id":"https:\/\/murray.adv.br\/en\/#website"},"datePublished":"2025-07-02T22:16:00+00:00","dateModified":"2025-07-02T23:10:03+00:00","author":{"@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e"},"breadcrumb":{"@id":"https:\/\/murray.adv.br\/en\/companies-reject-proposed-changes-to-novo-mercado-rules\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/murray.adv.br\/en\/companies-reject-proposed-changes-to-novo-mercado-rules\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/murray.adv.br\/en\/companies-reject-proposed-changes-to-novo-mercado-rules\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"In\u00edcio","item":"https:\/\/murray.adv.br\/en\/home\/"},{"@type":"ListItem","position":2,"name":"Companies reject proposed changes to Novo Mercado rules"}]},{"@type":"WebSite","@id":"https:\/\/murray.adv.br\/en\/#website","url":"https:\/\/murray.adv.br\/en\/","name":"Murray Advogados","description":"PLG International Lawyers","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/murray.adv.br\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/dd0d0bea46c2436124555d18c1a0d52e","name":"Gelcy Bueno","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/murray.adv.br\/en\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/1ef2acfe966d6deacdeccd2a24ea89192c41fd05fc60e57b79021358a47f5641?s=96&d=mm&r=g","caption":"Gelcy Bueno"},"url":"https:\/\/murray.adv.br\/en\/author\/news\/"}]}},"_links":{"self":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts\/94754","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/comments?post=94754"}],"version-history":[{"count":3,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts\/94754\/revisions"}],"predecessor-version":[{"id":94756,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/posts\/94754\/revisions\/94756"}],"wp:attachment":[{"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/media?parent=94754"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/categories?post=94754"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/murray.adv.br\/en\/wp-json\/wp\/v2\/tags?post=94754"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}