In 2000, Bovespa established three special listing segments, known as Level 1 and 2  of Differentiated Corporate Governance Practices and New Market, aiming at fostering a secondary market for securities issued by  corporations listed in the Bovespa, prompting these companies to follow good governance practices.

The listing segments were designed for trading of stock issued by corporations voluntarily undertaking to abide by good governance practices and disclosure requirements in addition to those already imposed by the Brazilian law.  These rules generally increase shareholders’ rights and enhance the quality of the  information provided to shareholders.

Besides the obligations imposed by the Brazilian law, the New Market rules require adherence to, among other, the following requirements:

  • issue of common shares only;
  • granting of tag along rights to all shareholder, in case company controlling interest is sold, and control interest buyer is required to make a public offering targeting purchase of the shares of the other shareholders, offering for each share the same price paid by share of the controlling interest;
  • make sure that MPX stock at least 25% of total company capital are outstanding;
  • adopt offering procedures favoring shareholder dispersion;
  • adherence to minimum quarterly disclosure of information;
  • adoption of stricter disclosure policies with regards to the negotiations in which Company shareholders, directors and top management were engaged, involving company securities;
  • submit any existing shareholders agreements and stock purchase option programs to Bovespa;
  • make a calendar of corporate events available to shareholders;
  • limit to one year the term of office of all members of MPX Board of Directors, composed of at least five members;
  • as of the second fiscal year closed after admission into the New Market, prepare annual financial statements, including the statement of cash flows, in English Language, in line with international accounting standards such as the U.S. GAAP or IFRS;
  • exclusively adopt the requirements of Bovespa arbitration rules, whereby  Bovespa, the company, the majority shareholder, and members of company Statutory Audit Committee undertake to settle by arbitration all and every dispute or controversies related to listing regulations;
  • at least once a year schedule a public meeting with analysts and any other interested parties aiming at disclosure of information on company economic-financial standing, projects and perspectives;
  • in case of delisting from the New Market to have stock traded outside the New Market, the controlling shareholder is required to make a public offering of purchase of outstanding shares, for the economic value assessed by means of an appraisal report prepared by a specialized and independent organization.
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Board of Directors
MPX collegiate body in charge of directing company affairs. Learn more about Board of Directors responsibilities
Statutory Audit Committee
A body assigned technical functions who key purpose is to advise the members of MPX Board of Directors
Code of Conduct
Principles that guide MPX conduct and relations
Policy
Corporate Governance Policy, establishes the standards and practices the company is required to  comply with

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