Alexandre Rangel is a former Commissioner of the Brazilian Securities and Exchange Commission (CVM) (2020-2023) and Consultant of the OECD (2023). He’s currently back in private practice at his law firm Rangel Advogados. We discuss a recent note that he wrote for the OECD on Institutional Investors’ engagement in Latin America, enforcement trends and cooperation between US and Brazilian agencies, and specific board duties related to State Owned Enterprises (SOEs). We also talk about the new geopolitical landscape, fintech in Brazil, and the future of corporate governance in Brazil. If you like this show, please consider subscribing, leaving a review or sharing this podcast on social media. You can also contribute as a Patron on the link patreon.com/BoardroomGovernancePod or you can subscribe to the Boardroom Governance Newsletter at evanepstein.substack.com This podcast is sponsored by the American College of Governance Counsel.
(0:00) Intro.
(1:10) About the podcast sponsor: The American College of Governance Counsel.
(1:57) Start of interview.
(4:00) Alexandre's "origin story." His time as Commissioner of the Brazilian Securities and Exchange Commission (CVM) (2020-2023).
(7:34) On his OECD background note on Institutional Investors' Engagement in Latin America (2023).
(14:56) Local institutional investors and pension funds engagement in Brazil. *reference to E118 with John Coates: The Problem of Twelve, Index Funds and Private Equity.
(17:23) On stewardship codes.
(19:58) On internal stewardship teams at asset managers and passive investors.
(21:05) Challenges of shareholder activism and dispersed ownership in Brazil.
(25:53) Enforcement and Cooperation between U.S. and Brazilian regulators. *Reference Enhanced Memorandum of IOSCO.
(28:03) On the governance of State-Owned Enterprises (SOEs).
(34:24) The geopolitical landscape and where Brazil stands vis-a-vis China and the U.S.
(36:38) Fintech developments in Brazil. *Reference to Pix from Brazilian Central Bank (Open Finance Project).
(39:19) The future of corporate governance in Brazil, and prospects to join the OECD. Private right of action for enforcement?
(41:29) Book that has greatly influenced his life:
(42:08) His mentor: his father.
(42:47) Quotes that he thinks of often or lives her life by: "No need to hurry but do not waste time" by Jose Saramago. "I'm neither an optimist nor a pessimist, I prefer to be a hopeful realist." (Ariano Suassuna)
(43:44) An unusual habit or absurd thing that he loves.
(45:34) The living person he most admires.
Alexandre Rangel is a former Commissioner of the Brazilian Securities and Exchange Commission (CVM) (2020-2023) and Consultant of the OECD (2023). He’s currently practicing law at Rangel Advogados.