The Rise of Institutional Investors in Latin America

(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: 

1. The Economic Structure of Corporate Law by Frank H. Easterbrook and Daniel R. Fischel (1991)

(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.

You can follow Evan on social media at:

X: @evanepstein

LinkedIn: https://www.linkedin.com/in/epsteinevan/ 

Substack: https://evanepstein.substack.com/

__

To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/

__

Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License