Released in 2000, Novo Mercado established since its creation a new and highly differentiated standard in corporate governance. Since the first listing in the Segment, in 2002, Novo Mercado has become the standard in transparency and corporate governance required by investors to new IPOs. It has also become recommended to companies that intend to carry out large offers targeted to any kind of investor (institutional investors, private individuals, foreigners, etc).
In the last decade, Novo Mercado has become a listing segment for trading of shares issued by companies that voluntarily adopt additional corporate governance practices beyond those required by Brazilian legislation. Listing in this special segment entails the adoption of a set of corporate rules that increases shareholders’ rights, as well as enhances the disclosure of policies and the existence of monitoring and control structures.
Novo Mercado leads companies to the higher corporate governance standards. Listed companies in this segment can issue only common voting shares.
Since its creation, Novo Mercado has been revised twice, in 2006 and 2011. Recently, after an extensive work carried out by B3, market participants and listed companies, the new Novo Mercado Listing Regulation was approved by the listed companies in a closed hearing in June, 2017 and was approved by the CVM’s Board of Commissioners on September, 2017. The new listing regulation will come into force on 2nd January, 2017.
Here are some of the Novo Mercado’s rules related to corporate governance structures and shareholders’ rights: