A governança corporativa nas empresas de capital aberto: um estudo sobre as empresas de energia elétrica listadas pela BM&FBOVESPA

Abstract

The Corporate Governance system represents a process of definition of interests of the owners, managers of the company and society in general, aiming at guarateeing the protection of the shareholders rights, the sale and shareholding, the participation of the partners in the decisions and the dissemination. The relevant information, especially that disclosed by directors, plays a key role within organizations. The Governance principales include Transparency, Equity, Accountability and Corporate Ressponsability. The national companies that represent the best level of Governance are publicy traded companies whose shares are traded on the stock exchange, according to B3 itself. In view of the public interest, this research aims to analyze the adequacy of the Eletric Energy companies listed by B3 are they in line with established Corporate Governance standards? To answer such questioning, the bibliographic research and the survey were applied as a methodology through the application of a questionaire directed to the directors of the 22 Eletric Energy companies listed by B3. With the response of 12 companies, it can be seen that 16,66% of the companies are classified as Nível 1 Governance, 25% as Nível 2 and 58,33% as Novo Mercado level. Of these companies it was observed that not even the Novo Mercado companies comply with all practices that express the fulfillment of the requirements stipulated by B3, when about Transparency, about 16,66% does not discolsure any information, however about 41% dosclusure information deemed relevant, in addition to B3’ criteria. Another positive point concerns the participation of the Audit in the Governance system wich is represented by 100% of the companies in its Governance system, and except once again for the disclosure of information, it plays a fundamental role in the organizations. In addition, the main Governance practices, besides the B3 requeriments, concern the compliance and internal controls of the companies, as well as the concern with the succesion line and the companies continuity. In this sense, it is possible to corroborate the argument that Governance has much to improve in the national reality, but that B3 companies has a high level of Governance within the national spectrum.