Novo Mercado is a special segment of BM&FBOVESPA stock market, which is exclusively destined to companies that comply with the minimum requirements and accept to submit themselves to the differentiated “Corporate Governance” practices. The list below summarizes the main points that characterize the Novo Mercado:
- The capital should be exclusively compounded of common shares with voting rights;
- In case of sale of the controlling position, all shareholders are entitled to sell their shares at the same price (100% tag along rights);
- In case of delisting or cancellation of the Novo Mercado contract with BM&FBOVESPA, the company must hold a public offer to repurchase the shares of all shareholders for, at least, its economic value;
- The Board of Directors must be comprised of at least five members, being 20% independent directors with unified two- year term;
- Minimum free-float of 25% of the shares;
- Disclosure of more detailed financial data, including quarterly reports with cash flow statement and consolidated reports reviewed by an independent auditor;’
- Provide annual financial reports on an internationally accepted standard;
- Monthly disclosure of the the shares traded by directors, officers and controlling shareholders.
