The Latin American Corporate Governance Roundtable 26 28

The Latin American Corporate Governance Roundtable 26 -28 April, 2000 The São Paulo Stock Exchange São Paulo, Brazil Mrs. Elvira Schamann FIABV Secretary General

Why Corporate Governance Now? ? The Latin American Corporate Governance Roundtable

Globalization • RISK – Macro – Financial Systems - Institutional components The Latin American Corporate Governance Roundtable

Market Participants - Institutional investors - Financial intermediaries - Analysts The Latin American Corporate Governance Roundtable

- Privatizations -Takeovers/mergers/combinations The Latin American Corporate Governance Roundtable

STOCK EXCHANGES - ACCESS TO CAPITAL - LIQUIDITY - VISIBILITY ---TRANSPARENCY The Latin American Corporate Governance Roundtable

Market capitalization/GNP The Latin American Corporate Governance Roundtable

Number of listed companies The Latin American Corporate Governance Roundtable

Stock indexes The Latin American Corporate Governance Roundtable

Compañía de Minas Buenaventura S. A. • Company listed since 1971 • Changes in its capital structure in 1996 • Open to new international investors since 1996 • New changes to its capital structure - more shareholders The Latin American Corporate Governance Roundtable

C. M. B. S. A. • • New Capital Shareholders Liquidity Visibility The Latin American Corporate Governance Roundtable

FIABV - Update standards - Review of Corporate Governance guidelines - for listed companies - for stock exchanges The Latin American Corporate Governance Roundtable