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  • June 28, 2018
    Case Study EOS
    Petróleo Brasileiro
    Jaime Gornsztejn
    Petróleo Brasileiro (Petrobras) is an integrated energy company active in exploration and production, refining, marketing, transportation, petrochemicals, oil product distribution, natural gas, electricity, chemical gas and biofuels. It produces approximately 2.8 million barrels of oil equivalent daily (Mboe) and has proven reserves of 9.7 Mboe. It is the largest company by value on Brazil’s B3 stock exchange. Although the Brazilian Treasury holds the majority of the company’s voting shares, it has almost 300,000 minority shareholders, comprising a mix of individual and institutional investors.
  • June 28, 2018
    Case Study EOS
    Antofagasta
    Jaime Gornsztejn
    Antofagasta is a UK-listed Chilean copper mining company, operating in the Antofagasta region of northern Chile and the Coquimbo region in central Chile. In 2017, it produced 704 thousand tonnes of copper, making it one of the top 10 producers globally. The majority of the company's voting shares are held by investment vehicles controlled by the Luksic family.
  • Sberbank of Russia
    Jaime Gornsztejn
  • Petróleos Mexicanos
    Jaime Gornsztejn
    Petróleos Mexicanos (Pemex) is the Mexican state-owned petroleum company which used to have a monopoly on oil exploration and production in Mexico. Founded in 1938, it has grown to be the eighth-largest oil producer in the world, with production of approximately two million barrels of oil a day. Its revenue amounted to $58 billion in 2016. Background A set of wide-ranging energy reforms enacted in Mexico at the end of 2013 has had a significant impact on the oil and gas sector. Competition will gradually increase as the country’s government auctions new oil fields but this also opens up new partnership opportunities for Pemex. An oil and gas safety regulator has been set up with a view to bringing best international practice to Mexico and enforcing its application.
  • The great Brazilian migration – Why stocks flock to the Novo Mercado
    Jaime Gornsztejn
    This year, some high-profile transactions have been proposed in Brazil involving the conversion of non-voting into voting shares. Shareholders at Vale, Suzano and Eletropaulo have already approved the conversion as a major step in their journey towards listing on the Novo Mercado, the B3 Stock Exchange segment for companies with higher standards of corporate governance and enhanced shareholder rights. This stands in sharp contrast with what we see in other markets, such as Hong Kong, London or Singapore, where stock exchanges are under pressure to adopt a more flexible approach to dual-class shares in order to attract new listings.
  • Cemex
    Jaime Gornsztejn
    Cemex is one of the world’s leading cement and building materials manufacturers, with operations in more than 50 countries. Background : The cement industry is among the most emissions-intensive industries, accounting for 5% of global carbon emissions. However, it also plays an important role in cutting energy consumption in buildings through the development of sustainable products. We have engaged with Cemex to ensure that it has a sustainability strategy in place to prepare for the transition to a low-carbon economy and to promote the adoption of best international practice in corporate governance.