ASMs and AESMs: April is the peak for Annual Shareholders’ Meetings

At the end of March, and when the deadline for disclosing the last quarter of the previous is over, publicly listed companies begin to hold their Annual Shareholders’ Meetings (ASMs) and Annual and Extraordinary Shareholders’ Meetings (AESM). These meetings are essential to validate financial accounts from the previous year, deliberate on profit distribution, elect directors and, when necessary, address strategic matters that go beyond routine obligations. This is a decisive time for corporate governance and transparent relationships between companies and investors.

Considering this, MZ, who is constantly seeking to empower IR professionals by offering cutting-edge technology, exceptional customer service, and disseminating relevant content such as this, released an exclusive study with a preview of the dates for the ASM of 244 companies in B3’s special listing segments. The analysis, based on public information collected until the second last week of March 2025, offers a strategic overview of how these events are concentrated, the most active sectors and the formats adopted for these meetings.

How we collected the data

All companies in B3’s special listing segments, including the Novo Mercado, Nível 2, Nível 1, Bovespa Mais Nível 2, and Bovespa Mais, are required to submit their Corporate Events Calendar to the Brazilian Securities and Exchange Commission (CVM), under regulatory requirements. Based on this data, which is subsequently consolidated and made available by B3 on its website, MZ structured the initial basis for this study. 

To enrich the analysis, our Team also used proprietary technology to directly collect from the CVM website all call notices and management proposals already published by companies. This allowed us to identify relevant trends, such as the most common times, meeting formats (in-person, digital or hybrid) and if documents were published in advance — giving IR professionals a more complete and strategic view.

Some of our key findings from the Studies

When analyzing the entire universe and its distribution by listing segment, 77.5% of the companies belonged to B3’s Novo Mercado segment, reinforcing how companies are committed to higher governance standards. In terms of market value, 46.9% of companies range between R$1 billion and R$10 billion, indicating a relevant representativeness of medium-sized companies.

Among the main data collected by MZ’s study, we highlight that shareholders’ meetings are predominantly held in April: 91.8% of ASM and AESM are expected to take place during said month, with April 30th, alone, accounting for 23.8% of events, making this date the peak of the calendar. More than half of the meetings were scheduled for the last week of April, indicating that companies have a tendency of scheduling these meetings close to the legal limit established by corporate legislation. This pattern reinforces the importance for investors, analysts and other interested stakeholders to plan in advance, as they need to organize their agendas and materials prior to the meeting to actively monitor and participate in the decisions, which often relate to strategic matters for the for companies’ future.

Another relevant aspect highlighted in the study was the growing digitalization of shareholders’ meetings. Among the companies that had already published their call notices by the second last week of March, 61.2% announced that the shareholders’ meetings would be held in digital format, a choice that not only reflects the lessons learned from the pandemic but also reinforces the search for greater accessibility and efficiency in terms of governance practices. Among these companies, more than half use specialized platforms to register participants, replacing more traditional methods such as simply sending an email to the IR department. The use of technological solutions not only simplifies logistics for these events, but also increases the level of security, control and transparency of processes, contributing to a more modernized relationship between companies and investors.

Guidelines from Proxy Voting Agencies 

Another important point to remember is that during the ASM and AESM season, proxy voting agencies play a strategic role in supporting shareholders’ decision-making. These specialized companies — such as Institutional Shareholder Services and Glass Lewis — analyze, in detail, the proposals on the agenda and provide voting recommendations based on technical criteria that are aligned with best corporate governance practices. By providing this guidance, these agencies help investors, particularly institutional investors, exercise their voting rights through informed decisions, even at a distance. We discuss these agencies in more detail in this article, if you want to learn more. 

This type of service is widely used by international investors, who often delegate their voting decisions to these agencies. Therefore, companies with a significant representation of foreign capital in their shareholder base must be particularly aware of the guidelines and trends provided by the main proxy advisors. Understanding the criteria adopted by these agencies is key for anticipating the potential focal points in the meeting proposals, aligning engagement strategies and avoiding opposing votes on sensitive issues, reinforcing the importance of maintaining close, transparent and strategic relationships with all of the company’s stakeholders. According to the study, companies in the Retail sector have the largest percentage of institutional investors, followed by the Paper & Pulp and Oil, Gas & Derivatives sectors.

Conclusion

In this scenario, April has been a very important and busy month for the corporate events calendar and work carried out by IR professionals. The concentration of meetings, use of digital formats, and the involvement of different shareholder profiles demand increasingly more strategic and proactive stances that are connected with best market practices. Being well prepared for this period means ensuring that market communication is carried out in a precise, timely and accessible way.

In addition, companies with a significant share of international investors must pay special attention to the recommendations provided by the main proxy voting agencies, given they can greatly influence the voting decisions of international shareholders at the meetings and play a critical role in assessing matters such as executive compensation, board composition, and ESG policies. Anticipating the guidelines provided by these agencies, adapting proposals to expected patterns, and promoting constructive investor dialogue can make all the difference for the outcome of the deliberations. In an environment increasingly guided by governance and reputation, shareholders’ meetings are no longer just a legal obligation and have become a strategic showcase for the company’s relationship with its stakeholders.

MZ, as the leading solutions provider for empowering investor relations professionals, from companies to investment managers, reinforces its commitment to helping companies and their IR professionals to communicate increasingly better and more frequently with the market. We hope to have assisted by bringing information about these corporate events that are extremely important for companies and the IR ecosystem. If you have any questions, we are always here at your service!😉

External Communications and MZ Research Team

About MZ

MZ (www.mzgroup.com.br) is the largest and leading independent global player in investor relations (IR) solutions.

Founded in 1999, the Company has surpassed the mark of 2,000 websites published, currently serving over 800 companies and investment management firms listed on 12 stock exchanges.

To empower IR strategies, MZ delivers innovative technologies and exceptional customer service, ensuring long-term partnerships.