BM&FBovespa hones governance framework for Brazil state firms
SAO PAULO, Sept 30 (Reuters) - Financial bourse BM&FBovespa SA on Wednesday presented a plan to toughen corporate governance rules for Brazil's state-controlled companies, following a series of corruption scandals engulfing some of those firms.
State firms will adhere to the new framework on a voluntary basis, the bourse said in a statement. Under the new rules, the government will have the right to appoint as much as a half the number of board members of listed state companies, which will have to set up risk and compliance units as well as auditing committees, the statement added. (Reporting by Aluísio Alves; Writing by Guillermo Parra-Bernal)
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