Brazil’s Congress completed action Tuesday night on an administration bill that will tighten corporate governance requirements for state-run companies. The bill contained most of the elements originally proposed by Acting Brazilian President Michel Temer, who is expected to sign it later this week. The bill stipulates the need for high-level technical qualifications for all persons appointed to boards of directors of state-run companies. Persons holding any elective, appointive or political party office for a period of three years prior to a corporate board opening are ineligible for such an appointment. The bill is part of a government effort to reduce political influence and corruption among state-run companies.
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