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1 BNDES BNDES BNDES BNDES Sixth Meeting Latin American Governance Roundtable BNDES Iniciatives to Promote Better Corporate Governance Eduardo Rath Fingerl Lima 09.21.2005

Sixth Meeting Latin American Governance Roundtable · Sixth Meeting Latin American Governance Roundtable ... Bookbuilding Put Option ... OPERATIONAL PROCEDURE FLOWCHART BNDES

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Page 1: Sixth Meeting Latin American Governance Roundtable · Sixth Meeting Latin American Governance Roundtable ... Bookbuilding Put Option ... OPERATIONAL PROCEDURE FLOWCHART BNDES

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BNDESBNDES

BNDESBNDES

Sixth MeetingLatin American Governance Roundtable

BNDES Iniciatives to Promote Better Corporate Governance

Eduardo Rath Fingerl

Lima 09.21.2005

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BNDESBNDES

BNDES Annual DisbursementsBNDES Annual DisbursementsUS$ million

10,707

186

12,542

270

11,187

534

13,686

62

9,716

26

2001 2002 2003 2004 jul-05Financings and Shareholdings Secondary market Transactions

9,74310,892

12,81311,721

13,748

Converted to dollar on the disbursements date

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BNDESBNDES

BNDES Disbursements for Export FinanceBNDES Disbursements for Export Finance

US$ millionUS$ million

2,602

3,946 4,0063,861

2,758

2001 2002 2003 2004 jul-05

Converted to dollar on the disbursements date

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BNDESBNDES

BNDES Disbursements toBNDES Disbursements toMicro and Small Companies and to IndividualsMicro and Small Companies and to Individuals

1,7942,021

2,470

3,291

1,967

2001 2002 2003 2004 jul-05

US$ million

Converted to dollar on the disbursements date

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BNDESBNDES

1,967

8936,856

Micro and Small

Medium

Large

BNDES Disbursements by Firm SizeBNDES Disbursements by Firm Size

Year 2005 (July) Year 2005 (July)

71,652

5,081 6,088

Micro and Small

Medium

Large

Number of Transactions US$ Million

Remark: Excludes secondary markettransactionsConverted to dollar on the disbursements date

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BNDESBNDES

4753

59

4146

54

45

55

45

55

2001 2002 2003 2004 jul-05

Direct operation Indirect operation

BNDES DisbursementsBNDES DisbursementsAccording to Types of TransactionAccording to Types of Transaction

(percentage)

Converted to dollar on the disbursements date

Remark: Excludes secondary markettransactions

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BNDESBNDESBNDES Disbursements BNDES Disbursements by Sectors of Activityby Sectors of Activity

(percentage)(percentage)

52%

7%

11%

30%

46%

7%

12%

35%

48%

8%

14%

30%

40%

5%

17%

38%

48%

5%

11%

36%

2001 2002 2003 2004 jul-05

Industry Retail and Services Farming Infrastructure

Converted to dollar on the disbursements date

Remark: Excludes secondary markettransactions

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BNDESBNDES

BNDESPARBNDESPARMain IndicatorsMain Indicators of Totalof Total PortfolioPortfolio

. SHARES / FUNDS / RIGHTS....................................................

. DEBENTURES...........................................................................

Book Value (R$ billion) 20,1

14,6

5,5

. SHARES / FUNDS / RIGHTS........................................................

. DEBENTURES – Outstanding balance

..................................................

Market Value (R$ billion) 36,9

30,2

6,7

19,5

15,4

4,1

39,8

34,6

5,2

20,2

15,0

5,2

41,6

35,3

6,3

Jun/05Dec/03 Dec/04Number (units)

. FUNDS......................................................................................

. COMPANIES.........................................................................

19

186

18

186

15

162

66% of66% of portfolioportfolio volume in Dec/04volume in Dec/04 was represented by high liquidity assetswas represented by high liquidity assets..

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BNDESBNDES

R$ million

Mkt. Value

Petroleum and Gas

Mining

Electric power generation

Telecommunications

Electric power distribution

Steel industry

Pulp and paper

Commercial banks

Aviation

Chemical and petrochemical

Others

TOTAL

9,863

6,779

6,337

3,536

2,912

2,225

2,095

1,808

940

807

2,506

39,808

BNDESPARBNDESPARTotalTotal Portfolio Portfolio -- Industry DistributionIndustry Distribution

(Shares, Debentures, Funds and Bonus)

PowerGeneration

15.9%

Steel5.6%

Telecom.8.9%

Mining17%Petroleum

24.8%

Others6.3%

Pulp andPaper5.3%

PowerDistribution

7.3%Aviation

2.4%

Banks4.5%

Chem.andPetroch.

2.0%

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BNDESBNDES

AMCSuperintendent AMC

Advisors

InvestmentDept.

DEINV

PortfolioMonitoring and

Mgmt. Dept.

DEPAC

SMEs Innovationand Invest.Funds Dept.

DEIN

CapitalMarkets

Dept.

DEMEC

LegalDept.

DEJUMC

BNDES CapitalBNDES Capital Market Area StructureMarket Area Structure

CapitalCapital Markets Markets CommitteeCommittee

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BNDESBNDES

The PIBB Fund and BNDES’s GoalsThe PIBB Fund and BNDES’s Goals

BNDESBNDES’’s Goalss Goals

Sell part of its equity portfolio through an efficient structureSell part of its equity portfolio through an efficient structure

Develop Brazilian capital marketsDevelop Brazilian capital markets

Facilitate access of the small investor to the stock marketFacilitate access of the small investor to the stock market

Reduce intermediation costsReduce intermediation costs

What is PIBBWhat is PIBB

PIBB Fundo de PIBB Fundo de ÍÍndice Brasil 50 ndice Brasil 50 –– Brasil Tracker is the first and only Brasil Tracker is the first and only investment fund of market indexes negotiated in the stock marketinvestment fund of market indexes negotiated in the stock market in in South America.South America.

Reproduces the valuation of IBrXReproduces the valuation of IBrX--50 Index, formed by the 50 most 50 Index, formed by the 50 most negotiated shares at BOVESPA.negotiated shares at BOVESPA.

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BNDESBNDES

PIBB’s first offerPIBB’s first offer

Composed of shares owned by BNDESComposed of shares owned by BNDES Participações [BNDESPAR]Participações [BNDESPAR]

and the Social Participation Fundand the Social Participation Fund [FPS].[FPS].

Over 25,000Over 25,000 individuals participatedindividuals participated inin the offerthe offer

52% of52% of the offer allocatedthe offer allocated toto retail investorsretail investors

Amount collectedAmount collected : R$ 600: R$ 600 millionmillion

1%1% discount on discount on IBrXIBrX--50 on 07/22/200450 on 07/22/2004

Increase in value ofIncrease in value of 53%53% since the offersince the offer

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BNDESBNDES

BNDESPARBNDESPAR andand FPS areFPS are the sellersthe sellers

OfferOffer toto be made exclusivelybe made exclusively inin BrazilBrazil

Estimated sizeEstimated size: R$ 1.0: R$ 1.0 billion billion

RetailRetail:: Maximum Maximum of R$ 800of R$ 800 millionmillion

Institutional: Minimum of R$ 400 millionInstitutional: Minimum of R$ 400 million

PricingPricing:: BookbuildingBookbuilding

PutPut OptionOption:: GuaranteeGuarantee of BNDESof BNDES repurchaserepurchase forfor the retail investorthe retail investor,,limitedlimited to R$ 50,000.00,to R$ 50,000.00, until theuntil the end of 2006end of 2006

source: BNDES’s home page (www.bndes.gov.br)source: BNDES’s home page (www.bndes.gov.br)

CharacteristicsCharacteristics of PIBB’sof PIBB’s second offersecond offer

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BNDESBNDES

BNDES AND THE KNOWLEDGE ERABNDES AND THE KNOWLEDGE ERA

Knowledge Economy X Industrial Society

New Approach for Evaluating and Monitoring of Projects/ Enterprises/ Economic Groups

Credit Risk: higher emphasis in the future

New factors to be observed: intangible assets

Knowledge Management

Competence Outlook

IT Tools

Integrated Actions

ChallengesChallenges for BNDES’s for BNDES’s operationsoperations

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BNDESBNDES

PRODUCTS DEMANDING CLOSE COMPLIANCE OF PRODUCTS DEMANDING CLOSE COMPLIANCE OF CORPORATE GOVERNANCE RULES CORPORATE GOVERNANCE RULES

11-- Acceleration of Credit ProgramAcceleration of Credit Program ((Credit LimitsCredit Limits))

22-- Private Equity FundsPrivate Equity Funds (2)(2)

33-- VentureVenture CapitalCapital FundsFunds (7)(7)

44-- Seed Money FundsSeed Money Funds ((currently being finalized)currently being finalized)

55-- Increase in use of ProjectIncrease in use of Project Finance Finance

66-- Support to BOVESPA inSupport to BOVESPA in identiftying targets and implementation identiftying targets and implementation ofof BOVESPA MAISBOVESPA MAIS

77-- Support to the internationalizationSupport to the internationalization ofof Brazilian companiesBrazilian companies

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BNDESBNDES

EVALUATION SYSTEM AND NEW METRICS EVALUATION SYSTEM AND NEW METRICS FOCUS ON INTANGIBLE ASSETS

GovernanceGovernance

InnovationInnovation

Research and DevelopmentResearch and Development

Social and Environmental AccountabilitySocial and Environmental Accountability

Job CreationJob Creation

PartnershipsPartnerships ((technologicaltechnological,, commercialcommercial,, integration integration with Instituteswith Institutes ofof Research and UniversitiesResearch and Universities))

Aggregated ValueAggregated Value

Exporting vocationExporting vocation

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BNDESBNDES

PRINCIPAL GOVERNANCE STANDARDS REQUIRED PRINCIPAL GOVERNANCE STANDARDS REQUIRED FROM INVESTMENT TARGETS FROM INVESTMENT TARGETS

1 1 -- Focus on the Focus on the subscriptionsubscription ofof shares with voting rightsshares with voting rights

2 2 -- Right ofRight of appointingappointing oneone membermember toto the Boardthe Board ofof DirectorsDirectors

3 3 -- TagTag along right (100% of the amount paid to controlling along right (100% of the amount paid to controlling shareholders)shareholders)

4 4 -- Commitement to pursue an IPO within a certain period of Commitement to pursue an IPO within a certain period of timetime

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BNDESBNDES

PRINCIPAL GOVERNANCE STANDARDS REQUIRED PRINCIPAL GOVERNANCE STANDARDS REQUIRED FROM INVESTMENT TARGETS (CONTINUED)FROM INVESTMENT TARGETS (CONTINUED)

5 5 -- PreviousPrevious approval requirement with respect to certain corporate approval requirement with respect to certain corporate actions, such as:actions, such as:

-- entering into a new line of businessentering into a new line of business

-- sale ofsale of substantial assetssubstantial assets,, including equity interests in including equity interests in subsidiariessubsidiaries

-- mergers, acquisitions mergers, acquisitions and joint venturesand joint ventures

-- sale of controlsale of control

--amendmentsamendments toto bylawsbylaws

--increase or decrease ofincrease or decrease of capitalcapital stockstock

--creationcreation of of new classesnew classes ofof sharesshares,, grouping or splitgrouping or split ofofsharesshares

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BNDESBNDES

PRINCIPAL GOVERNANCE STANDARDS REQUIRED PRINCIPAL GOVERNANCE STANDARDS REQUIRED FROM INVESTMENT TARGETS (CONTINUED) FROM INVESTMENT TARGETS (CONTINUED)

--issuanceissuance ofof securitiessecurities ((debenturesdebentures,, shares or shares or subscription rights)subscription rights)

--decreasedecrease inin distributiondistribution ofof dividends below dividends below minimum minimum set forth in the byset forth in the by--lawslaws

--entering into longentering into long--term agreements with third term agreements with third parties parties with amounts exceedingwith amounts exceeding 100% of100% of the the companycompany’’ss netnet worthworth, including guarantees, including guarantees and and suretiessureties;;

--determinationdetermination ofof management remuneration and management remuneration and equity equity compensationcompensation;;

--entering into entering into agreements with the purposeagreements with the purpose ofofassigning or acquiring technologyassigning or acquiring technology

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BNDESBNDES

PRINCIPAL GOVERNANCE STANDARDS REQUIRED PRINCIPAL GOVERNANCE STANDARDS REQUIRED FROM INVESTMENT TARGETS (CONTINUED) FROM INVESTMENT TARGETS (CONTINUED)

66-- ControllingControlling shareholdersshareholders areare further prevented further prevented fromfrom::

--holding equity interests in companies that holding equity interests in companies that pursue the samepursue the same business as the companybusiness as the company

--enteringentering into loan agreements with the into loan agreements with the companycompany

--grantinggranting guaranteesguarantees ofof any natureany nature,, exceptexcept totosubsidiaries or affiliatessubsidiaries or affiliates

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BNDESBNDES

PRINCIPAL GOVERNANCE STANDARDS REQUIRED PRINCIPAL GOVERNANCE STANDARDS REQUIRED FROM INVESTMENT TARGETS (CONTINUED) FROM INVESTMENT TARGETS (CONTINUED)

77--The controlling shareholders further commitThe controlling shareholders further commit to:to:

-- negotiate transactions with its affiliates and subsidiaries at negotiate transactions with its affiliates and subsidiaries at armarm’’s s length;length;

--keepkeep aa structured systemstructured system ofof management and control of management and control of information capableinformation capable ofof generating periodic reportsgenerating periodic reports, allowing the , allowing the monitoringmonitoring ofof projections,projections, financialfinancial and physical targets and physical targets established by management;established by management;

--allow the technical team indicated byallow the technical team indicated by BNDESPAR BNDESPAR freefree access toaccess toits premisesits premises, as, as wellwell asas provide informationprovide information of legal, financial,of legal, financial,administrativeadministrative, fiscal,, fiscal, technological or strategic naturetechnological or strategic nature,, so that the so that the team may develop its studies andteam may develop its studies and diagnosesdiagnoses on theon the COMPANYCOMPANY or or sectorssectors inin whichwhich itit operatesoperates;;

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BNDESBNDES

GOVERNANCEGOVERNANCE RULES FOR BENEFICIARIES OF RULES FOR BENEFICIARIES OF BNDES LOANSBNDES LOANS

1.1. Independent audit by firms registered at Independent audit by firms registered at the Brazilian Securities and Exchange the Brazilian Securities and Exchange Comission (CVM)Comission (CVM)

2.2. Governance issues are taken into account Governance issues are taken into account in the determination of the companyin the determination of the company’’s s credit ratingcredit rating

3.3. Governance issues are also taken into Governance issues are also taken into account in the determination of credit account in the determination of credit limits in the Accelaration of Credit Programlimits in the Accelaration of Credit Program

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BNDESBNDES

BNDES’s CORPORATE GOVERNANCEBNDES’s CORPORATE GOVERNANCEOrganizational ChartOrganizational Chart

Administrative Council Internal AuditingInternal Auditing

Planning Planning Control Control LegalLegal

AdministrationAdministration

FinancialFinancial

Credit Credit

Infrastructure Infrastructure

Industry,Commerce Industry,Commerce and Services and Services

Foreign Trade Foreign Trade

Indirect Indirect Operations Operations

SocialSocial Inclusion Inclusion

PresidentPresidentGuidoGuido MantegaMantega

ViceVice--President President Demian FioccaDemian Fiocca

President’sPresident’s OfficeOffice

DirectorDirector 11 DirectorDirector 22 DirectorDirector 55DirectorDirector 33 DirectorDirector 44

BasicBasic IndustryIndustry

Capital Capital MarketsMarkets

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BNDESBNDESOPERATIONAL PROCEDURE FLOWCHARTOPERATIONAL PROCEDURE FLOWCHART

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BNDESBNDES

BNDES Internal Governance

GIR Program Definition and implementation of an Enterprise Resource Definition and implementation of an Enterprise Resource

Planning (ERP) system based on Planning (ERP) system based on

xx Optimization and integration of business Optimization and integration of business

processesprocesses

xx IT supporting the processesIT supporting the processes

xx Advice from an expert consulting firmAdvice from an expert consulting firm

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BNDESBNDES

•• Adoption of a business model oriented by processesAdoption of a business model oriented by processes

•• Integration of information corporate systemsIntegration of information corporate systems

•• Increase in administrative and operational efficiency and Increase in administrative and operational efficiency and competencecompetence

•• Improvement in management and internal control mechanisms Improvement in management and internal control mechanisms

•• Improvement in client servicesImprovement in client services

•• Improvement in quality of information Improvement in quality of information

•• Creation of conditions for a better use of supporting tools and Creation of conditions for a better use of supporting tools and decision makingdecision making

•• Use of the marketUse of the market’’s best practices (benchmarking)s best practices (benchmarking)

Benefits Benefits

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BNDESBNDES

Development and implementation of an Development and implementation of an integrated solution projectintegrated solution project

Identify business strategy

“Big Six” Consultants

IT ser vice companies

Small local companies

Base the consulti ng & ser vices on a broad portfolio of packages

Threats

New entrants

Outsourci ng companies

IT platfor m companies

Strategic acquisitions

Outsourced IT departments

Rivals

Do it your yoursel f

Competent buyer s

Solution - commodities

Own integration

BMS/ERP SW supplier

change of partner

strategy

New and efficient ways of

implementing

New SW technol ogies

Keep a high level of R&D to be i n

front of technolog ydevel opments

Bundle sol utions and suppl y total soluti onsincluding all elements necessar y for ful l life

cyc le support

Remove availabl e qualified resources

from the mar ket through acquisitions,

alliances or hiring

Strategic

conflict

CustomerSupplier

General business cli mate

Design Processes in the new environment

Manage information resources

Manage human resources

Manage External Relationships

Provide financial support

Manage projects

Manage environmental. healt h, safet yand medical services

Manage Maintenance

Manage Research & Technology

Provide Vision & Strat eg y

Manage Improvement & Change

UnderstandMarket & Service

Marketproducts &

services

Sell & handle orders

Provide customer service

Manage distribution &

logistics

Manage Services

Manage production & material

Procure Goods & Services

View of future requirements

(To Be)

Analysis of

Improvement/impacts

Understanding ofPresent Model /

Processes (As Is)

System and Technology

Requirements

Define ImplementationStrategy

Implementation

Measurement and Monitoring

of Results Communication Plan

Management of Changes

Best Practices /Maturity

(EVTE)

Project Management

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BNDESBNDES

Program PlanningProgram Planning

5º Projeto

4th Project

6th Project

Implementation of ERPSolution – market solutions

Implementation of ERP Solution –Development of in-house systems

Technical Assistance – Quality Control and Guarantee for Implementation of GIR Solution

2nd Project

1st Project

Invitationto Bid for Consulting Services

Bidding Process for ConsultingServices

Internalpreparation for3rd project

3rd Project

Definitionof

ERPSolution

BidsERP Solution

DetailingProcesses

Approval ofImplementation Plan by the Board

5th Project

Phase 1:

Phase 2:

Consulting Services

Operational Risks

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www.bndes.gov.br

[email protected]