Mecanismos de governança corporativa: uma análise das evidenciações nas empresas de capital aberto, no setor da construção civil.

Abstract

Faced with financial scandals, the need arises for a framework that brings security to shareholders, is the abuse of the executive board, the inertia of boards of directors or omissions of external audits. In this context, as a means of control and transparency, corporate governance arises, acting on the monitoring of information so that managers make their decisions with a view to the interests of owners, minimizing conflicts and agency costs and maximizing the value of the company. In this light, this paper analyzes the disclosure of corporate governance mechanisms of companies in the construction sector. We used a descriptive research, using literature procedures, documentary, in Reports of Directors , notes, and information on the websites of the companies. We investigated construction companies, publicly traded, listed on the BM&FBOVESPA, with a sample of 19 companies . Variables were defined based on the recommendations of the Code of Best Practice of Corporate Governance (IBGC). The survey results show that, with respect to the structure of the board, there was a significant percentage of disclosure, reinforcing the importance attributed to this practice by the code of governance IBGC, pointing as the main element in the governance system since it is responsible for decisions regarding the direction of the business in the best interest of the organization as a whole. There was insufficient disclosures with respect to the Audit Committee, the form of executive compensation, the provision of codes of ethics and conduct, to the independent audit, going against the principle of transparency. With respect to the disclosure of the type of capital structure, there was a significant result for the period, especially the third-party capital. From the foregoing , it is concluded that although most of the companies forming part of the higher standard of governance that is listing on the Novo Mercado, presents disability as transparency in disclosures of corporate governance mechanisms, pointing to the need for improvements in disclosure of information, obeying the principles of transparency, fairness, accountability and corporate responsibility, can enhance decision making investments, creating value the company and knowledge of the business users, or to facilitate the transaction of funds in the capital market.