COMPLIANCE OF GUIDANCE OPINION CVM 15/87 FOR CORPORATIONS: AN ANALYSIS FROM THE PERSPECTIVE OF MANAGEMENT PRACTICES

Abstract

This study aimed to analyze the compliance with the items recommended by the Legal Opinion n. 15/87 of CVM-Companhia Vitória a Minas (Vitória a Minas Company) through information available in MR of companies listed on the BM & F Bovespa- Bolsa de Valores, Mercadorias e Futuros (Stock Exchange, Commodities, and Futures), in order to understand management practices explicit or implicit in the content of these reports. Descriptive and documentary research was used as methodological strategy, and content analysis was used as research instrument, based on a sample of 17 companies from the construction industry sector. The results showed that, in general, the surveyed companies meet the items recommended by CVM Legal Opinion n. 15/87, and 60% of the companies met at least seven from the 11 recommended disclosure items. Furthermore, in the analyzed samples, it is observed that larger companies tend to disclose a greater amount of information in Management Reports. Finally, through this study, it was concluded that the perception of management practices is possible through analysis of Management Reports and to the extent that the company cares to disclose information about the items recommended in CVM Legal Opinion n. 15/87, more management elements can be perceived and/or inferred by users outside the organization.