BM&FBOVESPA will have a new Ombudsman as of January 4, 2010. Mr. Izalco Sardenberg, journalist, ex-advisor to the Chairman of BM&FBOVESPA Board of Directors and ex-superintendent of the BM&FBOVESPA Institute for Social and Environmental Responsibility, will assume the position of Ombudsman, replacing Mr. Joubert Rovai. The function was also reformulated to be in syntony with the recent developments in the Brazilian capital market as well as with the New Exchange’s needs to relate with different audiences.
As the world’s fourth largest Exchange in market value, BM&FBOVESPA is a publicly-held company with shares listed on its own exchange, and plays a relevant role in the development of the Brazilian economy. In line with this context, BM&FBOVESPA created the position of Exchange Ombudsman in order to meet the needs of all the audiences with which it relates. The mission of the Ombudsman is to ensure a transparent and ethical relationship between the Company and all of its audiences, thereby enhancing the quality of services and products offered by BM&FBOVESPA.
Previously called Market Ombudsman, the position was occupied by Mr. Joubert Rovai, ex-executive of Banco Itaú and ex-director of the Brazilian Securities and Exchange Commission (CVM), and was mainly geared to meet the demands of the various participants of the Exchange trading, settlement and custody environments.
Those demands, which include complaints by clients against brokerage houses or market agents, will continue to be met by the Exchange Ombudsman, whenever requested. But the scope of our audiences who will have access to the services provided by the Ombudsman has been substantially expanded to include BM&FBOVESPA shareholders, suppliers and clients, listed companies, representative institutions, regulatory bodies, such as the Central Bank of Brazil and the Brazilian Securities and Exchange Commission (CVM), journalists, among others.
All of these audiences will be able to contact the Ombudsman when they have a complaint or request to send to BM&FBOVESPA. As was previously the case, the new Ombudsman will also enjoy full independence in the exercise of his/her function and will have direct access to all the exchange departments, as well as to all documents and information regarding the investigation of any complaints. The reports and information contained therein will be disclosed on the BM&FBOVESPA Website, except for information protected by secrecy.