Recommended information for Orientation Directive no. 15/87 of the CVM in Administrative Reports of family run companies of public capital

Abstract

This research aims to verify whether publicly held family companies show in their Management Reports information on human resources and environmental protection as recommended by the Guidance Directive no. 15/87 of the CVM from 1997 to 2006. This research is descriptive and it was carried out through a documental analysis and longitudinal study based on a qualitative and quantitative approach. Of the 21 family-run companies with public capital identified in the list of companies classified by Exame magazine – the 500 Best and Biggest of 2006, 16 were selected that published administrative reports over 10 years on either the administration sites of CVM or Bovespa. The results indicate that the researched companies changed the disclosure of the focused information in this period, with emphasis on the period from 1999 to 2001, during which more changes were observed. Considering all the years analyzed, it was verified that few companies made changes to improve their information on human resources and the environmental protection. It was concluded that the 16 family-run companies of public capital failed to bring in the Management Report the disclosure of information on human resources and environmental protection, as recommended by the Guidance Directive n. 15/87 of the CVM.

Key words: recommended information, guidance directive no. 15/87, family-run companies.