Mal se começa a falar em ativismo de acionistas, uma série de nomes famosos é citada: Carl Icahn, Dan Loeb, Bill Ackman, David Einhorn e Jim Chanos. Todos eles têm em comum uma gorda conta bancária e o fato de estarem longe daqui. Atuam nos Estados Unidos e fazem de suas campanhas batalhas midiáticas, usando redes sociais, sites e participações na imprensa para divulgar o que esperam das empresas em que investem. Parece uma realidade bem distante da nossa. “No Brasil, o ativismo é um pouco mais tímido porque muitas empresas têm controle definido e, culturalmente, os brasileiros não costumam partir para brigas públicas”, comenta Thomas Kamm, sócio da consultoria Brunswick.
A timidez não significa, entretanto, que não tenhamos episódios de ativismo de minoritários no Brasil. Algumas gestoras e investidores individuais usam essa estratégia com o objetivo de gerar valor para seus portfólios. “Não somos ativistas em todas as empresas em que investimos. Mas, quando percebemos que o valor pode melhorar se algumas mudanças operacionais ou de governança forem feitas, buscamos dialogar com a empresa e até ocupar assentos no conselho”, conta Fernando Fanchin, gestor do fundo de valor e ativismo da Rio Bravo.
Nos Estados Unidos, batalhas ruidosas ajudam a angariar simpatizantes para a causa do investidor e têm poder de modificar o preço das ações na bolsa de valores. Carl Icahn, por exemplo, tuitou em agosto do ano passado que tinha uma grande participação na Apple e acreditava que a empresa valia mais do que o mercado pensava. Isso fez o valor de mercado da empresa de tecnologia aumentar em US$ 17 bilhões em poucas horas. Bill Ackman, um ativista de posição vendida que pretende provar que a fabricante de produtos nutricionais Herbalife é uma fraude, causa flutuações no preço dos papéis a cada aparição pública. Por aqui, partir para a briga tende a ser a última opção: ativismo no mercado acionário ainda não dá tanta audiência como lá fora e campanhas espalhafatosas custam caro. “O melhor ativismo é o feito nos bastidores. Muitas vezes, porém, esse mundo ideal não existe”, considera Marcelo Gasparino, conselheiro de várias empresas, como a Usiminas, sempre eleito com apoio de um grupo de investidores, a exemplo de Lírio Parisotto.
Para ocupar cadeiras no conselho e ser ouvidos, os acionistas brasileiros usam ferramentas previstas na Lei das S.A.s. Entre elas, citem-se as procurações públicas de voto para conquistar o apoio de outros investidores nas assembleias anuais, o pedido de voto múltiplo — que permite a alocação de uma quantidade determinada de votos em apenas um candidato — e o voto em separado, que possibilita a escolha de um conselheiro sem que o controlador participe da votação. Embora utilizem cada vez mais esses instrumentos, os investidores têm dificuldade para aproveitá-los. “É bastante complicado se articular a tempo da assembleia”, comenta Fábio Moser, diretor da Fator Administração de Recursos. Conseguir o apoio de sócios estrangeiros que detêm recibos de ações (DRs, na sigla em inglês), por exemplo, é quase impossível: mesmo que eles concordem com a pauta dos ativistas, o procedimento burocrático para envio da cédula de votação pode levar até 40 dias, enquanto as companhias só têm permissão para publicar o manual de assembleia 15 dias antes da reunião.
Diante de tanta discrição e dificuldade para emplacar propostas, os profissionais de relação com investidores (RIs) podem pensar, num primeiro momento, que não dar atenção aos acionistas mais exigentes é uma boa estratégia. A chance de eles não chamarem atenção é grande; além disso, existem situações em que os ativistas podem estar mais preocupados com os próprios interesses do que com o futuro da companhia. “Não existe ativista bom ou ativista mau. Existem bons e maus argumentos, mas todos têm que ser analisados e respondidos pelo RI”, diz Kamm.
Existem bons motivos para os RIs conversarem sempre com os investidores. O primeiro e mais óbvio deles é que essa é a função primeira do profissional. “Se uma empresa não quer se comunicar com o mercado, não deve abrir o capital”, observa Carlos Lazar, diretor de RI da Kroton. O segundo é que, sem troca de ideias, é difícil saber se a reivindicação de um sócio é descabida ou legítima. “O diálogo mostra se o ativista olha para o longo prazo ou para interesses próprios”, afirma Marcello de Simone, diretor de RI do Ultra. Se nenhuma dessas razões servir para motivar o departamento de RI a ouvir os ativistas, existe mais uma: timidez e ativismo low profile não duram pra sempre. Reformas regulatórias e mudanças culturais incentivam cada vez mais os minoritários a colocar a boca no trombone. É melhor não deixá-los falando sozinhos agora, pois eles podem ter uma grande plateia no futuro próximo.
Essas e outras questões foram debatidas no primeiro encontro do Grupo de Discussão Relações com Investidores, promovido pela CAPITAL ABERTO.
• Leia a reportagem sobre o Grupo de Discussão publicada na edição de dezembro da CAPITAL ABERTO.
• Confira os tuítes que publicamos durante o evento.
• Acompanhe a agenda completa dos próximos Grupos de Discussão.
Grupo de Discussão Capital Aberto
Fabio Moser, diretor-geral Fator Administração de Recursos
Claudia Biolchini, do BNY Mellon
Marcelo Gasparino, advogado e representante de acionistas ativistas
Carlos Lazar, diretor de RI da Kroton
Marcello de Simone, diretor de RI do Grupo Ultra
Thomas Kamm, sócio da Brunswick
Fernando Fanchin, gestor da Rio Bravo
Grupo de Discussão Capital Aberto
Fotos: Régis Filho
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