Dialogar com ativistas é fundamental

Grupo de Discussão Relações com Investidores, realizado no dia 18 de novembro de 2014



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Dialogar com ativistas é fundamental

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.

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