IR and the Annual Shareholders’ Meetings in 2025

The Annual Shareholders’ Meeting (ASM) stands as a pivotal event in the corporate calendar of publicly traded companies. Much more than a legal event, ASMs are events in which the pillars of governance, transparency and communication between companies and their shareholders are strengthened. 

Considering this, MZ, who is constantly seeking to empower IR professionals by offering cutting-edge technology, exceptional customer service, and disseminating relevant content, released its Study on Annual Shareholders’ Meetings in 2025, based on data from 400 Brazilian companies that held ASMs or Annual Extraordinary Shareholders’ Meeting (ASEM) in 2025, with a comprehensive view of this scenario and revealing relevant practices, trends and challenges.

Within this context, Investor Relations professionals play a strategic role in acting as a bridge between the company and the market. By ensuring precise information, fluid communication, and aligning expectations, Investor Relations professionals not only fulfill a crucial role for smooth ASMs but also directly strengthen the company’s reputation, therefore reducing its cost of capital.

Overview of ASMs in 2025

The Study reveals that 94% of these meetings took place in April, with the 30th and 29th day of this month holding 138 and 69 events, respectively. Among the 20 sectors that were analyzed, 40% of them concentrated 100% of their ASMs in April, with highlight to the Retail, Machinery, Equipment & Others, and Financial Services sectors, which had a higher number of companies concentrating this activity in the month. 

In terms of format, 51.3% of the ASMs were held exclusively online, demonstrating the consolidation of a trend that was accelerated by the pandemic: the virtualization of governance practices. Although this reality expands investor access, it also brings challenges to Investor Relations professionals, who need to ensure accessibility, clarity and interactivity through its communication channels.

Participation, governance and diversity

The study shows that 56.8% of companies held elections for the members of their Board of Directors and 36% for the members of their Fiscal Council. Women were nominated for 60.8% and 52.1% of these positions, respectively. This data reinforces the growing trend towards greater diversity and plurality in Brazilian corporate governance, which has been increasingly valued by institutional and international investors.

Investor Relations professionals are responsible for strategically communicating these advancements, showcasing the company’s alignment with the best ESG practices and the global sustainability agenda, which can favorably influence the company’s risk perception, thereby lowering its cost of capital.

Earnings, profits and distribution of proceeds

According to the Study, 65.3% of the analyzed companies recorded profit in 2024. Of these, 88% proposed distribution of proceeds, in a total payment amount of R$253.4 billion, and seven companies, namely Petrobras (B3: PETR4), Vale (B3: VALE3), Ambev (B3: ABEV3), Itaú Unibanco (B3: ITUB4), Itaúsa (B3: ITSA4), Bradesco (B3: BBDC4) and Banco do Brasil (B3: BBAS3) were responsible for 66.9% of this amount.

Sectors such as Oil, Gas and Derivatives, Financial Services and Electric Energy led the volume of dividends. Within this context, Investor Relations professionals must act to contextualize these results and explain the criteria behind distributing or retaining profits, strengthening transparency and aligning their shareholders’ expectations.

Beyond simply communicating absolute values, these professionals must clearly explain the company’s strategy, demonstrating how the dividend policy aligns with its results narrative, long-term value generation, and efficient capital allocation.

Translating proposals and access to foreign investors

Despite the growing internationalization of investor portfolios, only 12% of companies made the management proposal available in English. Investor Relations professionals must recognize that the lack of bilingual communication is an entrance barrier for foreign investors, directly impacting liquidity and, consequently, the company’s cost of capital.

Companies adopting inclusive communication and transparency practices become more appealable to international funds, in particular those that follow ESG, diversity and good governance actions, in addition to avoiding that investors carry out their free translation (and interpretation), which can create noise in the matters the company is seeking to convey.

Management compensation and perception of alignment

The average value proposed as senior management compensation was R$41.5 million, with highlights to the Financial Services sector, with an average compensation above R$135 million. Investor Relations professionals must actively communicate these numbers, explaining the criteria for defining compensation and how it aligns with the company’s performance and generates shareholder value.

Transparency on compensation policies can reduce noise, mitigate negative perceptions and contribute to strengthening the trust relationship between companies and investors. This, in turn, positively impacts share prices and attractiveness, reducing the perceived risk.

Investor Relations professionals are agents that help reduce cost of capital

The role played by Investor Relations professionals goes far beyond fulfilling regulatory obligations. By ensuring efficient, inclusive, and proactive communication, Investor Relations professionals help expand the investor base, increase the liquidity of the company’s securities, and reduce risk perception.

Companies that clearly communicate their goals, results, and governance practices are better evaluated by analysts, rating agencies, and investors. This translates into lower issuing costs for debt instruments or when raising capital through the financial markets. Furthermore, effective communication during the ASM process reinforces shareholder engagement and improves the company’s market predictability.

Conclusion

MZ’s Study on AGMs held in 2025 offers a detailed overview of the governance practices of Brazilian companies, highlighting the growing importance for transparency and communication when relating with investors.

Investor Relations professionals, within this context, have a protagonist role. This professional is who transforms raw information into relevant messages, who builds bridges between management and shareholders, and who contributes decisively in shaping the perception of the company’s value. By structuring strategic, accessible and responsive communication that is aligned with best governance practices, the Investor Relations professional acts directly in reducing the company’s cost of capital, generating sustainable and long-lasting value.

Good practice involves more than just holding meetings with formal rituals; it’s about fostering a true dialogue with the market. In this sense, the future of Investor Relations professionals is intrinsically tied to stronger governance, the inclusion of individual investors, attracting international capital, and consistently building reputation. The ASM acts as a stage, and the company’s Investor Relation strategy is the roadmap that leads to its success.

We hope to have helped with information about this Study, which we consider very important for companies and the IR ecosystem. To learn more, click here and access the Study page. If you have any questions, we are always here at your service!😉

External Communications and MZ Research Team

About MZ

MZ (www.mzgroup.com.br) is the largest and leading independent global player in investor relations (IR) solutions.

Founded in 1999, the Company has surpassed the mark of 2,000 websites published, currently serving over 800 companies and investment management firms listed on 12 stock exchanges.

To empower IR strategies, MZ delivers innovative technologies and exceptional customer service, ensuring long-term partnerships.