Disclosure of derivatives: evolution and the compliance degree of CVM instruction n. 235/95 and CVM deliberation n. 550/08


  • Thobias Bassotto Zani
  • Márcio Telles Portal
  • Francisco Antonio Mesquita Zanini
  • João Zani
  • Clea Beatriz Macagnan


The objective of this study is to analyze the evolution and the compliance degree with the disclosure of information of transactions with derivative instruments of companies Aracruz Celulose, Suzano Papel e Celulose, Votorantim Papel e Celulose (VCP), Sadia and Perdigão, in line with the CVM Instruction n° 235/95 and CVM Resolution n. 550/08, in the period of 2004 to the first quarter of 2009. It was noted that the companies did not meet all the requirements of CVM information n° 235. The compliance of the instruction was partial in all companies. The level of disclosure was less related to aspects of policy and performance, control and was nonexistent in all cases regarding the disclosure of the risks involved. The companies did not show evolution of compliance of the statement. And there were no significant differences between the disclosure degree about derivative transactions between the group of which it suffered substantial losses (Sadia, Aracruz and VCP) and other enterprises (Perdigão and Suzano P.C.) The compliance of the aspects of disclosure required by CVM n. 550, noted an immediate growth of the level of disclosure and an evolution between the third quarter of 2008 and first quarter of 2009, what the companies eventually demonstrate fully the requirements of the deliberation. The results found support arguments that there is not sufficient evidence to suggest that the legislation will improve the quality of accounting information. The same, nor is there sufficient evidence to assert that market discipline is sufficient to ensure the appropriate level of disclosure. Therefore, there may be a complementarity between these two elements.

Key words: disclosure, derivatives, CVM instruction n. 235/95, CVM deliberation n. 550/08.