REMOTE VOTING AND INSTALLATION OF FISCAL
COUNCIL IN COMPANIES LISTED ON B3

Name: PAULO HENRIQUE MOURA NASCIMENTO
Type: MSc dissertation
Publication date: 29/07/2022
Advisor:

Name	Role
PATRÍCIA MARIA BORTOLON	Advisor *

Examining board:

Name	Role
ALFREDO SARLO NETO	Internal Examiner *
PATRÍCIA MARIA BORTOLON	Advisor *

Summary: This study observed the effect of the institution in remote voting on the probability of installing
the fiscal council (FC) in companies listed on B3. The study analyzed a sample composed of
207 companies in the period between 2015 and 2020, totaling 1242 company-year observations.
It was noticed that the impacts of the legislation, making remote voting mandatory at
shareholders' meetings, has not yet been explored by the literature. Thus, the variable of interest
was remote voting, VD, a dummy variable to represent the presence of the remote voting
instrument in the company, or not. For this, all voting maps and minutes of ordinary and
extraordinary general meetings were analyzed throughout the analyzed period. For econometric
analysis, descriptive statistics, correlation matrix, differences in means and proportions and
Logit and diff-in-diff regression models were used. The results show that the remote voting
mechanism positively affected the installation of FC in companies. Through the differences in
averages and proportions, it is possible to affirm that the average of the installed FCs is 81.19%
higher after the adoption of remote voting. Size was a variable that positively impacted the
chances of installing the FC. The results also showed that the relationship between being
audited by a Big Four and the installation of the FC is positive, suggesting that a good quality
audit is complementary with the installation of the FC. The results obtained by the diff-in-diff
models helped to reinforce the results found in the previous models and confirming H1: Remote
voting positively affected the probability of installing the FC in companies listed on B3.

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