Anefac highlights Usiminas as one of Brazil’s most transparent companies
A survey by Anefac (Brazil’s National Association of Finance, Accounting and Administration Executives) highlighted Usiminas as one of the most transparent companies in the country among ten publicly traded corporations with a turnover higher than R$ 5 billion. The ranking took into account criteria such as the quality and level of detail of information shown in the 2011 financial statements.
The survey was conducted in a partnership with the Accounting, Actuarial and Financial Research Institute Foundation and Serasa Experian. In excess of 2,000 balance sheets were reviewed by master’s and doctor’s degree students from FEA/USP’s Accounting Controllership course.
According to Geraldo Vilela de Moraes, Usiminas’ general manager for Accounting, Invoicing and Tax Planning, being among the most transparent Brazilian companies validates our continuous search for good corporate governance practices. “We are always improving our financial statements with an aim to enhance transparency of information disclosed to the market, Usiminas shareholders, the Brazilian Security and Exchange Commission and other stakeholders”, he adds.
Anefac’s “Transparency Award” will be received in September.