Our partners Flavio Martins Rodrigues and Thiago Araújo published an article on the Investidor Institucional portal in which they discuss Normative Instruction (IN) No. 99/2025, published by the TCU last March. The rule provides for the monitoring and inspection by the Court of Auditors of Closed Supplementary Pension Entities (EFPC) sponsored by federal entities.

Although the rule only applies to the federal sphere, it is possible that the State Courts of Auditors will follow the TCU’s pattern, our partners explain.

In the text, Flavio and Thiago think that additional oversight by the TCU of EFPCs would not be necessary, as it seems to be creating an oversight overload, which raises the cost of complying with so many spheres of oversight and subtracts value from the capitalisation process.

According to them, excess control, paradoxically, instead of improving plan performance, can harm it by creating an unfriendly environment for EFPC managers.

The article also analyses what will change in practice for stakeholders in the supplementary pension system.

Check it out in full: https://lnkd.in/dCe2YBdz