Brazil Management Change Disclosures API: Track CEO and Director Appointments from CVM Filings

The problem

Brazilian governance monitoring splits into three stacks that English search results often merge:

1. Media and databases — headlines, biographies, and third-party people graphs. Useful for context, not for the filing text that defines effective dates, interim roles, and board approvals.
2. Periodic governance — remuneration, committees, and policies in FRE. Essential for pay and structure, but lagging for new appointments.
3. Event disclosures — fatos relevantes when a CEO resigns, a CFO is named, or the board accepts a director departure, plus comunicados ao mercado when issuers frame the change for the market.

Scraping the CVM portal works for one ticker and breaks on a multi-name watchlist. Bulk open-data ZIPs are dataset-oriented, not ticker-first. You want GET /v1/documents with stable document.id, then GET /v1/documents/:id/file for the original PDF — the same pattern as Brazil material facts monitoring API, scoped to leadership changes.

For control transactions that replace management as part of a deal, see Brazil merger and acquisition disclosures API. For assembly-driven officer elections tied to shareholder notices, pair with list avisos aos acionistas.

Which filing type carries management changes?

Brazilian issuers do not expose a dedicated type=MANAGEMENT_CHANGE in the apicvm document list. Leadership events usually surface under:

Practical rule: poll FATO_RELEVANTE on active watchlists, add COMUNICADO_AO_MERCADO when your issuer habitually files officer news there, then filter rows by name keywords (Nomeacao, nomeação, Diretor, diretor, Presidente, Renuncia, renúncia, CEO, CFO, estatutario, estatutário) before downloading PDFs. After download, search PDF text for nomeação, renúncia, diretor estatutário, or diretor presidente.

Issuer titles vary: some banks file Alteracao_na_Diretoria while retailers use Nomeacao_de_Diretor. Zero rows in a given year does not prove no change occurred — see limitations below.

How apicvm helps

1. Resolve the issuer — GET /v1/companies/resolve
2. List event filings — GET /v1/documents with type=FATO_RELEVANTE (optionally add COMUNICADO_AO_MERCADO)
3. Scope with year and optional dateRef; sort with field=dateRef&order=desc
4. Download the PDF — GET /v1/documents/:id/file (no extraction credits)
5. Optional (Pro): page-level markdown — POST /v1/document-text-extractions with async callback

Auth: Authorization: Bearer or X-API-Key. Try VALE3 without a key via the demo API.

Setup

export APICVM_KEY='apicvm_...'
export APICVM_URL='https://apicvm.dev'

Step 1: List material facts for one ticker

curl -H "Authorization: Bearer $APICVM_KEY" \
  "$APICVM_URL/v1/documents?ticker=PETR4&type=FATO_RELEVANTE&year=2025&perPage=50&field=dateRef&order=desc"

Response rows include stable id, dateRef, name, and nested company metadata. Use id as your cache key — not name, which can be long and encoding-sensitive.

Paginate with page= when meta.lastPage > 1. perPage maxes at 50.

Step 2: Narrow to management-change rows

Filename tokens on the CVM IPE feed are predictable enough for a first-pass filter:

curl -s -H "Authorization: Bearer $APICVM_KEY" \
  "$APICVM_URL/v1/documents?ticker=PETR4&types=FATO_RELEVANTE,COMUNICADO_AO_MERCADO&year=2025&perPage=50" \
  | jq '.data[] | select(.name | test("Nomeacao|nomeação|Diretor|diretor|Presidente|Renuncia|renúncia|CEO|CFO|estatutario|estatutário"; "i")) | {id, type, dateRef, name}'

Combine with market communications when your coverage includes issuers that route officer news to COMUNICADO_AO_MERCADO:

curl -s -H "Authorization: Bearer $APICVM_KEY" \
  "$APICVM_URL/v1/documents?ticker=ITUB4&type=COMUNICADO_AO_MERCADO&year=2025&perPage=50" \
  | jq '.data[] | select(.name | test("diretor|presidente|nomeacao|renuncia"; "i")) | {id, dateRef, name}'

After download, search PDF text for aceite de renúncia or eleição de diretor for validation. Extraction credits apply only if you use the text-extraction endpoint.

Step 3: Download a management-change notice PDF

curl -H "Authorization: Bearer $APICVM_KEY" \
  -o management-change.pdf \
  "$APICVM_URL/v1/documents/<document-id>/file"

Download does not consume extraction credits.

Example: Python watchlist for management-change filings

Poll material facts across a governance-focused watchlist. Persist seen in your database in production.

import os, time, requests, re
from datetime import datetime

BASE = os.environ["APICVM_URL"]
H = {"Authorization": f"Bearer {os.environ['APICVM_KEY']}"}
WATCH = ["PETR4", "ITUB4", "BBDC4", "ABEV3", "WEGE3"]
YEAR = datetime.utcnow().year
MGMT_RE = re.compile(
    r"nomeacao|nomeação|diretor|presidente|renuncia|renúncia|"
    r"\bceo\b|\bcfo\b|estatutario|estatutário",
    re.I,
)
seen = set()  # load from your store on startup

def list_events(ticker):
    r = requests.get(
        f"{BASE}/v1/documents",
        headers=H,
        params={
            "ticker": ticker,
            "types": "FATO_RELEVANTE,COMUNICADO_AO_MERCADO",
            "year": YEAR,
            "perPage": 50,
            "field": "dateRef",
            "order": "desc",
        },
    )
    if r.status_code == 429:
        time.sleep(5)
        return list_events(ticker)
    r.raise_for_status()
    return r.json()["data"]

for ticker in WATCH:
    for doc in list_events(ticker):
        if doc["id"] in seen:
            continue
        if not MGMT_RE.search(doc.get("name") or ""):
            continue
        seen.add(doc["id"])
        print(f"MGMT {ticker} {doc['dateRef']} {doc['name'][:70]}")

Wire this into GitHub Actions or extend the diff pattern from Brazil material facts monitoring API.

Where management changes sit in the filings stack

Brazil regulatory filings API explains the full layer map. For background on material facts demand, see What is a fato relevante? and the pillar CVM API.

Current limitations

• Documents, not an org chart — apicvm does not maintain live executive rosters or LinkedIn profiles.
• Keyword filters are heuristic — name tokens help; false negatives are possible if issuers use unusual titles.
• Polling, not push — no webhook when CVM publishes a new fact. Schedule polls and diff document.id.
• Ingestion lag — sync is not real-time. A notice may appear on the portal before it is in the corpus.
• Corpus coverage — not every issuer or period is present. Validate against the portal for production compliance use cases.
• Demo scope — /v1/demo/* is limited to VALE3. Other tickers need a production key.

Next steps

• Read the API docs
• Get an API key
• List comunicados ao mercado — focused COMUNICADO_AO_MERCADO reference

Related guides

• Brazil material facts monitoring API — generic fato relevante poll loop
• Brazil merger and acquisition disclosures API — control and asset deals
• Brazil reference form API — FRE governance and risk layer
• Extract text from CVM PDFs for AI agents — async markdown extraction