Another possible explanation for the unobserved CVM cases could be an incomplete penetrance of the CVM genotype.
The CVM has provisionally ruled in their favour.
Any disputes between shareholders are judged by the CVM.
These are then posted publicly on the website of the CVM for anyone to see.
Maria Helena Santana, who heads the CVM, Brazil's securities regulator, says that "after having investors consider our legislation and regulatory environment not safe enough or strong enough", the CVM had to "gain credibility".
OGX announced the management shake-up in a filing with Brazil's securities and exchange commission, the CVM.
The deal occurred two days later than originally planned, as the CVM, Brazil's securities regulator, required a delay because of irregularities in publicity documents earlier this month.
The CVM has not revealed what specific events led to either inquiry, but OGX frequently announced major petroleum discoveries that subsequently proved to be economically unviable.
Cash compensation to management in 2012 was 24.5 million reais, or $10.47 million, nearly double what it was in 2011, according to documents filed with the CVM, Brazil's counterpart to the Securities and Exchange Commission.
Brazil's securities and exchange commission, known as the CVM, is also investigating whether OGX, which frequently announced major petroleum discoveries that subsequently turned out to be not viable, may have tried to manipulate its stock market price.
No one complained, because non-voting shareholders won attractive terms.Minority investors are now looking to the CVM to take up their cause in another fight, with Mittal Steel, a global steel company that recently took over another, Arcelor.
