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Economic Group in the scope of Private Sector
For identification of Economic Groups, in the scope of private sector, BNDES uses the following concepts for equity control and capital investment in the enterprises that integrate them. Such concepts are considered in monitoring and processing
operations.
Major Control: the one held by individuals or legal entities having, direct or indirectly, over 50% of the voting capital and holding, permanently, the majority of votes at corporate decisions and the power to elect the majority of the
board.
Effective Control: the one held by individuals or legal entities that, although not having majority of the voting capital, held effective control.
The effective holding control will be determined based on the checking of
(1):
shareholders' agreement
provision, by the investor, of technical assistance or technical information essential to the
investee's activities;
significant technological and/or economic-financial dependence between the investee and the
investor;
permanent receipt, by the investor, of detailed accounting information, as well as the investee's investment
plants;
common usage of material, technological or human
resources;
access control to inputs and/or commercial restrictions;
existence of loan agreements and/or provision by the investor of any guarantees in favor of the
investee;
power performed by means of any individual or legal entity, or a group of persons acting individually or jointly, representing common economic interest, or
other cases, at BNDES discretion.
(1) Most of the standards described above are included in Instruction no. 247/96, of March 27, 1996, of the Brazilian Securities and Exchange Commission [CVM] (dealing with standards for balance sheet consolidation of publicly held enterprises) as examples of influence in management of an associated
enterprise.
Shared Control: the one mostly or effectively held by a controlling block, comprised of persons independent among themselves and that individually do not hold control, associated by mutual interests, always deciding
accordingly.
Capital Investor: the investor holding a minor equity interest, but considered significant by BNDES.
It is considered a significant equity interest:
a) 1% (one per cent) or more of the capital stock, in case of economic groups /enterprises with stockholders' equity exceeding 2% (two per cent) of BNDES reference equity; and
b) 5% (five per cent) or more of the capital stock, in all other cases.
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