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Federal Court grants injunction in favor of BNDESPAR and Caixa regarding the JBS meeting

08/31/2017

The decision declares the impediment of the vote of JBS’s controlling shareholders in two of the five items of the company’s EGM agenda, scheduled for this Friday, the 1st.

 
Judge Hong Kou Hen, of the 8th Federal Court of São Paulo, granted an injunction (anticipating of tutelage) on Thursday, 31, declaring the impediment of the vote of JBS’s shareholders in two of the five items on the agenda of the company’s extraordinary general meeting (EGM), scheduled for this Friday, the 1st. 
 
The request was made by BNDES’s participation subsidiary, BNDESPAR and by Caixa Econômica Federal. The two items vetoed to the controllers concern measures to be taken by the company in order to hold managers accountable for the losses caused to the company and the company’s authorization for indemnifying and not exempting its managers.
 
The judge considered that “the situation of conflict of interests remains characterized,” in accordance with Article 115, 1st paragraph of the Brazilian Corporate Law, No. 6,404/76, thus accepting BNDESPAR and Caixa’s argument. 
 
Article 115 of the Brazilian Corporate Law says that “[...] the vote exercised for the purpose of causing damage to the company or to other shareholders, or to obtain, for themselves or for others, unfair advantage and that results, or may result in damages to the company or other shareholders, shall be considered abusive.”
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