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BNDES Note: Court Suspension of JBS EGA

09/01/2017

The managing director of the Capital Markets Division of the Brazilian Development Bank (BNDES), Eliane Lustosa, and the bank’s managing director of the Legal Division, Marcelo de Siqueira Freitas, believe that there will be no loss to the company if the 15-day court suspension of the JBS Extraordinary General Meeting (EGA), initially scheduled for this Friday, September 1t, is used to ensure the meeting takes place without conflict of interest.

For BNDES, the suspension will favor an objective solution to the issue of conflict of interest related to the controllers’ vote on two items on the agenda, raised by BNDESPAR with the CVM, and, together with Caixa Econômica Federal, with the judiciary.

“This court ruling is in line with our goal of holding the meeting so that the decision is made in the best interests of the company, far from any conflict of interest,” affirmed Eliane Lustosa, who represents BNDESPAR.

Managing director Marcelo de Siqueira Freitas said he expects the controllers to comply with the terms of the Brazilian Corporations Act (6404/76). “BNDESPAR has only taken a legal path because the controller has not acknowledged its conflict. If no such acknowledgement is made, BNDESPAR will take all necessary measures to safeguard the enforcement of corporate law,” said Marcelo de Siqueira Freitas.

BNDES maintains its intention to vote at the meeting, publicly announced on the bank’s website on August 14.
 

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