{"id":93770,"date":"2025-04-17T10:56:48","date_gmt":"2025-04-17T13:56:48","guid":{"rendered":"https:\/\/murray.adv.br\/?p=93770"},"modified":"2025-04-17T10:56:51","modified_gmt":"2025-04-17T13:56:51","slug":"companies-swap-board-amid-debt-pressure","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/companies-swap-board-amid-debt-pressure\/","title":{"rendered":"Companies swap board amid debt pressure"},"content":{"rendered":"\n
Proxy season will see 453 board members elected by end of April, according to \u00c2nima; only 22.5% of candidates are women<\/em><\/strong><\/h6>\n\n\n\n

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Brazilian publicly listed companies will elect 453 board members by the end of this month for the 2025 proxy season, amid a backdrop of rising debt costs due to higher interest rates, shareholder disputes, and minority investors pushing to gain representation.<\/p>\n\n\n\n

According to a survey commissioned by Valor<\/strong> to consulting firm \u00c2nima, 55 out of the 84 companies that comprise the Ibovespa, B3\u2019s main index, will appoint board members this year. In 2024, a total of 360 board members were elected.<\/p>\n\n\n\n

The survey shows that just 22.5% of candidates are women, and nearly half of the 453 individuals will be independent directors. \u201cIn addition to changes in board composition, the meetings will address crucial items such as financial statement approvals and bylaw amendments. The presence of minority shareholders, even with small stakes, contributes to a more transparent and balanced environment,\u201d said Simone Monteiro, a partner at \u00c2nima. Knowing who the candidates are \u201chelps assess whether management\u2019s interests are aligned with those of shareholders,\u201d she said.<\/p>\n\n\n\n

Eletrobras\u2014despite being privatized\u2014will also reformulate its board at the end of the month, with three nominees from the federal government: <\/a>Maur\u00edcio Tolmasquim, Silas Rondeau, and Nelson Hubner. The government and the company recently reached a governance agreement granting the state three board seats, pending shareholder approval. Even without the agreement, the government\u2019s shareholding is sufficient to guarantee two seats.<\/p>\n\n\n\n

At Eletrobras, the board election has become contentious, with the company backing a recommended list that includes the government nominees and Carlos Ferreira, a seasoned executive in the energy sector. Competing for seats outside the recommended slate are Marcelo Gasparino\u2014an incumbent board member who was not re-nominated\u2014and Jos\u00e9 Jo\u00e3o Abdalla Filho, one of the company\u2019s largest individual shareholders.<\/p>\n\n\n\n

Another high-profile case this season involves pharmaceutical firm Hypera,<\/a> which is overhauling its board after a hostile takeover bid last year by EMS owner Carlos Sanchez\u2014ultimately rejected by the company. Hypera\u2019s founder, Jo\u00e3o Alves Queiroz Filho (better known as Junior), is seeking to return to the board. Mr. Sanchez, meanwhile, attempted to nominate directors and allied with L Par, controlled by businessman Lirio Parisotto, to propose candidates. Mr. Parisotto withdrew from the process yesterday.<\/p>\n\n\n\n

Hypera has resisted its rival\u2019s moves, even appealing to Brazil\u2019s antitrust agency, CADE, to block EMS from gaining influence\u2014indirectly or otherwise\u2014on its board. The regulator requested further information and emphasized that EMS cannot exercise voting rights until a final decision is reached.<\/p>\n\n\n\n

At supermarket chain Grupo P\u00e3o de A\u00e7\u00facar (GPA), French group Casino, businessman Ronaldo Iabrudi, and investor Nelson Tanure reached a deal on board composition shortly after a shareholder reshuffle. A source close to GPA said the agreement came after pressure from Mr. Tanure, who is reportedly aiming to merge GPA with DIA, a rival supermarket chain undergoing bankruptcy proceedings in which he invested last year. He is now GPA\u2019s second-largest individual shareholder, ahead of Mr. Iabrudi, a former CEO.<\/a> Other shareholders\u2014including Rafael Ferri and the Coelho Diniz family\u2014have also nominated board candidates.<\/p>\n\n\n\n

In the midst of an out-of-court debt restructuring process at Casas Bahia<\/a>, Michel Klein, a member of the company\u2019s founding family, called a shareholders\u2019 meeting in late March to replace board members and announce his own candidacy. He later withdrew the request, citing a \u201cvote of confidence.\u201d<\/p>\n\n\n\n

At Eneva, where BTG Pactual is the main shareholder, Andr\u00e9 Esteves\u2014founder of the investment bank\u2014will take a seat on the board. Eneva is one of BTG\u2019s energy investments. At B3, Antonio Quintella, chair of the exchange\u2019s board, is stepping down after a decade. Jos\u00e9 Berenguer, CEO of XP, is rejoining the board.<\/p>\n\n\n\n

Ms. Monteiro from \u00c2nima says board changes can stem from a variety of factors, including corporate strategy, governance, and shareholder interests. She notes that in companies with state involvement\u2014direct or indirect\u2014board changes often follow political transitions. \u201cGiven the board\u2019s central role in setting strategy and appointing senior management, it\u2019s natural to see turnover in these cases,\u201d she said.<\/p>\n\n\n\n

Ownership changes and new investors also tend to spark board shakeups. Other common reasons for board turnover include shareholder pressure, M&A activity, strategic restructuring, governance issues, or even management crises, the consultant adds.<\/p>\n\n\n\n

Despite the large number of seats up for election, this does not necessarily imply significant turnover across all companies, as many incumbents are likely to be reappointed. However, certain cases stand out due to their broader context. Generally, more dramatic changes occur in financially distressed companies, those with active minority shareholders vying for influence, and companies receiving board nominations from government-affiliated institutions like the Brazilian Development Bank (BNDES) and Previ, the pension fund for Banco do Brasil employees.<\/p>\n\n\n\n

\u201cThe controversy often revolves around high-profile nominations, such as former ministers. What\u2019s rarely questioned are family-backed nominees with little to no qualifications who are appointed solely based on their relationships,\u201d said corporate governance expert Renato Chaves. He added that board elections usually draw the most attention from the market, though greater scrutiny should be placed on executive compensation. \u201cUnfortunately, excessive compensation at some companies is rarely discussed,\u201d he said.<\/p>\n\n\n\n

Luiz Martha, director of knowledge at the Brazilian Institute of Corporate Governance (IBGC), stressed that shareholder meetings are among the most important events for a public company and should not be treated as mere formalities. \u201cIt should be a moment of engagement with shareholders,\u201d he said. The board election, he added, is especially critical for shareholders, as their chosen representative becomes their voice inside the company.<\/p>\n\n\n\n

When contacted, Eneva stated via its press office that board turnover is part of a process agreed upon by shareholders in 2024. \u201cEneva believes the new board composition will accelerate strategic decision-making, support healthy governance rotation, and reinforce shareholders\u2019 commitment to expanding the company\u2019s energy platform,\u201d the statement read.<\/p>\n\n\n\n

Eletrobras, B3, Casas Bahia, GPA, and Hypera declined to comment.<\/p>\n\n\n\n

*By Fernanda Guimar\u00e3es\u00a0\u2014 S\u00e3o Paulo<\/p>\n\n\n\n

Source: Valor International<\/p>\n\n\n\n

\nhttps:\/\/valorinternational.globo.com\/\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"

Proxy season will see 453 board members elected by end of April, according to \u00c2nima; only 22.5% of candidates are women 04\/17\/2025 Brazilian publicly listed companies will elect 453 board members by the end of this month for the 2025 proxy season, amid a backdrop of rising debt costs due to higher interest rates, shareholder […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[26044],"class_list":["post-93770","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-companies-swap-board-amid-debt-pressure"],"yoast_head":"\nCompanies swap board amid debt pressure - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/companies-swap-board-amid-debt-pressure\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Companies swap board amid debt pressure - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Proxy season will see 453 board members elected by end of April, according to \u00c2nima; 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