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Financial News: BRAZIL: Government Wants 'golden Share' In Eletrobras Afte

BRAZIL: Government Wants 'golden Share' In Eletrobras After Privatization

11/25/2017 - 09:31:00 (RTTNews)

(RTTNews) - The privatization model proposed by the Brazilian government for the state-owned electric company Eletrobras foresees that the Union would hold special class stocks in the firm, the so-called "golden share," keeping veto power over some specific issues, said a source to Agência CMA. The special class stocks, however, would not increase the government's voting power at board meetings.

According to the source, Eletrobras' privatization bill, which is under discussion in the Ministries of Planning, Finance and Mines and Energy and also in the Partnership for Investments Program (PPI), provides for a 10% vote ceiling for each shareholder.

The government's "golden share" would give the Union the power to appoint the board chairman of Eletrobras' and veto changes to the name of the company and its subsidiaries, and the liquidation of the company, among other matters.

The model is similar to that adopted at Embraer, where the government has a "golden share" that gives it the right to choose a board member with the power to veto certain decisions.

The source reported that, according to the draft, the Eletrobras assembly would decide on some issues and the change of the bylaws after privatization.

"The bill will predict the form and number of counselors, but there are still things to be worked out," the source said.

The discussions are on its final stretch, the source said.

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