Annual Quotaholders/Shareholders Meeting

Due to legal provisions, companies must hold a meeting at least once a year, within four months after the end of the fiscal year, in order to: take the management accounts and resolve on the balance sheet, financial statements and the economic result, among other matters.

Other contractual, statutory or legal obligations must be assessed, such as the destination of profits and distribution of dividends, designation or change of administrators or member of other boards, considering the term of office.

Companies or corporations with fiscal year ended on December 31: meeting until April 30.

Companies or corporations with fiscal year ended on March 31: meeting until July 31.

 

Virtual Meetings

Participation and voting from distance in a meeting is admitted and can be carried out virtually, in accordance with the legislation applicable to each type of company.

 

Large companies

The so called large companies (company or group of companies under common control with total assets exceeding R$ 240 million or gross annual revenue above R$ 300 million), even if not constituted as a corporation, must comply with the provisions of Law 6,404/76, on the bookkeeping and preparation of financial statements and mandatory independent audit by an audit registered in the Securities and Exchange Commission (CVM).

 

Ordinary Meeting of the Board of Directors or Fiscal Council

If applicable and required by the articles of association/bylaws, the procedures and matters to be resolved in eventual ordinary meetings of the Board of Directors and Fiscal Council, or even other bodies, must be observed.

 

Power of attorney renewal

In case the company/corporation or its quotaholders/shareholders utilize a power of attorney with a determined period, its renewal must be observed. We highlight that the power of attorney signed abroad must be legalized in the local Brazilian Consulate or apostilled in the foreign country. If not prepared in Portuguese such documents must be translated in Brazil by a sworn translator registered in any Brazilian Board of Trade.

 

Should you have any question or need any assistance regarding these or other legal obligations, please do not hesitate to contact us.


Best regards,


SAEKI ADVOGADOS