Brazil: Eletrobras É Punida Por Realizar Ago Fora Do Prazo, Mas Não Por Atrasar DFins

O Colegiado da CVM, em julgamento de 13 de agosto de 2013, absolveu os membros da diretoria executiva da Eletrobras pela intempestividade na divulgação das demonstrações financeiras anuais (DFins) da compa nhia em relação ao exercício social findo em 31 de dezembro de 2010 e aplicou a pena de advertência aos membros do conselho de administração da empresa pela realização intempestiva (fora do prazo) da assembleia geral ordinária (AGO) relativa ao mesmo exercício.

A acusação afirmou que a companhia teria divulgado as DFins e os formulários de informações trimestrais (ITRs) fora do prazo estabelecido nos artigos 133 e 176 da Lei 6.404/76, bem como no artigo 29 da Instrução 480/09 da CVM. Observou ainda que a AGO foi realizada fora do prazo estabelecido no artigo 132 da Lei 6.404, caracterizando a violação dessa regra por parte do conselho de administração, já que a assembleia deveria ter sido realizada tempestivamente, "ainda que as demonstrações financeiras não tivessem sido elaboradas".

Segundo a defesa, o atraso na apresentação das DFins de 2010 teria acontecido porque a Eletrobras — uma companhia de grande porte, composta por aproximadamente cem empresas — se viu obrigada a se adequar aos padrões internacionais de contabilidade (IFRS), bem como às 64 novas normas expedidas pela CVM no âmbito dos IFRS. Conforme o argumento, houve dificuldades nas atualizações, mesmo com o auxílio de empresas de auditoria contratadas.

Esse problema, em todos os seus estágios, foi divulgado ao mercado e aos acionistas oportunamente. A diretoria entendeu que publicar informações incompletas não seria razoável. Arguiram então que, ainda que a infração fosse objetiva, se tratava de situação de inexigibilidade de conduta diversa.

Quanto à não realização da AGO dentro do prazo legal, os membros do conselho de administração alegaram que, "em virtude da inexistência de DFins a serem apreciadas em assembleia, não seria conveniente, nem tampouco atenderia ao interesse social, a convocação e instalação de assembléia cujo propósito precípuo seria o de tomar as contas dos administradores, analisar, discutir e votar as DFins e demais documentos a ela pertinentes (relatório da administração, pareceres do conselho fiscal e da auditoria independente, dentre outros)".

No que tange à eleição dos membros dos conselhos de administração e fiscal, que também fora adiada juntamente com a AGO, a defesa alega que praticamente todos os membros — de ambos os conselhos — foram reconduzidos aos seus cargos, nas assembleias de 2010 e 2011, e que as exceções foram para os membros indicados pelo acionista controlador (União Federal e órgãos) conforme juízo de conveniência e oportunidade, não causando assim qualquer dano aos acionistas minoritários.

No julgamento do processo administrativo sancionador (PAS), a diretora relatora Ana Dolores Moura Carneiro de Novaes destacou os documentos, as cartas e as ações dos administradores da companhia constantes dos autos e que demonstraram a diligência destes.

A relatora absolveu os diretores da Eletrobras, por ter considerado razoável a decisão de adiar a divulgação por cerca de um mês, já que apresentar as informações incorretas seria mais grave para os acionistas e para o mercado do que a intempestividade. Deixou claro que o julgamento se distingue de outros em que a CVM condenou a diretoria de empresas pela divulgação intempestiva das DFins, porque, em sua maioria, aqueles casos envolviam companhias em sérias dificuldades financeiras e o atraso da divulgação foi muito mais extenso.

A diretora relatora afirmou que a não convocação de uma AGO gera um vazio na vida da companhia e que seria impossível assumir que o encontro de acionistas não possuiria utilidade simplesmente pela não apresentação das DFins. Ressalta que os artigos 123 e 132 da Lei 6.404 firmam a obrigatoriedade de convocar a assembleia, e que o conselho de administração não pode presumir que decisões seriam tomadas a respeito da eleição dos representantes dos minoritários simplesmente pela recondução de administradores nas eleições anteriores.

Seu voto, acompanhado pelos demais membros do Colegiado, foi no sentido de absolver todos os membros da diretoria executiva pela apresentação intempestiva das DFins e condenar à pena de advertência todos os membros do conselho de administração, pelo atraso na convocação e na realização da AGO.

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