Brazil: Debate sobre eventual revisão de Lei das S.A. deve trazer clareza, diz presidente da CVM

Last Updated: 20 August 2019
Article by Veirano E Advogados Associados
Most Read Contributor in Brazil, August 2019

A demanda de parte do mercado por mudanças no artigo 115 da Lei das Sociedades Anônimas justifica um debate mais aprofundado, avalia o presidente da Comissão de Valores Mobiliários (CVM), Marcelo Barbosa. O dispositivo da Lei das S.A. voltou aos holofotes recentemente por conta de uma proposta de alteração incluída e depois retirada do texto da Medida Povisória (MP) da Liberdade Econômica. A nova redação proposta reforçava o direito ao voto em assembleia do acionista controlador em situação de potencial conflito de interesses.

"A CVM não vai se furtar em um momento futuro a contribuir com esse debate. O fato de que existe uma demanda de alguns setores por si só já significa que os diversos atores envolvidos têm que participar de uma discussão para uma (eventual) revisão que traga duas coisas: clareza e equilíbrio", afirmou em entrevista após participação na abertura de evento do Instituto Brasileiro de Direito Empresarial (Ibrademp), no Rio.

Na prática, já existe a possibilidade de votação em casos de possíveis conflitos de interesse, mas o que estava em jogo era a extinção da dupla interpretação na hora da aplicação da lei.

"Quando o colegiado da CVM interpreta esse artigo, eles se dividem em dois grupos: entre aqueles que defendem que o conflito de interesse precisa ser apurado de maneira formal ou material", explicou o advogado Carlos Lobo, sócio da área de Mercado de Capitais do Veirano Advogados.

No conflito formal, segue-se a lógica de que se o acionista controlador é contraparte da companhia, logo, ele não pode votar, mesmo que a proibição não esteja explícita na lei. Já no conflito material, entende-se que se o voto fosse proibido, estaria descrito na legislação em quais casos a abstenção se faria necessária.

O presidente da CVM acredita que pela complexidade do tema sua discussão caberia melhor no âmbito de um Projeto de Lei, mais adequado que o rito de Medida Provisória.

Atualmente tem prevalecido o entendimento da CVM de que a situação prevista no 115 no que tange ao conflito de interesse configura conflito formal. A mudança sugerida na MP 881 permitiria que o controlador votasse, adotando o conflito material. Nesse caso, o voto até seria anulável caso constatado interesse conflitante, o que teria que ser comprovado pelos minoritários que se sentissem lesados.

Minoritários

Em carta enviada ao relator da Medida Povisória (MP) da Liberdade Econômica, o presidente da Associação de Investidores no Mercado de Capitais (Amec), Mauro Rodrigues da Cunha, parabenizou o deputado Jerônimo Goergen (PP-RS) por retirar do texto-base o artigo que mudaria as regras da Lei das Sociedades por Ações e aproveitou para criticar a comissão de Direito Societário da OAB Federal, entidade que sugeriu ao Congresso as mudanças na lei e não teria informado amplamente outros grupos interessados, como a própria Amec.

O texto proposto pela comissão da OAB acrescentava na lei que "o potencial conflito de interesses entre o acionista e a companhia não o priva de direito de voto". Assim, não caberia mais a interpretação de conflito formal. "Sem entrar no mérito de qual lado está certo, a mudança traria clareza ao artigo, em uma posição mais pró-acionista controlador", disse Lobo.

Por isso, a Amec criticou a medida. A associação reúne acionistas minoritários de companhias com ações negociadas na B3; são cerca de 60 investidores. E, segundo a carta escrita pelo presidente Mauro Cunha, "em nenhum momento tal proposta foi discutida de forma ampla e plural, incluindo aqueles que realmente investem no futuro do Brasil" e que "tal retrocesso havia sido trazido como proposta de última hora por um grupo pouco representativo e com interesses particulares bastante evidentes." A comissão de Direito Societário da OAB é composta por 16 pessoas.

Tanto a Amec como o Instituto Brasileiro de Governança Corporativa (IBGC) souberam das mudanças após uma matéria do Valor Econômico no dia 5 de agosto.

Quando ainda havia a possibilidade de mudança na lei, antes de o texto-base ser enxugado, o IBGC se posicionou de maneira contrária à mudança por meio de nota. "A participação de um acionista em uma deliberação que possa beneficiar a si próprio em detrimento dos interesses da companhia e sem levar em conta os demais acionistas e partes interessadas fere um dos princípios básicos de governança corporativa, a equidade, caracterizada pelo tratamento justo e isonômico de todos os sócios e demais partes interessadas (stakeholders)", escreveu.

Procurada, a OAB disse que não se posicionaria.

MP da Liberdade Econômica

A MP 881 foi baixada no dia 30 de abril para marcar os 100 primeiros dias do governo de Jair Bolsonaro com a justificativa de reduzir a burocracia e criar um ambiente mais propício aos negócios. Nos últimos meses, o Congresso tem corrido para aprovar as mudanças, pois a MP caduca no final de agosto.

Quando saiu do Palácio do Planalto, a medida continha 19 artigos, tratando exclusivamente desses temas econômicos. Nas vésperas da decisão do plenário pela Comissão Especial, no entanto, o relator da MP, o deputado Jerônimo Goergen (PP-RS), propôs aos líderes dos partidos na Câmara algumas mudanças no texto aprovado na comissão mista da Câmara e do Senado. A medida estava com mais de 50 artigos, muitos dos quais sugeridos pela equipe do Ministério da Economia, e que tratam das mais variadas matérias, alterando dezenas de dispositivos legais.

Além das disposições relativas à desburocratização da economia, que é seu objetivo original, o texto da MP votado pela comissão mista trata de matérias que envolvem, entre outros, o Código Civil, o Código de Defesa do Consumidor, a Lei de Recuperação de Empresas e a Consolidação das Leis do Trabalho - o que fez com que a MP recebesse o apelido de "minirreforma trabalhista".

Depois de encontrar resistência entre parlamentares, principalmente por conta de alterações trabalhistas, o governo e Goergen enxugaram o texto. A última versão manteve, entre outros, a permissão de trabalho aos domingos e feriados e estabelece que os empregadores terão de permitir o descanso dos trabalhadores aos domingos pelo menos uma vez a cada quatro semanas. A mudança foi feita depois de o Estadão/Broadcast mostrar, na última sexta-feira, que a MP havia previsto o descanso neste dia obrigatoriamente apenas a cada sete semanas.

A Câmara dos Deputados aprovou a MP na quarta, 14, e todos os quatro pedidos para alterar as regras sobre os trabalhos aos domingos e feriado, propostos pelos partidos de oposição, foram derrubados. A previsão é de que o Senado vote o texto na próxima terça, 20, exatamente uma semana antes de a MP perder a validade.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
 
Some comments from our readers…
“The articles are extremely timely and highly applicable”
“I often find critical information not available elsewhere”
“As in-house counsel, Mondaq’s service is of great value”

Related Topics
 
Related Articles
 
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Mondaq Free Registration
Gain access to Mondaq global archive of over 375,000 articles covering 200 countries with a personalised News Alert and automatic login on this device.
Mondaq News Alert (some suggested topics and region)
Select Topics
Registration (please scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions