The AGU will request a new deadline for an agreement between Lula and Eletrobras

The AGU will request a new deadline for an agreement between Lula and Eletrobras

The deadline for consensual negotiations on increasing government seats on the company’s board of directors ends on Tuesday (March 19).

a Arabian Gulf University (The Public Prosecutor of the Federation) will request an extension of the deadline for action CCAF (Mediation and Reconciliation Chamber in the Federal Administration), which negotiates an increase in the number of government seats in Eltrobras. The Minister of Discussion decided to go to arbitration STF (Federal Supreme Court) Nunes Márquez, after the African Union filed a lawsuit questioning the union's maximum limit of one seat on the company's board of directors, even with control of 42% of the shares.

In the decision, the minister specified a period of 90 days for the two parties to reach an amicable solution. The deadline expires on Tuesday (March 19) and the government and Eletrobras have yet to reach an agreement. If the parties do not decide unanimously, the procedure will be submitted to the plenary session of the Specialized Technical Committee. The Arabian Gulf University recognizes that arbitration is the most appropriate way to resolve the dispute.

This Friday (March 15), Eletrobras informed that work on the CCAF continues and that the company and the federation are determined to do so.“To try to reconcile and reach a consensual and amicable solution between the two parties.” Read the complete Statement (PDF – 254 KB).

Understands

In May, the AGU filed a lawsuit with the STF questioning the 10% cap on union voting rights in Eletrobras. The provision that privatized the company changed the voting capital, regardless of the ownership of each shareholder.

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Action signed by the President Luiz Inacio Lula da Silva (PT) wants the section to apply only to voting rights of shares acquired after privatization. When Eletrobras ceased to be state-owned, in June 2022, Union now only has one seat on the company's board, even though it owns 42% of the shares.

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