The Brazil Securities Commission (CVM) will hear four administrative enforcement cases concerning alleged breaches of reporting obligations, voting rules and fiduciary duties. The proceedings include an examination of Petrobras administrators’ conduct in the acquisition of the Pasadena refinery. Two other cases have been removed from the hearing agenda. The Auzza Securitizadora case examines alleged failures by administrators to prepare and submit periodic information to the CVM and hold an annual general meeting within the legal deadline. The Rio Paranapanema Energia case concerns administrators’ alleged breaches of voting rules when approving accounts at an annual general meeting. GBMF Portfolio Solutions, formerly REAG Portfolio Solutions, faces proceedings over allegedly late notification of the acquisition of a significant shareholding. The Petrobras case concerns possible breaches of fiduciary duties in connection with the refinery acquisition.
Brazil Securities Commission schedules hearing on four enforcement cases involving reporting, voting and fiduciary duties
The Brazil Securities Commission (CVM) will consider four enforcement cases concerning reporting failures, voting on company accounts and possible breaches of fiduciary duties. The cases involve administrators of Auzza Securitizadora, Rio Paranapanema Energia and Petrobras, alongside GBMF Portfolio Solutions, with the Petrobras proceedings focused on the Pasadena refinery acquisition. Two other cases were removed from the agenda.