Brazil’s Securities Commission (CVM) has decided three administrative sanctioning proceedings, issuing a warning to RSM Brasil Auditores Independentes S/S Ltda., unanimously acquitting six members of the T4F Entretenimento S.A. board, and suspending judgment in a case against Gol Linhas Aéreas Inteligentes S.A. board member Henrique Constantino. RSM Brasil was found responsible for alleged non-compliance with the Continuing Professional Education Program by various partners and technical officers for the 2021 cycle, contrary to NBC PG 12 (R3) and the relevant provisions of CVM Instruction 308, later reflected in CVM Resolution 23. In the Gol case, Director Marina Copola voted to temporarily disqualify Constantino for five years from serving as an officer or member of the fiscal council of a listed company, citing conduct aimed at enabling contracts and payments without a business rationale and the diversion of corporate resources for purposes linked to obtaining undue advantages, in alleged breach of Article 154(2)(a) of Law 6,404. The T4F board case concerned alleged abuse of power and breaches of the duty of care, including insufficient oversight of the audit committee and failures relating to supplier labour risks connected to prior Lollapalooza festival editions and subsequent allegations of workers in “slavery-like” conditions; the panel unanimously dismissed all charges. Proceedings against Henrique Constantino were halted following Director João Accioly’s request to review the case, while separate written voting statements were submitted by Director Marina Copola in the RSM and T4F matters.
Brazil Securities Commission (CVM) 2025-11-11
Brazil Securities Commission issues warning to RSM Brasil Auditores Independentes, acquits T4F board members and pauses Gol director case
Brazil’s Securities Commission (CVM) warned RSM Brasil Auditores Independentes for non-compliance with education requirements, acquitted T4F Entretenimento S.A. board members, and suspended judgment against Gol Linhas Aéreas board member Henrique Constantino, who faced allegations of enabling contracts without business rationale and diverting resources. The T4F case involved alleged abuse of power and duty of care breaches, which were unanimously dismissed.