Indemnity to Qualicorp’s executive was harmful to the company, says CVM

José Seripieri Filho, CEO of the health benefit manager Qualicorp, signed an agreement totaling $150 million reais with the company committing himself not to sell his fifteen percent (15%) share in Qualicorp’s capital stock and not create any competing businesses for the next 8 years. The company’s shares had a sharp drop of thirty percent (30%) after the announcement and the Brazilian Securities and Exchange Commission (CVM) started proceedings to investigate the case. On April 2, the Valor Econômico newspaper announced that the regulator concluded the agreement was harmful to the company.
In January, the Public Prosecutor’s Office of the State of São Paulo started a civil investigation to determine Qualicorp’s civil responsibility. On December 18, Amec’s CEO Mauro Rodrigues da Cunha and the association’s legal advisor Walter Albertoni delivered a letter to Mr. Eronides Santos, Attorney General of the State of São Paulo, addressing the problems identified in the extraordinary payment made to the executive.
In the letter, Amec pointed out that the CEO was being indemnified for complying with his fiduciary duties – what was already expected from him, and that the payment seemed to be an act of liberality at the expense of the company.
Click here to read the President Letter 17/2018 – Management Acts – Duties of Loyalty and Diligence – Qualicorp Case.
Click here to read the President Letter 19/2018 – Amec delivers opinion about Qualicorp to the Public Prosecutor’s Office.