UOL Case: CVM’s decision on Queiroz’s sentence follows the line advocated by Amec

This week, CVM – the Brazilian Securities and Exchange Commission – sentenced João Alves de Queiroz Filho, UOL’s shareholder and Hypermarcas’ founder, to pay a fine of R$ 500 thousand for having voted in the Shareholders’ Meeting that decided on the closing of the company’s capital. The body understood that Queiroz voted aligned with Folhapar, the company’s controlling shareholder.
CVM decision is consistent with Amec’s President Letter #51, sent to the president of BM&F BOVESPA, Edemir Pinto, in October 2011. In the document, Amec highlighted: “Minority shareholders who were present (in the Shareholders’ Meeting) questioned both the vote casted on behalf of Queiroz’s Shareholders and the position occupied by the administrator in the company. When inquired about Mr. Queiroz’s position in UOL, the Shareholders Meeting’s secretary and Folhapar S.A.’s lawyer informed that Mr. Queiroz had resigned from his position prior to the holding of the meeting, with no additional details, according to what was reported by the shareholders present in the meeting.”
In the letter, the entity also pointed out that, at that time, there was no public information in the IPE system as to Mr. Queiroz’s resignation from his position in the company’s Board of Directors prior to the holding of the Shareholders’ Meeting that could prevent him from voting.
Read the full document about Amec´s position