Actionnaires v. État actionnaire : exemple du Brésil
Le blog de l’Université d’Oxford publie un très récent billet analysant sur le dilemme et la position délicate dans laquelle peut être placé l’État actionnaire : « Exercise of Shareholder Control Over a State Owned Enterprise – Comments on Comissão de Valores Mobiliários’s decision in the Eletrobras case » (par le professeur Mario Engler Pinto Junior).
The Comissão de Valores Mobiliários (CVM), the Brazilian equivalent of the SEC, has recently imposed sanctions on the Federal Government for actions taken as the controlling shareholder of the public company Eletrobras. More precisely, the sanctions were imposed on the Federal Government for voting in a general meeting to grant approval of an Elecrobras significant transaction. CVM considered that the Federal Government had a conflict of interest and should have abstained from voting in a shareholders’ meeting called to approve the renewal of the concession contract held by Eletrobras and its subsidiaries for electrical power generation.
In Brazil, the Federal Government is also the public authority responsible for regulating the electrical sector. According to CVM, the renewal of the concession contract for electrical power generation was a related party transaction that could bring indirect economic benefits to the Federal Government.
My paper criticizes CVM’s approach, arguing that the contract renewal was a legitimate public policy decision in the context of the electrical sector as a whole.
À la prochaine…