Provisional Measure 931, that allows General Shareholders’ Meetings to be postponed up to seven months after the end of fiscal years of companies, was edited on March 31. Therefore, for most companies, the final date for meetings to be held is July 31st.
MP 931 also established that the shareholder may remotely attend and vote on the shareholders’ meeting, depending on regulation by responsible entities. The Brazilian Securities and Exchange Commission (CVM) may also authorize digital meetings to be held.
According to the MP, management or action deadlines for managers and members of the audit and statutory committees are postponed until the meeting is held, or until the Executive Board Meeting is held. In addition, the Executive Board from public companies or open-stock companies and their subsidiaries may decide on urgent matters within the scope of the General Meeting, which must be approved on another meeting afterwards (ad referendum clause).
Still according to the document, until a General Shareholders’ Meeting is held, the Executive Board or the Board of Directors may, regardless of amendments to the articles of incorporation, report dividends.
Lastly, the MP also enables, exceptionally during the 2020 fiscal year, extension of deadlines established on Law 6404 by the CVM. The regulating entity may also establish date for submitting financial statements for publicly-held companies.