The Company aims to maintain the highest Corporate Governance standards, which add value and ensure fairness, compliance, transparency and accountability to all shareholders. In its IPO, the Company joined Novo Mercado of B3, the highest Corporate Governance level, granting tag along rights of 100% to its shares.
Some of the Novo Mercado rules related to the Corporate Governance structure and the rights of shareholders:
- The capital should be exclusively compounded of common shares with voting rights;
- In case of sale of the controlling position, all shareholders are entitled to sell their shares at the same price (100% tag along rights);
- In case of delisting or cancellation of the Novo Mercado contract with B3, the company must hold a public offer to repurchase the shares of all shareholders for, at least, its economic value;
- The Board of Directors must be comprised of at least five members, being 20% independent directors with unified two- years term;
- Minimum free-float of 25% of the shares;
- Disclosure of more detailed financial data , including quarterly reports with cash flow statement and consolidated reports reviewed by an independent auditor;
- Provide annual financial reports on an internationally accepted standard;
- Monthly disclosure of the shares traded by directors, officers and controlling shareholders.
- In line with the best corporate governance practices, on May 30, 2011 Localiza signed on to the ABRASCA Self-Regulation Code and Good Practices for Publicly-Traded Companies.
Access here Listing Rules of Novo Mercado (Portuguese only)
