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Neoenergia relies on a Corporative Governance policy, which is based on transparency and equity. On October 5, 2005, the company signed a Shareholders’ Agreement, which provides for the creation of committees aiming to establish discussion forums of specific areas in order to assist the Board of Directors in its decision taking process, among other provisions.
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The governance structure also includes the presence of Executive Officers in the Executive Boards of affiliates and the presence of the Chief Executive Officer in the Board of Directors of affiliates. The adoption of a single management model provided for the alignment of strategies, the unification of processes and economies of scale.
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Governance Bodies
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1 - Previous Meeting --> Resolution body held before any meeting of the Board of Directors and Shareholder’s Meeting in order to define the way its representatives appointed by the Board of Directors shall exercise their voting rights. It is made up of shareholders’ representatives.
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2 - Board of Directors --> Collegiate resolution body, which is responsible for providing strategic guidance, establishing policies, acting so as to protect Company, ensuring compliance with the object of the company and orienting the Executive Board so as to add value to the company. It is the top management position in the Group, made up of 10 titular members and their respective substitutes, elected in Ordinary Shareholders’ Meeting for one-year term of office.
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3 - Executive Board --> It represents the Company and aims at providing the other bodies with complete, reliable, well-founded and appropriate information, always aiming to meet the legitimate interests of the Company, with annual goals to be achieved which are defined by the Board of Directors.
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4 - Fiscal Council --> Its assists Company governance and operates during the fiscal years in which they are implemented. It ensures shareholders exercise their rights to surveil business management and its independent surveillance role is reinforced by the individual performance of the Directors, as set forth by law. It is made up of three effective members and their respective substitutes, appointed in Shareholders’ Meeting for a one-year term of office.
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5 - Committees --> There are three different Committees: Audit, Financial and Consideration. All committees are responsible for making the major daily management decisions within their scope, for planning and tracking strategic actions. Each Committee is made up of three titular members and their respective substitutes, appointed by the Board of Directors.
- 6 - Independent Audit --> It is responsible for checking and judging information and auditing the financial reports of the Company, presenting letters of recommendations to the executive Board, assessing fraud consequences and relevant errors, always sending a copy to the Board of Directors and Fiscal Council, in addition to sending the Board of Directors a copy of any material that has been sent to the Company.
