BB’s chairman resigns and attacks Bolsonaro interference

The chairman of the Board of Directors of Bank of Brazil, Hélio Magalhães, resigned his position this Thursday (1st) for disagreeing with the president’s interference Jair Bolsonaro (without a party) in the institution, with the appointment of a new president and new members of the collegiate, a group that determines the direction to be followed by the bank. The information is from Folha.

Magalhães had been appointed by the Minister of Economy, Paulo Guedes, and he was not the only one to give up his position. José Guimarães Monforte, another adviser appointed by Guedes, also leaves office with the chairman of the board this Friday (22), also for the same reasons, according to the newspaper.

In his resignation letter, Magalhães criticized Bolsonaro’s interference by appointing administrator Fausto de Andrade Ribeiro as the institution’s new president. He says that Ribeiro has not been screened by the Board of Directors.

“In the case of BB, I refer to attempts to disrespect corporate governance, even if frustrated by the diligent performance of this board and the soundness of the company’s governance mechanisms. As an example, I mention the external interferences in the execution of the company’s efficiency plan approved by this board and obviously necessary to adapt it to the new times and challenges of the sector. On an ongoing basis, I renew my protest at the rite of choosing the new president of the bank, which simply does not consider the desirable screening of this council, since it is based on anachronistic legislation and contrary to the best governance practices at the global level ”, said Magalhães.

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