BB’s chairman cites neglect and disrespect

Banco do Brasil confirmed on Thursday, April 1, that the current chairman of the institution’s Board of Directors, Hélio Magalhães, and independent director José Guimarães Monforte resigned from their positions, as anticipated by the Broadcast, Grupo Estado’s real-time news system. The move started after André Brandão resigned as president of the institution last month, attributed to the increased interference of the Jair Bolsonaro government in state-owned companies and, in particular, in BB.




Hélio Magalhães left his position at Banco do Brasil

Photo: Renato S. Cerqueira / Futura Press

In the resignation letter Magalhães states that he made the decision because of the “repeated disregard with which the majority shareholder has been treating not only this prestigious institution, but also other important publicly traded state companies and their main managers”.

In the case of BB, Magalhães points to attempts to disrespect corporate governance, which did not go ahead due to the diligent performance of the board and the “soundness of the company’s governance mechanisms”.

As an example, the executive also points to external interferences in the execution of the company’s efficiency plan, which had already been approved by the board and which would be “obviously necessary to adapt it to the new times and challenges in the sector”.

Magalhães also protested against 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”.

In the almost two years that he chaired the council, reinforces Magalhães, the institution has evolved mainly on three fronts: raising governance to a standard best in class, improve the Bank’s efficiency and advance divestment projects. “Unfortunately, I understand that these priorities are no longer in the interest of the majority shareholder,” he concludes.

New board will have three newbies

BB’s new board was announced this week due to the announcement of the meeting’s announcement, which should take place one month before the meeting. On the part of the Ministry of Economy, the group will have three newcomers: Aramis Sá de Andrade as an independent director (he was an employee of BB in the past and also holds a seat on the boards of Gerdau and Infraero); Iêda Aparecida de Moura Cagni, General Secretary of Administration of the Attorney General of the Union (AGU); and Walter Eustáquio Ribeiro, who was an adviser to the bank’s presidency in the past, and will also occupy the position of independent member.

In the announcement, the councilors Magalhães, Monforte, Brandão and also Fábio Barbosa, who was vice-president of the bank, were not reappointed.

One of the seats will be with the future president of BB, Fausto Ribeiro, whose appointment to assume command of the conglomerate has already been approved by the People, Compensation and Eligibility Committee (Corem).

The special finance secretary of the Ministry of Economy, Waldery Rodrigues Junior, was reappointed and should preside over the BB collegiate. Débora Cristina Fonseca, elected by the employees of the conglomerate, was also reappointed.

In the case of directors appointed by minority shareholders, there are three nominations for two vacancies. Luiz Serafim Spinola Santos and Paulo Roberto Evangelista de Lima were reappointed. In addition to them, the name of the former president of Lacoste, Rachel de Oliveira Maia, was indicated. Thus, there will be an election, in the assembly, to choose only two names.

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