During the four months following the end of the fiscal year, the shareholders of Brazilian corporations and the quotaholders of Brazilian limited liability companies must hold an annual meeting to, among other matters:
For those companies which corporate year ended on December 31, 2020, the meeting must be held on or before April 30, 2021, according to the applicable corporate laws. For such purpose, the management of the limited liability companies must provide to the quotaholders the balance sheet and of its economic results and the administration of the companies organized as corporations must publish its financial statements in advance (along with the management report concerning the business of the company and the auditors’ report, if applicable) in the Official Gazette and another local newspaper of broad circulation, except if otherwise permitted by the applicable law due to its specific circumstances.
While there are different interpretations concerning the requirement for publication of the financial statements of limited liability companies considered as large-size companies, Dias Carneiro’s corporate team may analyze the specific situation of each company to instruct you appropriately.
Additionally, due to the COVID-19 pandemic and the preventive measures adopted to avoid the propagation of the disease, most Commercial Registries in Brazil have presented limitations related to the submission of corporate documents and the indication of a longer term for the analysis of documents. Notwithstanding the foregoing, it is advisable for companies to continue with the regular schedule for releasing the financial statements to quotaholders and shareholders, as well as for publishing the financial statements (as applicable), relevant notices and holding the quotaholders’/shareholders’ meetings.
Dias Carneiro Advogados is entirely available to provide any clarifications and to assist with this matter.