Pursuant to Brazilian Corporate Law and Company’s by-laws, at least 25.0% of the adjusted net income should be intended for the distribution and payment of the mandatory dividend to the shareholders.
According to the Company’s By-Laws, the annual general shareholders’ meeting may determine the distribution of dividends to the management of up to 10.0% of the net income for a fiscal year after the deduction of accumulated losses income and social contribution taxes for that fiscal year, according to criteria determined by Julio Simões’s board of directors. Such distribution to the management may only occur after the payment of the minimum mandatory dividend to the shareholders.
1 Related to the net value paid to shareholders.
1 Related to the net value paid to shareholders