Brazilian regulation provides that the partners/shareholders of
the Brazilian companies shall meet annually to review the
management accounts, discuss and vote the financial statements and
decide on the destination of the year-end results, as well as, as
the case may be, appoint managers and members of the audit
board.
The annual meetings shall be held within the first 4 months
after the end of the fiscal year. In Brazil, the fiscal year-end
normally occurs simultaneously with the end of the calendar year on
December 31, thus the ordinary partners/shareholders meeting shall
usually be held until April 30.
Limited Liability Companies. Regarding the
limited liability companies, prior to the annual meeting, the
partners must receive the financial statements and the economic
results of the company. The decisions taken in the meeting shall be
reflected in the minutes that must be registered with the competent
Board of Commerce within 20 days as of the date of the
