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 Shareholders

The Shareholders’ Agreement of CPFL Energia (“Agreement”) regulates the exercise of voting rights and the circulation of bound shares held by controlling shareholders (“Parties”), and also establishes the general principles for the exercise of shared control of the Company, as well as its subsidiaries and affiliated companies.

All resolutions of the Parties in Prior Meetings are taken by a simple majority (50% + 1) of the votes of the holders of bound shares.

This rule does not apply to resolutions on matters whose approval is the prerogative of the Shareholders Meeting and those that require approval from a qualified majority of the Board of Directors, that is, seventy percent (70%) of the Directors indicated by the Parties. In such cases, approval is required from Parties representing at least eighty percent (80%) of the shares bound by the Shareholder’s Agreement.

The Agreement defines the participation of the Shareholders in the Control Block and the joint nomination of its representatives on the Board of Directors and Fiscal Council, who will be elected by the Shareholders’ Meeting, the sovereign body that brings together all the Company’s Shareholders, in the following proportion:

A. Board of Directors


  • ESC Energia S.A. (Camargo Corrêa group)  Three members and respective alternates members 

  • BB Carteira Livre I FIA (PREVI) Two members and respective alternate members 

  • Energia São Paulo FIA (Bonaire) One member and respective alternate member


B. Fiscal Council


  • ESC Energia S.A. (Camargo Corrêa group)  Two members and respective alternate members

  • BB Carteira Livre I FIA (PREVI) Two members and respective alternate members

  • Energia São Paulo FIA (Bonaire) One member and respective alternate member