Eletrobras shareholders elect board, approve deal to end dispute with Brazil

(Reuters) – Shareholders of Brazilian power firm Eletrobras on Tuesday elected a new board and approved a proposal to end a legal dispute over the government’s voting power in the company.

The agreement allows the government to nominate three of Eletrobras’ 10 board members.

Shareholders elected Vicente Falconi, Ana Matte, Felipe Villela, Marisete Pereira, Carlos Ferreira and Jose Joao Abdalla Filho, the latter two being new members.

They will be joined by Mauricio Tolmasquim, Silas Rondeau and Nelson Hubner, the three members appointed by the government.

Eletrobras was privatized in 2022 during former President Jair Bolsonaro’s term.

In 2023, President Luiz Inacio Lula da Silva’s administration sought to increase its control over Eletrobras, aiming to align with its 46% ownership of the company’s common shares.