Legal deadline for annual general meetings is coming closer

The legal deadline for annual meetings of simple and limited liability companies and for ordinary shareholders meetings of joint-stock companies approaches. 

We remind you that these meetings must occur annually, during the first 4 months after the end of the companies' fiscal year. Considering that the fiscal year of the majority of Brazilian companies ends on December 31^st of each year, the legal deadline to hold the meeting is until April 30^th. The annual meeting/ordinary shareholders meeting must have as its purpose: 

1. analyze the management’s accounts; 
2. decide on the destination of the company's income; and 
3. if necessary, the appointment of managers. 

For the correct holding of annual meetings of simple and limited liability companies and of ordinary shareholders meetings of joint-stock companies the necessary procedures must be verified, such as:  

• prior availability of the necessary documents; 
• giving notices in accordance with the form and early term required by law; 
• formalization in minutes of the resolution taken at the quotaholders/ shareholders' meeting; 
• filing of such minutes with the competent Board of Trade and, for joint-stock companies, updating its corporate book; and  
• publication of the minutes in the form required by law, for joint-stock companies. 

The approval of accounts and financial statements is important to exempt administrators from liability. 

The corporate and M&A team at FAS Advogados is available to assist with all questions and necessary procedures regarding the holding of these meetings.