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AGU defends the unconstitutionality of the Copel privatization rule in Paraná in the STF
Law that authorizes process limited shareholder voting rights to 10% of the number of shares
Beto Richa and Ratinho Jr destroyed Copel (a Paraná electricity company) to provide
privatization. (blogger writer)
The Federal Attorney General's Office (AGU) presented a statement to the Federal Supreme Court (STF) in which it defends the partial declaration of unconstitutionality of the state law of Paraná (nº 21,272/2022) that authorized the privatization of Companhia Paranaense de Energia (Copel) .
The statement was made within the scope of action (ADI nº 7408) presented by PT against the company's privatization law. The process is under the rapporteurship of Minister Luiz Fux.
The AGU maintains that there is unconstitutionality in the provisions that prohibit, after the privatization is carried out, that a shareholder or group of shareholders cast votes in a number greater than 10% of the number of shares into which the Company's voting capital is divided.
AGU argues that the limitation prevents the Public Power from fully exercising its political rights in society in a manner proportional to the public capital invested and its responsibility in managing the company. The Government of Paraná and the National Bank for Economic and Social Development (BNDES) hold shares in the company at a percentage exceeding 10%.
The AGU warns that, although the rule may have the objective of preventing a single economic group from taking control of the company, in practice the limitation entails a disproportionate and unjustifiable burden on the Public Power, compromising the State's political and economic rights.
"There is no publicly justifiable reason for the State to unilaterally give up the powers inherent to its ordinary shares, limiting its actions in a way that is absolutely disproportionate to the public assets invested", maintains the AGU in the statement sent to the STF.
As a solution, the Attorney General's Office requests that the state law be partially declared unconstitutional, without reducing the text, interpreting the rule so that the limitation of votes to 10% of the number of shares only applies to the right to vote relating to shares acquired after the privatization of Copel, therefore not affecting the voting capital currently held by the Public Power.
Law that authorizes process limited shareholder voting rights to 10% of the number of shares
Beto Richa and Ratinho Jr destroyed Copel (a Paraná electricity company) to provide
privatization. (blogger writer)
The Federal Attorney General's Office (AGU) presented a statement to the Federal Supreme Court (STF) in which it defends the partial declaration of unconstitutionality of the state law of Paraná (nº 21,272/2022) that authorized the privatization of Companhia Paranaense de Energia (Copel) .
The statement was made within the scope of action (ADI nº 7408) presented by PT against the company's privatization law. The process is under the rapporteurship of Minister Luiz Fux.
The AGU maintains that there is unconstitutionality in the provisions that prohibit, after the privatization is carried out, that a shareholder or group of shareholders cast votes in a number greater than 10% of the number of shares into which the Company's voting capital is divided.
AGU argues that the limitation prevents the Public Power from fully exercising its political rights in society in a manner proportional to the public capital invested and its responsibility in managing the company. The Government of Paraná and the National Bank for Economic and Social Development (BNDES) hold shares in the company at a percentage exceeding 10%.
The AGU warns that, although the rule may have the objective of preventing a single economic group from taking control of the company, in practice the limitation entails a disproportionate and unjustifiable burden on the Public Power, compromising the State's political and economic rights.
"There is no publicly justifiable reason for the State to unilaterally give up the powers inherent to its ordinary shares, limiting its actions in a way that is absolutely disproportionate to the public assets invested", maintains the AGU in the statement sent to the STF.
As a solution, the Attorney General's Office requests that the state law be partially declared unconstitutional, without reducing the text, interpreting the rule so that the limitation of votes to 10% of the number of shares only applies to the right to vote relating to shares acquired after the privatization of Copel, therefore not affecting the voting capital currently held by the Public Power.
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