CVM Resolution No. 70 of March 22, 2022

SECURITIES AND EXCHANGE COMMISSION OF BRAZIL (CVM) Rua Sete de Setembro, 111/2-5th and 23-34th Floors, Center, Rio de Janeiro/RJ – ZIP: 20050-901 – Brazil - Tel.: (21) 3554-8686 Rua Cincinato Braga, 340/2nd, 3rd and 4th Floors, Bela Vista, São Paulo/SP – ZIP: 01333-010 – Brazil - Tel.: (11) 2146-2000 SCN Q.02 – Bl. A – Ed. Corporate Financial Center, S.404/4th Floor, Brasília/DF – ZIP: 70712-900 – Brazil - Tel.: (61) 3327-2030/2031 www.cvm.gov.br

CVM RESOLUTION NO. 70, OF MARCH 22, 2022

Establishes a scale reducing, based on share capital, the minimum percentage of shareholding necessary to exercise rights provided for in Law No. 6,404 of December 15, 1976, and revokes CVM Instructions No. 165 of December 11, 1991, No. 282 of June 26, 1998, No. 324 of January 19, 2000, and No. 627 of June 22, 2020.

THE PRESIDENT OF THE SECURITIES AND EXCHANGE COMMISSION OF BRAZIL – CVM makes it known that the Board, in a meeting held on March 15, 2022, based on the provisions of Art. 8, I, of Law No. 6,385 of December 7, 1976, and Art. 291 of Law No. 6,404 of December 15, 1976, APPROVED the following Resolution:

CHAPTER I – SCOPE AND PURPOSE

Art. 1 This Instruction establishes a scale reducing, based on share capital, the minimum percentages of shareholding necessary to:

I – full inspection of the company’s books as provided for in Art. 105 of Law No. 6,404 of December 15, 1976;

II – convening of a general meeting in the case provided for in item “c” of the sole paragraph of Art. 123 of Law No. 6,404 of 1976;

III – request for the adoption of the multiple voting process, provided for in the main paragraph of Art. 141 of Law No. 6,404 of 1976;

IV – request for information from an administrator as provided for in § 1 of Art. 157 of Law No. 6,404 of 1976;

V – filing of the derivative action against administrators provided for in § 4 of Art. 159 of Law No. 6,404 of 1976;

VI – request for the installation of a fiscal council when its operation is not permanent, under the terms of § 2 of Art. 161 of Law No. 6,404 of 1976;

VII – request for information to the fiscal council on matters within its competence, under the terms of § 6 of Art. 163 of Law No. 6,404 of 1976; and

VIII – filing of a liability action against a controlling company without the provision of security, under the terms of item “a” of § 1 of Art. 246 of Law No. 6,404 of 1976.

CHAPTER II – PERCENTAGES

Art. 2 The percentages provided for in Art. 105, in item “c” of the sole paragraph of Art. 123, in § 1 of Art. 157, in § 4 of Art. 159, in § 6 of Art. 163, and in § 1, item “a”, of Art. 246, all of Law No. 6,404 of 1976, are reduced based on the value of the share capital of the open company, according to the table below:

Social Capital Interval (R$1)	Minimum Percentage (%)
0 to 100,000,000	5
100,000,001 to 1,000,000,000	4
1,000,000,001 to 5,000,000,000	3
5,000,000,001 to 10,000,000,000	2
above 10,000,000,000	1

Art. 3 The percentage provided for in the main paragraph of Art. 141 is reduced based on the value of the share capital of the open company, according to the table below:

Social Capital Interval (R$1)	Minimum Percentage of Voting Capital for Multiple Voting Request (%)
0 to 10,000,000	10
10,000,001 to 25,000,000	9
25,000,001 to 50,000,000	8
50,000,001 to 75,000,000	7
75,000,001 to 100,000,000	6
above 100,000,001	5

Art. 4 The minimum participations provided for in § 2 of Art. 161 of Law No. 6,404 of 1976 are reduced based on the value of the share capital of the open company, according to the table below:

Social Capital Interval (R$1)	Minimum Percentage of Shares with Voting Rights (%)	Minimum Percentage of Shares without Voting Rights (%)
Up to R$ 50,000,000	8%	4%
R$ 50,000,001 to R$ 100,000,000	6%	3%
R$ 100,000,001 to R$ 150,000,000	4%	2%
Above R$ 150,000,001	2%	1%

CHAPTER III – FINAL PROVISIONS

Art. 5 Non-compliance with the provisions of this Resolution constitutes a serious offense, for the purposes of the provisions of § 3 of Art. 11 of Law No. 6,385 of December 7, 1976.

Art. 6 The following are revoked:

I – CVM Instruction No. 165 of December 11, 1991;

II – CVM Instruction No. 282 of June 26, 1998;

III – CVM Instruction No. 324 of January 19, 2000; and

IV – CVM Instruction No. 627 of June 22, 2020.

Art. 7 This Resolution enters into force on April 1, 2022.

Signed electronically by
MARCELO BARBOSA
President