By Brazil Stock Guide – Brazil’s development bank investment unit, BNDESPar, has nominated Defense Minister Jose Mucio Monteiro Filho to join the board of directors of Tupy SA (TUPY3), one of Latin America’s largest auto-parts manufacturers. The unit also nominated Tiago Cesar dos Santos, executive secretary at Brazil’s Secretariat of Social Communication, to Tupy’s fiscal council.
The nominations were reported by Valor Econômico. BNDESPar holds a 30.68% stake in Tupy and formally requested the convening of an extraordinary shareholders’ meeting to elect new members to the company’s governance bodies.
The move follows the resignation of board member Marcio Bernardo Spata and fiscal council member Marcos Alberto Pereira Motta. Spata heads the department responsible for monitoring BNDESPar’s portfolio of publicly traded companies, while Motta serves as an adviser to the president of Brazil’s development bank, BNDES.
In a statement released on Sunday (21), Tupy said its board of directors will meet in the coming days to assess the nominations and the request for an extraordinary general meeting. Because the current board was elected under a cumulative voting system, the company said the upcoming meeting will require a full renewal of the board of directors.
According to the most recent corporate filings, the average annual compensation for Tupy’s board members stands at 673,500 reais ($138,000). Members of the fiscal council receive an average of 209,500 reais per year.
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