The former state company has some shareholders in common with Americanas, which has just suffered a major economic crisis. Aeel is concerned about the possible influence of this management model on Eletrobras and the consequences on the electricity sector.

After the major crisis announced by Americanas in recent weeks, several sectors of the national market are moving in search of stability. Last Tuesday (17/01), the Eletrobras Employees Association (Aeel) drew attention to the future of the former state-owned company. This is because Eletrobras has a group of shareholders in common with the company, putting into risk the next management steps. A possible crisis in the electricity sector is the main concern of the association.

Aeel from Eletrobras is concerned about the influence of the company's current management model and problems in the electricity sector after the crisis in Americanas

The national market has witnessed in recent weeks one of the biggest crises announced in the country, the debt of almost R$ 40 billion announced by Americanas.

In this way, a series of companies with shareholders in common with the retailer started a process of reanalysis and restructuring of their administrations, aiming to avoid a possible crisis.

Among the companies that have the same group of shareholders as the retailer, is the former state-owned Eletrobras.

3G Radar, the largest preferred shareholder of Eletrobras, has as partners Jorge Paulo Lemann, Marcel Herrmann Telles, Carlos Alberto Sicupira, the main shareholders of Americanas.

The company's Aeel recently manifested itself, announcing that it was concerned about the future of the company's management after the crisis in Americanas.

A possible failure of Eletrobras would bring countless influences to the national electricity sector, with irreparable damage.

After the privatization of Eletrobras, in July last year, the company 3G Radar became the largest preferred shareholder of the former state-owned company, with 10,88%, above BNDESP (6,68%), in addition to the National Bank for Economic and Social Development (BNDES), which owns 6,52% of the preferred shares.

Aeel points out that 3R Radar's shareholders have a short-term view of the company's management, as happened with Americanas.

Thus, this would become a concern in the electricity sector in the long term, in view of the crisis that occurred in the retailer.

“The new accounting scandal lights the yellow light for Eletrobras and should serve as a warning to the new Brazilian government. It is increasingly clear that this management model only produces very short-term results, leading to major disasters in the medium and long term,” said Aeel.

Aeel highlights internal reformulations in a document sent to the press and warns of possible risks to the electricity sector

Aeel announced, in a recent document, that the Eletrobras Board of Directors recently approved a new share buyback policy and changed its dividend payment policy.

The approval had taken place under the influence of 3G Radar, the same shareholders as Americanas. 

“In addition, it awarded its executives with raises of 400% and adopted a new method for rewarding its executives with variable compensation based on shares. All that matters is the search for profits, dividends and bonuses in the very short term”, said the association.

Worrying the entity even more about a crisis in the electricity sector, the association stated that, like Eletrobras, Americanas also underwent a capital increase.

She also warns of the possible involvement of the company's executives and the company's auditors, PwC, guarantor of the privatization of Eletrobras, due to the common shareholders.

Despite this, Aeel cannot move more than it is already doing to avoid a possible crisis in the electricity sector caused by the management of Americanas shareholders in Eletrobras.