Celesc was the first company to adhere to Level 2 of Corporate Governance of BM&FBOVESPA. The adhesion was approved on June 17, 2002 and formalized on the 26th of the same month. The Level 2 listing segment is similar to the Novo Mercado, but with a few exceptions. The listed companies have the right to hold preferred shares (PN). In the event of sale of control of the company, holders of common and preferred shares are granted the same treatment granted to the controlling shareholder, thereby providing for the tag along right of 100% of the price paid for the common shares of the controlling shareholder. Preferred shares still give shareholders the right to vote in critical situations, such as the approval of mergers of the company and contracts between the controlling shareholder and the company, whenever such decisions are subject to approval at the shareholders’ meeting.
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