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Corporate Governance 

Cemig corporate governance model is based on the principles of transparency, equality and the rendering of accounts. Among its main characteristics is the clear definition of roles and responsibilities of the Board of Directors and of the Executive Board in the formulation, approval and execution of policies and directives related to conducting the Company’s business, as well as the Audit Board for the inspection of the administrative acts and accounts.

The board of directors is composed of 14 members, elected by the shareholders. All the Board Members have a mandate of three years, and may be reelected at the end of their mandates. In 2009, 25 meetings were held to deliberate upon various subjects, from strategic planning to investment projects.

The Audit Board is permanent and constituted of five members, who are nominated by the shareholders and who meet the independence requirements in accordance with international practices. The Audit Board, as constituted, meets the requirements for exemption from the constitution of an audit committee in conformity with the Securities Act and the Sarbanes-Oxley Act. In 2009, the Audit Board held 10 meetings.

In addition, there is currently an internal structure of 23 committees, composed of executives from various areas of the Company, to support the decision making process of the Executive Board and of the Board of Directors, through the provision of critical technical support.

Read also:

Dissemination policy

Corporate risk management

Sarbanes-Oxley act


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