The fight between the family of the founder of Casas Bahia and the new management
Michael Kleinmain shareholder and son of the founder of Viaowner of companies such as Bahia houses and Point, strongly criticized the new compensation program for the company’s board of directors. According to the businessman, there was a 64% increase in the remuneration of the board at a time when the company’s shares melted on the stock market. “Shareholders understand that approval of the proposal would have the power to ‘write a check’ for 105 million for the board of directors to distribute the amounts among its members and directors at their discretion and at their own discretion,” Klein wrote, which owns 10% of Via’s capital stock, in the minutes of the last meeting released this Thursday, 14th.
The businessman also says that there was no definition of targets linked to remuneration, such as an annual net profit target, and stated that the remuneration of Via’s management is substantially higher than that of other peers in the sector. “Interestingly, Via’s robust compensation package does not have a direct correlation with its profitability in recent years – especially when compared to the aforementioned players. Via had the worst profitability when placed next to Americangives whirlpoolgives Magazine Luiza and gives assaí in the last two years”, he pointed out.
In response to the minutes of the same meeting, Via’s management stated that the increase in the director’s compensation was 20%, and not 64%, as pointed out by Klein. The company also says that the information published by the businessman “lacks any technical or factual basis, thus expressing unfounded views on the global remuneration proposed by the company’s management”. Finally, Via demanded a retraction on the case and threatened to go to court. Justice against the shareholder. “The signatories of the demonstration have a legal duty to recant, under penalty of being liable for any damages caused to the company due to the dissemination of incorrect and inaccurate information,” he wrote. “If the signatories of the manifestation persist in such conduct, the company already informs that it will take all appropriate legal measures to curb the dissemination of incorrect and inaccurate information”, he concluded. At 11:33 am, Via’s shares fell 0.79%, while accumulating a devaluation of 83% in one year.