DOCSLIB.ORG

Cemig Annual & Sustainability Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Cemig Annual & Sustainability Report CEMIG’SCEMIG’S MAIN MAININDICATORS INDICATORS Financial dataFinancial (Economic data Dimension(Economic –Dimension in R$) are –consolidated in R$) are consolidated according to according the IFRS. toThe the other IFRS. data The refer other to data the controllingrefer to the company controlling company (holding) Cemig(holding) – Companhia Cemig – CompanhiaEnergética deEnergética Minas Gerais de Minas S.A. andGerais its S.A.whole and subsidiaries: its whole subsidiaries: Cemig Distribuição Cemig Distribuição S.A. (Cemig S.A.D) and (Cemig Cemig D) and Cemig Geração e TransmissãoGeração e Transmissão (Cemig GT) (Cemigin accordance GT) in accordancewith the GRI with – Global the GRI Reporting – Global Initiative Reporting methodology. Initiative methodology.1 1 2008 20082009 20092010 2010 GeneralGeneral Data Data Number of ConsumersNumber of Consumers– thousand 2– thousand2 6,602 6,6026,833 6,8337,065 7,065 Number of employeesNumber of employees 10,422 10,4229,746 9,7468,859 8,859 MunicipalitiesMunicipalities serviced serviced 774 774774 774774 774 Concession ConcessionArea – Km2 3Area – Km2 3 567,478 567,478567,478 567,478567,740 567,740 Saifi – NumberSaifi of– outgagesNumber of(EU28) outgages (EU28) 6.53 6.536.76 6.766.56 6.56 Saidi – HoursSaidi of outgages – Hours of (EU29) outgages (EU29) 13.65 13.6514.09 14.0913.00 13.00 Number of plantsNumber in ofoperation plants in4 operation4 63 63 65 65 66 66 Installed capacityInstalled – MW capacity (EU1) 5– MW (EU1)5 6,691 6,6916,716 6,7166,896 6,896 TransmissionTransmission lines – Km (EU4)lines 5– Km (EU4)5 5,755 5,7557,506 7,5068,768 8,768 SubtransmissionSubtransmission lines – Km (EU4)lines – Km (EU4) 16,810 16,81016,959 16,95916,835 16,835 DistributionDistribution network – Km network (EU4) –Total Km (EU4) Total 436,905 436,905450,316 450,316453,935 453,935 Urban Urban 87,086 87,08696,971 96,97191,465 91,465 Rural Rural 349,819 349,819353,345 353,345362,470 362,470 FavorFavor acertar acertar lombada lombada EconomicEconomic Dimension Dimension Faca Faca OperationalOperational Net Revenues Net – RevenuesR$ million – R$ million NA NA12,158 12,15812,863 12,863 Ebtida – R$ Ebtidamillion – R$ million NA NA4,588 4,5884,543 4,543 Net profit (loss)Net profit - R$ (loss) - R$ NA NA2,134 2,1342,258 2,258 StockholdersStockholders equity - R$ equity - R$ 10,107 10,10711,166 11,16611,476 11,476 Market valueMarket (R$ million) value (R$ million) 15,761 15,76119,595 19,59518,220 18,220 Dividends paidDividends (R$/share) paid6 (R$/share)6 931 931944 9441,196 1,196 Dividend YieldDividend (%) Yield (%) 6 6 6 6 9 9 t 2010 t 2010 R R EnvironmentalEnvironmental Dimension Dimension Funds investedFunds in theinvested environment in the environment – R$ million – (EN30) R$ million7 (EN30)7 70.5 70.588.4 88.488.0 88.0 Total waste Totalproduced waste – producedmetric tons – metric(EN22) tons (EN22) 7,410 7,4104,600 4,6003,598 3,598 Waste recycled,Waste reutilized recycled, or reutilized disposed orof disposed– metric tonsof – metric(EN22) tons (EN22) 6,659 6,6594,088 4,0883,333 3,333 Total EnergyTotal Consumption Energy Consumption – GJ (EN3) – GJ (EN3) 2,899,634 2,899,634434,960 434,960622,852 622,852 Total Water TotalConsumption Water Consumption – m3 (EN8)8 – m3 (EN8)8 1,137,017 1,137,0171,139,886 1,139,8861,202,019 1,202,019 bility Repo bility Repo Fingerlings Fingerlingsfor release –for thousand release – thousand 616 616523 523523 523 A A Production ofProduction seedlings of – seedlingsthousand – thousand 416 416421 421360 360 in in CO2 emissionsCO 2– emissions metric tons – metric(EN16) tons (EN16) 207,657 207,65721,921 21,92138,335 38,335 A A t t S S CemigCemig Annu AnnuAl &A l & Social DimensionSocial Dimension Average numberAverage of hours number of trainingof hours per of training employee per (LA10) employee (LA10) 71.25 71.2572.43 72.4375.66 75.66 SuSSutASintAbilityinAbility Repo RepoRt Rt Social responsibilitySocial responsibility investments investments – R$ million –9 R$ million9 45,461 45,46145,365 45,36577,440 77,440 l & Su l & Su Accident rateAccident – own employeesrate – own (LA7)employees10 (LA7)10 0.43 0.430.51 0.510.41 0.41 A A Accident rateAccident – outsourced rate – outsourcedemployees (LA7)employees10 (LA7)10 0.94 0.940.96 0.960.60 0.60 1For further 1 Forinformation further information on the GRI methodology, on the GRI methodology, please check: please www.globalreporting.org. check: www.globalreporting.org. 2.8 2.8 2The chart with 2The the chart number with the of consumers number of consumersper category per is describedcategory is in described item Cemig’s in item Market. Cemig’s Market. 3 3 3.10 3.10Brings changesBrings in previouschanges years,in previous reflecting years, onlyreflecting the concession only the concessionarea of Cemig area Distribuição. of Cemig Distribuição. 4Figures for 4 Cemig,Figures contempling for Cemig, contempling changes in previouschanges yearsin previous for compatibilization years for compatibilization with the new with criteria the new criteria 3.11 3.115Consolidated 5Consolidated Cemig figures, Cemig including figures, the including proportional the proportionalparticipation participation in controlled in / controlledaffiliated /companies, affiliated companies,contemplating contemplating changes in previouschanges in previous years for compatibilizationyears for compatibilization with the new with criteria. the new criteria. Cemig Annu Cemig Annu GOVERNOGOVERNO DE MINAS DE GERAISMINAS GERAIS 6Proposal of 6 ProposalDividend ofPayment Dividend on Payment 2010 results, on 2010 presented results, to presented the General to theShareholders’ General Shareholders’ Meeting held Meeting in April, held 29th ,in 2011. April, 29th, 2011. 7Total of resources 7Total of applied resources in the applied environment in the environment directed towards directed operation towards and operation maintenance and maintenance and to new ventures.and to new ventures. 8Total water 8 Totalconsumed water for consumed administrative for administrative and industrial and purposes. industrial purposes. 9Total of resources 9Total of invested resources in externalinvested socialin external indicators social and indicators total internal and total social internal indicators. social For indicators. further details,For further see Socialdetails, Balance see Social Sheet. Balance Sheet. 10Number of10 accidentsNumber of resulting accidents in resultinginjuries, with in injuries, time off, with per time 200,000 off, perhours 200,000 worked. hours worked. Aerial view of the reservoir and dam of the reservoir Aerial view plant power hidroelectric of Irapé and dam of the reservoir Aerial view plant power hidroelectric of Irapé CEMIG’SCEMIG’S MAIN MAIN INDICATORS INDICATORS FinancialFinancial data data(Economic (Economic Dimension Dimension – in R$)– in areR$) consolidatedare consolidated according according to the to IFRS.the IFRS. The Theother other data data refer refer to the to controllingthe controlling company company (holding)(holding) Cemig Cemig – Companhia – Companhia Energética Energética de Minas de Minas Gerais Gerais S.A. S.A.and andits whole its whole subsidiaries: subsidiaries: Cemig Cemig Distribuição Distribuição S.A. S.A.(Cemig (Cemig D) and D) andCemig Cemig 1 GeraçãoGeração e Transmissão e Transmissão (Cemig (Cemig GT) GT)in accordance in accordance with withthe GRIthe –GRI Global – Global Reporting Reporting Initiative Initiative methodology. methodology.1 20082008 20092009 20102010 GeneralGeneral Data Data 2 NumberNumber of Consumers of Consumers – thousand – thousand2 6,6026,602 6,8336,833 7,0657,065 NumberNumber of employees of employees 10,42210,422 9,7469,746 8,8598,859 MunicipalitiesMunicipalities serviced serviced 774 774 774 774 774 774 2 3 ConcessionConcession Area Area – Km –2 Km3 567,478567,478 567,478567,478 567,740567,740 SaifiSaifi – Number – Number of outgages of outgages (EU28) (EU28) 6.536.53 6.766.76 6.566.56 SaidiSaidi – Hours – Hours of outgages of outgages (EU29) (EU29) 13.6513.65 14.0914.09 13.0013.00 4 NumberNumber of plants of plants in operation in operation4 63 63 65 65 66 66 5 InstalledInstalled capacity capacity – MW – MW(EU1) (EU1)5 6,6916,691 6,7166,716 6,8966,896 5 TransmissionTransmission lines lines – Km – (EU4)Km (EU4)5 5,7555,755 7,5067,506 8,7688,768 SubtransmissionSubtransmission lines lines – Km – (EU4)Km (EU4) 16,81016,810 16,95916,959 16,83516,835 DistributionDistribution network network – Km – (EU4)Km (EU4) Total Total 436,905436,905 450,316450,316 453,935453,935 Urban Urban 87,08687,086 96,97196,971 91,46591,465 Rural Rural 349,819349,819 353,345353,345 362,470362,470 Favor acertar lombada EconomicEconomic Dimension Dimension Faca OperationalOperational Net RevenuesNet Revenues – R$ – million R$ million NA NA 12,15812,158 12,86312,863 EbtidaEbtida – R$ – million R$ million NA NA 4,5884,588 4,5434,543 Net profitNet profit (loss) (loss) - R$ - R$ NA NA 2,1342,134 2,2582,258 StockholdersStockholders equity equity - R$ - R$ 10,10710,107 11,16611,166 11,47611,476 MarketMarket value value (R$ million)(R$ million) 15,76115,761 19,59519,595 18,22018,220 6 DividendsDividends paid paid(R$/share) (R$/share)6 931 931 944 944 1,1961,196 DividendDividend Yield Yield (%) (%) 6 6 6 6 9 9 t 2010 R EnvironmentalEnvironmental Dimension Dimension 7 FundsFunds invested invested in the in environmentthe environment – R$ – million R$ million (EN30) (EN30)7 70.570.5 88.488.4 88.088.0 TotalTotal waste waste produced produced – metric – metric tons tons (EN22) (EN22) 7,4107,410 4,6004,600 3,5983,598 WasteWaste recycled, recycled, reutilized
Load more

Recommended publications
  • Annual and Sustainability Report 2019 Annual and Sustainability Report 2019 1 Contents
    ANNUAL AND SUSTAINABILITY REPORT 2019 ANNUAL AND SUSTAINABILITY REPORT 2019 1 CONTENTS CONTENTS 2 ABOUT THIS REPORT 4 1.1 MESSAGE FROM THE BOARD 7 1.2 MATERIALITY 10 1.3 OUR FIGURES 2019 17 1.4 MAJOR HIGHLIGHTS 2019 18 CEMIG 24 2 BUSINESS MODEL 24 2.1 OPERATIONS 28 2.2 STRATEGY 32 2.3 INNOVATION AND TECHNOLOGICAL DEVELOPMENT 38 2.4 NEW BUSINESSES 45 2.5 GRANTS 48 2.6 SECTORAL ASSOCIATIONS 50 3 CORPORATE GOVERNANCE 56 3.1 GOVERNANCE MODEL AND MAIN PRACTICES 57 3.2 ETHICS AND TRANSPARENCY 70 3.3 RISK MANAGEMENT 77 WHERE OUR STRENGTH COMES FROM 82 4 CUSTOMERS 83 4.1 OUR CUSTOMERS AND CONSUMERS 83 4.2 MARKET DEVELOPMENT 88 4.3 QUALITY OF ENERGY 93 4.4 SAFE USE OF ENERGY 96 4.5 PROTECTION AGAINST LOSSES 102 4.6 RELATIONSHIP WITH CUSTOMERS 107 4.7 INFORMATION SECURITY 115 4.8 STRUCTURE AND TARIFF ADJUSTMENT 119 ANNUAL AND SUSTAINABILITY REPORT 2019 2 5 EMPLOYEES 123 5.1 EMPLOYEE PROFILE 125 5.2 REMUNERATION AND BENEFITS 129 5.3 DIVERSITY AND HUMAN RIGHTS 134 5.4 PERFORMANCE MANAGEMENT 140 5.5 LABOR AND UNION PRACTICES 146 5.6 WORK SAFETY, OCCUPATIONAL HEALTH AND WELL-BEING 148 6 SUPPLIERS 156 6.1 SUPPLY CHAIN MANAGEMENT 157 6.2 SUPPLY CHAIN STAGES 160 6.3 IDENTIFICATION AND MANAGEMENT OF ENVIRONMENTAL AND SOCIAL IMPACTS 165 6.4 ENVIRONMENTAL AND SOCIAL PERFORMANCE OF SUPPLIERS 171 6.5 COMMUNICATION CHANNELS WITH THE SUPPLIERS 173 6.6 HIGHLIGHTS AND ADVANCES IN MANAGEMENT 174 6.7 MAIN MONITORING ITEMS AND INDICATORS 177 CEMIG AND SUSTAINABLE DEVELOPMENT 181 7 ECONOMIC PERFORMANCE 188 7.1 MAJOR FINANCIAL INDICATORS 189 7.2 CAPITAL MARKETS AND
    [Show full text]
  • BRADESCO GLOBAL FUNDS Brazilian Hard Currency Bond Fund USD I
    BRADESCO GLOBAL FUNDS Brazilian Hard Currency Bond Fund USD I As of 30/09/2020 Fund Description Investment Growth The fund seeks to maximize medium term returns by investing 145,0 primarily in Dolar-denominated Brazilian Corporate and Government bonds issued abroad. Investment approach based 137,5 on robust credit research, market and macro monitoring and duration analysis. 130,0 122,5 Fund Facts 115,0 Fund Size $ 107,6 million 107,5 Inception Date 26/11/2010 Domicile Luxembourg 100,0 Legal Status SICAV / UCITS 92,5 2012 2014 2016 2018 2020 Base Currency US Dollar Subscription / Redemption Daily Brazilian Hard Currency Bond Fund USD I Settlement Day 2 Trailing Net Returns (USD %) Share Class Information Since 1 M 3 M YTD 2019 2018 Inception USD I USD R Brazilian Hard Currency Bond Fund USD I -0,1 4,3 -0,2 11,4 0,4 39,0 ISIN LU0560844796 LU0560843715 Ticker BBG BGBGBIU LX BGBGBRU LX Annual Fee (%) 0,75 1,35 Inception Date 26/11/2010 26/11/2010 Minimum Investment 1,000,000 US Dollar 5,000 US Dollar Asset Allocation Quality Diversification ** % % EUR R GBP R Government Related 6,4 BBB 16,1 ISIN LU0566752720 LU0858360992 Corporate Bond 86,9 BB 65,0 Ticker BBG BGBGBRE LX BGBHGBR LX Cash & Equivalents 6,8 B 11,4 Annual Fee (%) 1,35 1,35 Not Rated 7,4 Inception Date 26/11/2010 28/12/2012 Minimum Investment 1,000 Euro 1,000 Pound Sterling Portfolio Characteristics Top 10 Holdings Average Eff Maturity 5,45 Maturity Date Fund (%) Average Eff Duration 4,19 Ultrapar International S.A.
    [Show full text]
  • Companhia Energética De Minas Gerais – Cemig Listed Company – Cnpj 17.155.730/0001-64 – Nire 31300040127
    COMPANHIA ENERGÉTICA DE MINAS GERAIS – CEMIG LISTED COMPANY – CNPJ 17.155.730/0001-64 – NIRE 31300040127 MATERIAL ANNOUNCEMENT Cemig (Companhia Energética de Minas Gerais, listed and traded in São Paulo, New York and Madrid), in accordance with CVM Instruction 358 of Jan. 3, 2002 as amended, hereby reports to the Brazilian Securities Commission (CVM), the São Paulo Stock Exchange (B3) and the market as follows: Cemig’s affiliated company Transmissora Aliança de Energia Elétrica S.A. (‘Taesa’) has today published the following Material Announcement: “Transmissora Aliança de Energia Elétrica S.A. (B3: TAEE11) (“Taesa” or “Company”), pursuant to CVM Instruction No. 358, dated January 3, 2002, as amended, hereby announces that the Board of Directors, at a meeting held on this date, elected Mr. André Augusto Telles Moreira as Chief Executive Officer, Mr. Erik da Costa Breyer as Chief Financial and Investor Relations Officer, and Mr. Fábio Antunes Fernandes as Business and Ownership Interest Management Officer. Messrs. André Moreira, Erik Breyer and Fábio Fernandes will take office on November 16, 2020. Mr. Marco Antônio Resende Faria, who was temporarily cumulating the CEO position, will remain as Chief Technical Officer and temporarily as Chief Legal and Regulatory Officer, and the Company and its Board of Directors would like to thank him for the dedication and relevant services provided to the Company and its employees. Taesa also informs that Mr. Marcus Vinicius do Nascimento remains temporarily as Chief Implementation Officer. Mr. André Moreira has a degree in Electrical Engineering from Universidade Federal de Itajubá – MG (EFEI), with a Postgraduate degree in Quality from UNICAMP, an MBA from AmBev University, an MBA in Public and Private Company Management from FAAP, courses of Management at ESADE (Spain), IMD (Switzerland), MIT (USA) and of Board of Directors member from the Brazilian Corporate Governance Institute (IBGC).
    [Show full text]
  • Report Sustainability 2010 Annual Sustainability Report
    CEMIG’SCEMIG’S MAIN MAININDICATORS INDICATORS Financial dataFinancial (Economic data Dimension(Economic –Dimension in R$) are –consolidated in R$) are consolidated according to according the IFRS. toThe the other IFRS. data The refer other to data the controllingrefer to the company controlling company (holding) Cemig(holding) – Companhia Cemig – CompanhiaEnergética deEnergética Minas Gerais de Minas S.A. andGerais its S.A.whole and subsidiaries: its whole subsidiaries: Cemig Distribuição Cemig Distribuição S.A. (Cemig S.A.D) and (Cemig Cemig D) and Cemig Geração e TransmissãoGeração e Transmissão (Cemig GT) (Cemigin accordance GT) in accordancewith the GRI with – Global the GRI Reporting – Global Initiative Reporting methodology. Initiative methodology.1 1 2008 20082009 20092010 2010 GeneralGeneral Data Data Number of ConsumersNumber of Consumers– thousand 2– thousand2 6,602 6,6026,833 6,8337,065 7,065 Number of employeesNumber of employees 10,422 10,4229,746 9,7468,859 8,859 MunicipalitiesMunicipalities serviced serviced 774 774774 774774 774 Concession ConcessionArea – Km2 3Area – Km2 3 567,478 567,478567,478 567,478567,740 567,740 Saifi – NumberSaifi of– outgagesNumber of(EU28) outgages (EU28) 6.53 6.536.76 6.766.56 6.56 Saidi – HoursSaidi of outgages – Hours of (EU29) outgages (EU29) 13.65 13.6514.09 14.0913.00 13.00 Number of plantsNumber in ofoperation plants in4 operation4 63 63 65 65 66 66 Installed capacityInstalled – MW capacity (EU1) 5– MW (EU1)5 6,691 6,6916,716 6,7166,896 6,896 TransmissionTransmission lines – Km (EU4)lines
    [Show full text]
  • View Annual Report
    As filed with the Securities and Exchange Commission on March 31, 2016 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2015 Commission file number: 001-15030 VALE S.A. (Exact name of Registrant as specified in its charter) Federative Republic of Brazil (Jurisdiction of incorporation or organization) Luciano Siani Pires, Chief Financial Officer phone: +55 21 3814 8888 fax: +55 21 3814 8820 Avenida das Am´ericas, 700 – Bloco 8 – Loja 318 22640-100 Rio de Janeiro, RJ, Brazil (Address of principal executive offices) Securities registered or to be registered pursuant to Section 12(b) of the Act: Name of Each Exchange on Title of Each Class Which Registered Preferred class A shares of Vale, no par value per share New York Stock Exchange* American Depositary Shares (evidenced by American Depositary Receipts), each New York Stock Exchange representing one preferred class A share of Vale Common shares of Vale, no par value per share New York Stock Exchange* American Depositary Shares (evidenced by American Depositary Receipts), each New York Stock Exchange representing one common share of Vale 6.250% Guaranteed Notes due 2017, issued by Vale Overseas New York Stock Exchange 5.625% Guaranteed Notes due 2019, issued by Vale Overseas New York Stock Exchange 4.625% Guaranteed Notes due 2020, issued by Vale Overseas New York Stock Exchange 4.375% Guaranteed Notes due 2022, issued by Vale Overseas New York Stock Exchange 8.25% Guaranteed Notes due 2034, issued by Vale Overseas New York Stock Exchange 6.875% Guaranteed Notes due 2036, issued by Vale Overseas New York Stock Exchange 6.875% Guaranteed Notes due 2039, issued by Vale Overseas New York Stock Exchange 5.625% Notes due 2042, issued by Vale S.A.
    [Show full text]
  • International Corporate Bonds Brazil: May, 2019
    International Corporate Bonds - Brazil 5/22/2019 Monthly Update Summary of Calls Macro Overview Exhibit 1 – 5 & 10 YR YTM – US (%) Yield Catcher Despite fierce competition from local debt capital markets – which have been able to 2,80 - Eldorado 8,625% / 2021 (BB-) provide competitive funding for Brazilian corporates YTD, offshore issues have been - Marfrig 8,00% / 2023 (BB-) 2,70 strong. Recent deal activity has been 3-4x oversubscribed thanks to the recent tightening 2,60 Portfolio Builder of longer-term treasuries and solid demand for higher yield bonds (i.e. CSN, Klabin, - Rede D’Or 4,95% / 2028 (BB) Marfrig and JBS). The spread between the 3M and 5YR treasuries moved from -3bps to - 2,50 - Klabin 4,88% / 2027 (BB+) - Cemig 9.25% / 2024 (B) 14bps MoM on as investors remain cautious about the trade-war tensions between China 2,40 and the US. 2,30 Long Duration - Petrobras 5,63% / 2043 (BB-) Brazil’s 5YR CDS has stabilized at 180bps (+9bps MoM) and is trading at 64bps higher than 2,20 Mexico’s CDS (+3bps YoY). Despite the recent progress towards the ongoing pension 2,10 21-Feb-19 13-Mar-19 02-Apr-19 22-Apr-19 12-May-19 Odilon Costa reform and privatizations, the government still has a long road to go in the coming 10YR 5YR 3M Analyst months. Forecasts for economic activity have diminished and Bolsonaro lost some of his Source(s): Bloomberg, prepared by Eleven Research initial popularity following several minor squabbles with the legislative. Brazilian GDP Luis Dotta estimates for 2019 currently stand at 1.24% (vs.
    [Show full text]
  • CDP) Que Requer Uma Avaliação De Exatidão?
    Carbon Disclosure Project 07 2009 Companhia Energética de Minas Gerais – Cemig Perfil: Companhia Energética de Minas Gerais – Cemig Cemig – A Melhor Energia do Brasil A Companhia Energética de Minas Gerais - Cemig é um grupo que atua nas áreas de geração, transmissão e distribuição de energia elétrica, constituído por 49 empresas e 10 consórcios, com ativos e negócios em diversos estados do Brasil. O controle das empresas e dos consórcios é exercido por uma holding , que está listada nas Bolsas de Valores do Brasil, EUA e Espanha. A principal atuação da Cemig está concentrada nas suas subsidiárias integrais – Cemig Distribuição S.A. e Cemig Geração e Transmissão S.A.. Além disso, possui participações em concessionárias de distribuição de energia (Light) e em empresas de transmissão de energia elétrica, e ainda, investimentos em distribuição de gás natural (Gasmig) e transmissão de dados (Infovias). A Companhia está construindo, mediante consórcio, a Usina Hidrelétrica de Santo Antônio no complexo do Rio Madeira, localizada em Rondônia, e duas seções de linha de transmissão entre SEs Charrúa e Nueva Temuco, ambas localizadas no Chile. A Cemig Distribuição S.A. – Cemig D – é a maior concessionária de distribuição de energia elétrica do Brasil em energia transportada e extensão de redes, bem como em número de consumidores. Desenvolve suas atividades em 805 municípios e 5.415 localidades de Minas Gerais, atendendo aproximadamente 18 milhões de pessoas. Sua área de concessão corresponde a 578,4 mil quilômetros quadrados, maior que a extensão territorial da França. A Cemig Geração e Transmissão S.A. – Cemig GT – é uma das maiores concessionárias de geração e transmissão de energia elétrica no Brasil, sendo a principal no Estado de Minas Gerais.
    [Show full text]
  • Working Paper No
    Disentangling the Effect of Private and Public Cash Flows on Firm Value Cristina Mabel Scherrer and Marcelo Fernandes Working Paper No. 800 August 2016 ISSN 1473-0278 School of Economics and Finance Disentangling the effect of private and public cash flows on firm value Cristina Mabel Scherrer ∗1 and Marcelo Fernandes 2 1Aarhus University and CREATES 2Sao Paulo School of Economics, FGV and Queen Mary University of London June 8, 2016 Abstract This paper presents a simple model for dual-class stock shares, in which com- mon shareholders receive both public and private cash flows (i.e. dividends and any private benefit of holding voting rights) and preferred shareholders only receive public cash flows (i.e. dividends). The dual-class premium is driven not only by the firm’s ability to generate cash flows, but also by voting rights. We isolate these two effects in order to identify the role of voting rights on equity-holders’ wealth. In particular, we employ a cointegrated VAR model to retrieve the impact of the voting rights value on cash flow rights. We find a negative relation between the value of the voting right and the preferred shareholders’ wealth for Brazilian cross- listed firms. In addition, we examine the connection between the voting right value and market and firm specific risks. JEL classification numbers: G32, G34, G38, G15 Keywords: Private benefits, voting right, dual-class shares ∗ Department of Economics and Business Economics, Aarhus University, Fuglesansgs All´e4, 8210 Aarhus V, Denmark. E-mail: [email protected]. 1 1 Introduction In many countries firms have the possibility to issue different types of shares with distinct voting and dividends rights.
    [Show full text]
  • SUSTAINABILITY a Bloomberg Professional Service Offering
    >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> SUSTAINABILITY A Bloomberg Professional Service Offering ESG DISCLOSURE IN BRAZIL: STATE OF THE MARKET EXECUTIVE SUMMARY In 2014 and 2015, investor inquiries about corporate - The minimum Bloomberg Governance Disclosure Score for governance, company exposure to extreme water the group increased 18 points since 2010, partially driven stress, corporate health and safety performance and by the governance disclosure requirements of the Reference SITAWI is a Brazil-based organization working to advance social environmental, social and governance (ESG) reporting Form, a regulatory filing required by Brazil’s Securities and and environmental outcomes through finance and investing. SITAWI in Brazil more broadly increased dramatically. With Exchange Commission (CVM). major controversies on multiple fronts – the Petrobras/ - The distribution of the ESG Disclosure Score by market cap manages philanthropic funds for large donors, develops financial Lava Jato corruption scandals, the drought in São Paulo shows that larger companies are more transparent. This is solutions to social enterprises and advises financial institutions and state and the catastrophic collapse of Samarco’s mine consistent with global reporting trends. tailings dam – investors, both domestic and foreign, investors on integrating ESG issues into strategy, risk management - The Materials, Consumer Staples and Utilities sectors are the started to more actively consider the potential for leaders in disclosure of emissions and energy use, while the and investment analysis. With offices in Rio de Janeiro and analysis of this type of information as a window into laggards are Consumer Discretionary and Energy sectors. fundamental company analysis and risk management. São Paulo, but operating across Latin America, SITAWI works - The level of disclosure of water use is low and has not with the region’s leading players in social and sustainable finance, In response, Bloomberg conducted a full review of its ESG improved over time.
    [Show full text]
  • Annual and Sustainability Report
    CONTENTS ABOUT THIS REPORT 3 6 SUPPLIERS 112 1 RAS 2020 3 6.1 SUPPLY CHAIN MANAGEMENT 113 1.1 MESSAGE FROM THE BOARD 9 6.2 SUPPLIER PERFORMANCE 116 1.2 MATERIALITY 11 6.3 IDENTIFICATION AND MANAGEMENT OF ENVIRONMENTAL AND SOCIAL IMPACTS 118 1.3 OUR FIGURES 2020 19 6.4 COMMUNICATION CHANNELS WITH THE SUPPLIERS 120 1.4 AWARDS, ACKNOWLEDGMENTS AND VOLUNTARY COMMITMENTS 20 6.5 HIGHLIGHTS AND ADVANCES IN MANAGEMENT 121 6.6 MAIN MONITORING ITEMS 122 CEMIG 23 2 BUSINESS MODEL 23 7 ECONOMIC PERFORMANCE 131 2.1 OPERATIONS 26 7.1 MAJOR FINANCIAL INDICATORS 132 2.2 STRATEGY 29 7.2 CAPITAL MARKETS AND DIVIDENDS 138 2.3 INNOVATION 32 7.3 INVESTMENTS IN GENERATION, TRANSMISSION AND DISTRIBUTION 139 2.4 NEW BUSINESSES 35 2.5 GRANTS 36 8 SOCIAL PERFORMANCE 142 2.6 PUBLIC POLICIES AND SECTORAL ASSOCIATIONS 39 8.1 RELATIONSHIP WITH THE COMMUNITY 142 8.2 TERRITORY MANAGEMENT 143 3 CORPORATE GOVERNANCE 43 8.3 CORPORATE CITIZENSHIP AND SOCIAL INVESTMENTSS 147 3.1 GOVERNANCE MODEL AND MAIN PRACTICES 43 8.4 HUMAN RIGHTS 155 3.2 ETHICS AND TRANSPARENCY 53 3.3 RISK MANAGEMENT 56 9 ENVIRONMENTAL PERFORMANCE 164 9.1 ENVIRONMENTAL MANAGEMENT 165 WHERE OUR POWER COMES FROM 63 9.2 NATURAL RESOURCE MANAGEMENT 169 4 CUSTOMERS 63 9.3 WATER IN THE GENERATION PROCESS 177 4.1 MARKET DEVELOPMENT 63 9.4 BIODIVERSITY 181 4.2 OUR CUSTOMERS AND CONSUMERS 67 4.3 QUALITY OF ENERGY 69 10 CLIMATE CHANGE 188 4.4 SAFE USE OF ENERGY 70 10.1 RISKS AND OPPORTUNITIES ARISING FROM CLIMATE CHANGE 188 4.5 PROTECTION AGAINST LOSSES 75 10.2 CLIMATE STRATEGY 192 4.6 RELATIONSHIP WITH CUSTOMERS
    [Show full text]
  • BM&FBOVESPA Publishes the 12Th Portfolio of the Corporate
    BM&FBOVESPA publishes the 12th portfolio of the Corporate Sustainability Index (ISE) Full transparency is a prerequisite The Sustainable Development Goals (SDG) have been added to the questionnaire São Paulo, November 24, 2016 - BM&FBOVESPA announced today the 12th portfolio of the Corporate Sustainability index (ISE), effective from January 02, 2017 to January 05, 2018. The new portfolio is composed of 38 stocks of 34 companies. The companies are drawn from 15 sectors and have a combined market capitalization of BRL 1.31 trillion, or 52.14% of the combined figure for all of the companies traded on BM&FBOVESPA, based on the close of trading on November 22, 2016 (in the previous year, ISE’s combined market capitalization was BRL 1.15 trillion, the equivalent of 45.68% of the total). Companies with the 200 most liquid equities at the time of portfolio renewal are invited to join the ISE annual process. ISE’s technical partner since its creation is the Sustainability Study Center (GVCes) of FGV-EAESP. For the portfolio process announced today, 179 companies were invited. Of these, 41 signed up, with 39 qualifying as Eligible and two qualifying for Training. In 2017, the ISE portfolio starts to have the disclosure of questionnaire answers as a prerequisite for participating in the Index. The answers given by the 34 companies are therefore already available on the www.isebvmf.com.br website. This portfolio also inaugurates the timely inclusion of the Sustainable Development Goals (SDG) in the questionnaire in line with the adoption of SDGs by the UN at the end of 2015.
    [Show full text]
  • 2021 RAS Relatório Anual De Sustentabilidade 2020 Download
    ÍNDICE SOBRE ESTE RELATÓRIO 3 6 FORNECEDORES 112 1 RAS 2020 3 6.1 GESTÃO DA CADEIA DE FORNECEDORES 113 1.1 MENSAGEM DA ADMINISTRAÇÃO 9 6.2 DESEMPENHO DE FORNECEDORES 116 1.2 MATERIALIDADE 11 6.3 IDENTIFICAÇÃO E GESTÃO DOS IMPACTOS AMBIENTAIS E SOCIAIS 118 1.3 NOSSOS NÚMEROS 2020 19 6.4 CANAIS DE COMUNICAÇÃO COM FORNECEDORES 120 1.4 PRÊMIOS, RECONHECIMENTOS E COMPROMISSOS VOLUNTÁRIOS 20 6.5 DESTAQUES E AVANÇOS NA GESTÃO 121 6.6 PRINCIPAIS ITENS DE MONITORAMENTO 122 A CEMIG 23 2 MODELO DE NEGÓCIOS 23 7 DESEMPENHO ECONÔMICO 131 2.1 OPERAÇÕES 26 7.1 PRINCIPAIS INDICADORES FINANCEIROS 132 2.2 ESTRATÉGIA 29 7.2 MERCADO DE CAPITAIS E DIVIDENDOS 138 2.3 INOVAÇÃO 32 7.3 INVESTIMENTOS EM GERAÇÃO, TRANSMISSÃO E DISTRIBUIÇÃO 139 2.4 NOVOS NEGÓCIOS 35 2.5 CONCESSÕES 36 8 DESEMPENHO SOCIAL 142 2.6 POLÍTICAS PÚBLICAS E ASSOCIAÇÕES SETORIAIS 39 8.1 RELACIONAMENTO COM A COMUNIDADE 142 8.2 GESTÃO DO TERRITÓRIO 143 3 GOVERNANÇA CORPORATIVA 43 8.3 CIDADANIA CORPORATIVA E INVESTIMENTOS SOCIAIS 147 3.1 MODELO DE GOVERNANÇA E PRINCIPAIS PRÁTICAS 43 8.4 DIREITOS HUMANOS 155 3.2 ÉTICA E TRANSPARÊNCIA 53 3.3 GESTÃO DE RISCOS 56 9 DESEMPENHO AMBIENTAL 164 9.1 GESTÃO AMBIENTAL 165 DE ONDE VEM A NOSSA FORÇA 63 9.2 GESTÃO DE RECURSOS NATURAIS 169 4 CLIENTES 63 9.3 A ÁGUA NO PROCESSO DE GERAÇÃO 177 4.1 EVOLUÇÃO DO MERCADO 63 9.4 BIODIVERSIDADE 181 4.2 NOSSOS CLIENTES E CONSUMIDORES 67 4.3 QUALIDADE DA ENERGIA 69 10 MUDANÇAS DO CLIMA 188 4.4 USO SEGURO DA ENERGIA 70 10.1 RISCOS E OPORTUNIDADES DECORRENTES DA MUDANÇA DO CLIMA 188 4.5 PROTEÇÃO CONTRA PERDAS 75 10.2 ESTRATÉGIA
    [Show full text]