Under our bylaws, we are managed by our board of directors (conselho de administração), which currently consists of seven members, and by our board of executive officers (diretoria), which currently consists of nine members.

Under Brazilian corporate law, each board member is elected by the holders of our common shares at the annual shareholders’ meeting (Assembleia Geral Ordinária). In addition, pursuant to Brazilian corporate law, a board member is prohibited from (i) voting on any matter that would result in such board member having a conflict of interest with us; and (ii) borrowing funds or assets from us without prior authorization from our shareholders in a shareholders’ meeting or from our board of directors.