Management Compensation

At the Annual Shareholders’ Meeting held on April 26th, 2019, the overall annual compensation for the Company’s management was fixed at R$ 19,000,000.00 (Nineteen million reais) for 2019.

Despite having had R$ 19,000,000.00 (Nineteen million reais) approved as an upper limit for the year of 2018, management fee expenses for that year totaled R$11,817,238.80 (Eleven million, eight hundred seventeen thousand, two hundred and thirty-eight reais and eighty centavos), divided between R$10,518,487.20 (Ten million, five hundred and eighteen thousand, four hundred and eighty-seven reais and twenty centavos) of fixed income and R$1,298,751.60 (One million, two hundred and ninety-eight thousand, seven hundred and fifty-one reais and sixty centavos) of variable income.