BOARD OF DIRECTORS
Prior to December 20, 2002, our Board of Directors
was limited to six members. Pursuant to our amended
by-laws, our Board of Directors must consist of a minimum
of four and a maximum of seven members. Our Board of
Directors generally meets quarterly or whenever called
by its chairman or by any two directors. During 2004,
eight board meetings were held. Each meeting of the
Board of Directors requires a quorum of a minimum of
three members, including the chairman or the vice-chairman.
The Board of Directors is responsible for our general
policies, for electing our executive officers and
supervising their management, and for deliberating
on capital increases up to the authorized capital,
distributions of dividends and interest on shareholders’ equity,
investments in other companies, our dissolution or
incorporation and the appointment of independent
auditors. Pursuant to Brazilian law, each member
of the Board of Directors must hold at least one
of our common or preferred shares and be elected
by the holders of our common shares at the General
Shareholders’ Meeting.
Paulo Guilherme Aguiar Cunha 
Chairman
Lucio de Castro Andrade Filho
Vice-chairman
Ana Maria Levy Villela Igel
Member
Renato Ochman
Member
Nildemar Secches
Member
Paulo Vieira Belotti
Member
Olavo Egydio Monteiro de Carvalho
Member
Luiz Carlos Teixeira
Member
|
