Milbank, Tweed, Hadley & McCloy LLP has advised GOL Linhas Aéreas Inteligentes S.A. (NYSE: GOL and BM&FBOVESPA: GOLL4), a leading Brazilian airline registered with the SEC and with ADRs listed on the NYSE, in a successful proxy solicitation campaign and obtaining preferred shareholders’ approval to changes to its corporate structure and corporate governance.
The changes, approved in one of the very few proxy solicitations by Brazilian companies and the first time GOL launched a proxy campaign, represent a long-term structural solution to improve the company’s capacity to raise equity capital. The corporate governance changes increase preferred shareholders’ rights by creating mechanisms for the appointment of board members and increasing the number of independent directors, among others. The changes received massive support from GOL’s minority shareholders and were approved by more than 99% of votes cast by these shareholders.
The Milbank team representing GOL was led by São Paulo-based partners Andrew Janszky and Tobias Stirnberg and included associates Felipe Camara and Rodrigo Carvalho.
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