Pursuant to Law 6.404/76 (the “Brazilian Corporations Act”), the Supervisory Board is a corporate body that acts independently of the Company’s management. The key responsibilities of the Supervisory Board are to supervise the management members’ activities and review the Company’s financial statements, reporting its opinion to the shareholders.
At TOTVS, the Supervisory Board is a non-permanent body and can be established in any fiscal year if so required by shareholders representing at least 2% of common shares, pursuant to CVM Instruction No. 324/00.
There is currently no Fiscal Council established in the Company.