Conflito de interesse: a nova posição da CVM
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The first paragraph of article 115 of Law No. 6.404/76 provides that shareholders can not vote, among others, when in conflict of interest with the Company. However, the Brazilian legislation does not establish a evaluation criteria of the conflict, leaving the doctrine and the jurisprudence do it. Thus emerged the formal and substantive criteria. The Brazilian Securities Commission - CVM, governmental agency responsible for regulation and supervision of corporations, has already adopted both criteria and consolidated his new understanding, adopting the formal criteria, on the Tractebel case. Thus, this study aims to analyze the previous jurisprudence to understand the arguments used in each case to, at the end, analyze the arguments brought by the CVM to support their new understanding.