Investor Relations

Business Model


The Light business model, supported by corporate governance and the company's business model, is related to electricity distribution, generation, sales, and service activities.

To develop our activities, we count on established resources and relationships that, according to the International Integrated Reporting Framework, are called "capitals," which are divided into:


This capital represents the infrastructure, the facilities themselves, the materials and equipment owned by Light that are necessary for the operation of business activities, such as: power plants, reservoirs, dams, canals, dykes, spillways, substations, distribution lines and grids, transformers, electrical conductors, circuit breakers, disconnectors, and protection and control devices, as well as support structures such as vehicles, electrical and electronic test laboratories, computer systems, enterprise network, intranet, and internet, among others.


These are the renewable or non-renewable environmental resources and processes that support Light in their supply of services and products, including water, land, forests, and biodiversity.


This capital includes the individual skills, knowledge, and abilities of the Light employees that are part of the organization's collection of experiences and culture. Considers the actions to align the workforce with the organizational culture and the Company's strategies, focusing on results.

Human capital also includes the training actions, internal communication, retention, engagement and promoting integration between different areas to improve processes.


Includes the tacit knowledge, organizational standards and procedures, cooperative systems, patents, licenses, technologies, R&D projects, etc. It also includes the knowledge management processes, to preserve it for future generations.

Social and Relationship

This Capital considers the relationship with the interested parties and/or participation in networks, sharing information and improving individual and collective wellbeing. It also includes established relationships, partnerships, common values, and intangibles related to the brand, reputation. etc.


These are the resources available for the presentation of services and investments, including debts incurred, shares, subsidies received, return on investments made, etc. At Light, financial capital is related to the company's results, the purchase of energy, new business, regulation, and other themes and activities.

Learn more in the 2015 Sustainability Report

Corporate governance

Light's Corporate Governance Manual lists the set of formal mechanisms and practices set aside to meet the objectives of value creation for the Company and its shareholders.

Transparency and dialogue with the market and other stakeholders are insured in the following manner:

  • Construction of a positive dynamic between shareholders, providing clear direction for the Company and agile decision making.
  • Creation of the necessary conditions for effective managements of business by executives;
  • Formalization and organization of interfaces, allowing dialogue and effective understanding between shareholders and executives;
  • Timely and precise reporting of all relevant facts regarding Light, including the financial situation, performance, equity position, and governance.

In the company's governance structure, the Shareholder Forum is the body responsible for consolidating the alignment of the decisions inside the controlling group. It includes the General Assembly, the Fiscal Committee, and the Controller's Forum.

This structure also has Interface Forums, made up of the Board of Directors and by the committees that aid them. These committees are consultative, and do not have executive or decision making roles. They are called or meet to deal with issues listed in the Governance Manual of specific issues designated by the Board of Directors and/or Senior Management.

Board of Directors and committees [G4-38, G4-40]

The Chairman of the Board of Directors is not an executive manager. [G4-39]

The composition of the Board of Directors, at least 20% of the board members are independent, according to the definition of the Listing Rules of the Novo Mercado. The board members elected via the means listed in article 141, §§ 4 and 5, of the Law of Stock Corporations are also considered independent.

Independent Director means a member of the board of directors that: (i) has no ties to the Company, other than an equity interest; (ii) is not a Controlling Shareholder, spouse or close family member (to the second degree) of a Controlling Shareholder, and neither has, nor has had in the three (3) previous years, any ties to any company or entity related to a Controlling Shareholder (excluding persons with ties to public education or government research entities); (iii) in the three (3) previous years has not been an employee or officer of the Company, or of the Controlling Shareholder or of a subsidiary of the Company; (iv) is not a direct or indirect provider, supplier or buyer of goods and/or services, to an extent that would imply loss of independence; (v) is not an employee or senior manager of any company or entity that is offering or requesting services and/or products to and from the Company to an extent that would imply loss of independence; (vi) is not a spouse or close family member (to the second degree) of any senior manager of the Company; and (vii) is not entitled to any payment by the Company other than the consideration earned as director (excluding cash distributions received in the capacity of an equity holder).

On December 31, 2016, the Board of Directors had 11 members and their respective alternates, with two independent board members and one representative of the Company employees. Of the 11 board members, ten where male and one was female. Regarding the alternates, all of the board members are male.

Some of the characteristics and conduct required of board members include the following:

  • Learn details about the Company, its business, and all of the issues submitted to the Board of Directors.
  • Bring to the discussion any issues of interest for Light, offering pertinent contributions;
  • Place the company's limits above those of the partners or other board members;
  • Work well as a team and express themselves appropriately;
  • Have a solid business background;
  • Maintain a good relationship and cooperate with the other board members;
  • Contribute to the long term planning;
  • Prepare for meetings, participate in them, and be available when necessary;
  • Act in an attentive and proactive manner.

The board members have experience in the following areas: energy, investor relations, funding, financial management, finance, economics, telecommunications, electrical engineering, business consulting, business management, legal, communications, project development, banking, military.

Light has a total of five committees: Audit Committee (CAUDIT), Finance Committee (CFIN), Human Resource Committee (CRH), Management Committee (CGEST), and the Governance and Sustainability Committee (CGOV).

See the jurisdiction of each committee in the Governance Manual.

The Governance and Sustainability Committee (CGOV) participated in the recruiting of independent board members for the Board of Directors, developing and managing the selection process.

The CGOV also has sustainability related tasks, such as:

  • Propose practices and rules for governance and sustainability that ensure the proper functioning of the Board of Directors;
  • Conduct the Company's corporate governance and sustainability evaluation process;
  • Aid the Board of Directors in the spreading of the strategic concept of sustainability, seeking to ensure the Company's maintenance of the strategy over the long term.
  • Suggest general guidelines to the Board of Directors for applying sustainability principles.
  • Monitor the initiatives of the Campaign related to sustainable development. [G4-35]

All of the members of the Board of Directors' committees are managers and do not receive specific compensation for this.

Next, we will list the profile and characteristics of their members:

  • Have specific and relevant knowledge for the respective committees they are part of;
  • Are participatory and willing to hold constructive discussions;
  • Have time and analytical capacity available to make the required analyses;
  • Are easy for the main shareholders to access, to interact with during committee discussion, if necessary;
  • Go deep into specific committee topics;
  • Have abilities to coordinate and lead the committee if necessary;
  • Have the capacity to communicate to other board members the critical points of the committee discussions.

The composition of the committees can be found at

Executive Management

The criteria for the selection and hiring of the board members considers their abilities and skills. The openings at any level or sector of the Company are filled, preferably, by professionals in the concession area of Light, but there is not a specific clause for the contracting of local labor. [G4-EC6]

Find out the current composition of Light´s Executive Management

Analyzing risks and opportunities [G4-45, G4-46, G4-47]

The Board of Director's meetings are ordinarily held once a month, and extraordinarily when necessary. Before each meeting, the aid committees, within their jurisdictions, meet to analyze and examine all of the issues presented by Executive Management, expected to the decided on by the Board of Directors.

In the Company's Bylaws, tasks are assigned to the executive managers in accordance with their respective role. The Chief Executive Officer is responsible for coordination the corporate risk management in all of his actions, with policy proposals; the Chief Financial Officer coordinated the management of the financial risk; and the Director of Energy should identify, measure, and manage the risk related to the sale of energy.

The responsibilities of the Board of Directors also include:

  • Inspect the management of executive managers, examining the books and papers of the Company at any time, and requesting information regarding contracts signed or about to be signed;
  • Prevent potential losses of value due to the release of improper financial information or due to the non-release of mandatory information;
  • Support the relationship between Light and the government, labor unions, clients, and main suppliers, acting in common accord with Executive Management.
Conflict resolutions [G4-41]

Light does not have a mechanism of policy for identifying and resolving conflicts of interest beyond those imposed by law. Potential occurrences will be resolved in an individualized manner, as needed.

The Company, its shareholders, managers, and members of the Fiscal Committee must resolve, through the Market Arbitration Chamber, any dispute or controversy that may arise among them, related to or resulting from the application, validity, effectiveness, interpretation, or violation, and its effects of the provisions of the Law of Stock Corporations (Law No. 6.404/1976), in the Light Corporate Bylaws and the rules issued by the National Monetary Council, the Central Bank of Brazil, and the Brazilian Securities and Exchange Commission (CVM). These include the rules applicable to the operation of capital markets in general, in addition to those listed in the Novo Mercado Listing Rules, the Novo Mercado Participation Agreement, the Sanction Regulations, and the Arbitration Regulations of the Market Arbitration Chamber.

Under the Company's Shareholder Agreement, entered into by Cemig, Andrade Gutierrez Concessões, Luce Empreendimentos e Participações, and Rio Minas Energia Participações, on December 30, 2009, the board members designated by the parties shall exercise voting rights in accordance with the common guidelines established in previous meetings, which should be held prior to any assembly or meeting of the Board of Directors.

As a rule, matters shall be approved if they contain affirmative votes representing more than half of the shares. However, there are certain matters in the Shareholder Agreement that require a qualified quorum. According to Article 11, § 1, of the Light Corporate Bylaws, during deliberations regarding the implementation of business by the Company or its subsidiaries with shareholders or related parties, the board members designated by the shareholder who intends to conduct the business will excuse himself during the discussion and vote on the matter.

All of the transactions with the related parties are in compliance with the signed contracts and with the terms released in the Financial Statement Explanatory Notes. Additionally, the concessionaire and authorized companies that are Light subsidiaries should abide by the rules in ANEEL Resolution No. 334/2008, which establishes the procedures for previous and later control of the agency over legal acts and business between concessionaires, trustees, and authorized companies, as well as their related parties.

The main transactions currently made by Light, involving related parties, are the Company's business operations, such as buying and selling of electricity, and actuarial liabilities with the pension fund sponsored by Light and its subsidiaries. The disclosure of these transactions is done through the publication of the minutes of meetings in the Federal Official Gazette (DOU) and submission to the CVM, and are included in the Light Reference Form.

Compensation policy [G4-51, G4-52]

In the structural organization of the Company, there is a specific committee to deal with the compensation of statutory managers: the Human Resource Committee (CRH). This committee is permanent and is made up of members of the Board of Directors. The CRH seeks to revise and suggest to the Board of Directors the compensation policies and guidelines to the statutory directors of the Company, as well as to the members of the Board of Directors and the Fiscal Board, based in the performance goals established by the Board of Directors.

The Board of Directors evaluated the CRH recommendations and approves the amounts for fixed and variable compensation, respecting the limits established in the Ordinary General Assembly.

In the Company's compensation plans there is no clause that allows the confiscation of salary and bonuses if there is poor management or fraudulent accounting (clawbacks). However, Light has rules and mechanisms geared towards ethical conduct, which apply, not only to the labor force, but also to board members and executives.

The supplementary pension plan offered to Light executives and employees is Braslight. The board members do not have a right to receive it, unless they are employees or former employees of the Company. The coverage of the obligations included in the pension plan is detailed in [G4-EC3]

The opinion of the stakeholders are not specifically considered when defining compensation, although the company considers client satisfaction as an indicator to measure the variable compensation results. [G4-53]


A) Board of Directors

The Board of Directors receive fixed compensation, with a monthly honorarium. The amounts are based on the role that hold: active members or alternates. Social fees are withheld and there is reimbursement for expenses with transportation and lodging necessary to perform the job.

B) Statutory Board

The members of the Statutory Board receive fixed and variable compensation, as well as benefits. The fixed compensation represent the honorarium paid monthly for the positions they hold.

The variable compensation is made up of a short term bonus, based on market values and according to the complexity of the position, both connected to the performance of goals and performance indicators. This is a part of the compensation based on the executive's performance and the global indicators for the Company, which allows the sharing of risks and rewards.

In 2016, for the short term bonus, financial indicators - EBITDA, Net Income, and Dividends, BRR - and the quality of services provided - DEC/FEC, Customer Satisfaction Surveys, Losses, PDD, and Complaints from the ANEEL Ombudsman.

The benefits are medical and dental insurance, private pension plan, life insurance, and meal vouchers. It is worth noting the social fees are withheld for both fixed and variable compensation.

C) Fiscal Board

The compensation of the Fiscal Board is established by the General Assembly, which according to § 3 of article 162 of Law no 6.404/76 may not be less than 10% of the average compensation given to each director, excluding benefits, representation funds, and variable compensation. The members of this group have fixed compensation, as well as legal reimbursement of expenses with travel and lodging required to execute the job. Social fees are withheld.

D) Employees

Employee compensation is made up of their monthly salary, benefits, and variable compensation.

The package of social benefits includes a private pension plan, meal vouchers, health insurance, life insurance, daycare assistance, social and psychological assistance, and a scholarship to Primeiro de Maio School, among others.

In 2016, the global performance indicators for variable compensation were the following: Total Losses/Grid Load, Collection Rate, DEC, FEC, Customer Satisfaction Surveys, BRR, Updating internal standards.

Éthics and Compliance

Código de Ética e Conduta Empresarial

  • Alinhado à missão, visão, valores e princípios organizacionais.
  • Incorpora aspectos da Lei Anticorrupção.
  • Trata de questões relacionadas a conflitos de interesses e outros aspectos do combate à corrupção.
  • Reforça o compromisso de todos com o desenvolvimento sustentável e a valorização da força de trabalho, lutando contra qualquer tipo de preconceito e discriminação.

Comitê de Ética

Avalia, permanentemente, a atualidade e a pertinência do Código de Ética, propondo e discutindo as alterações de conteúdo e revisões, bem como encaminhando essa proposta para aprovação da Diretoria Executiva. Além disso, trata das questões relativas à violação de matéria ética que forem submetidas a ele e propõe medidas disciplinares ou correções de conduta.

Canais de Denúncia

    Força de Trabalho

  • Contato direto com o superior imediato.
  • Comitê de Ética da Light, por meio do endereço eletrônico
  • Canal Corporativo, pelo telefone 0800 777 0783, pelo site ou pela Caixa Postal 521 – CEP 06.320-971.

    Clientes e Público em Geral

  • Agência Virtual, pelo site
  • Call Center, pelo telefone 0800 282 0120.
  • Ouvidoria, pelo telefone 0800 284 0182; por carta para Av. Marechal Floriano, 168, 2º andar, Centro, Rio de Janeiro, CEP: 20080-002; pelo fax (21) 2211-7584; ou pelo Protocolo Geral, localizado no andar térreo da empresa.

Medidas adotadas em caso de violação do Código de Ética

    Para empregados próprios

  • A denúncia pode ser tratada no âmbito do gestor da área, Comitê de Ética ou Compliance, dependendo do caso.
  • Conforme norma interna específica, os empregados ficam sujeitos à aplicação de medidas disciplinares, que envolvem advertência, suspensão ou dispensa – que pode vir a ser por justa causa – com o objetivo de orientar e punir.

    Para Empregados de empresas contratadas

  • A questão é repassada para a prestadora de serviço, que avalia a procedência dos fatos para que sejam tomadas as devidas providências, caso seja necessário.



Strategy and Sustainability

Para a consecução das estratégias, a companhia conta com um modelo de gestão e de governança estruturado, baseado em relações éticas, verdadeiras e transparentes com governos, sociedade, clientes, acionistas, administradores, empregados, prestadores de serviços, fornecedores, sindicatos, associações de classe e todos os outros públicos de interesse que se relacionam com a Companhia e contribuem para a realização da missão, a concretização da visão e a construção da marca e da imagem institucional no dia a dia. O compromisso com a geração de valor para a empresa e suas partes interessadas pode ser constatado a partir do momento em que as estratégias da companhia estão alinhadas às questões prioritárias da Matriz de Materialidade da Light e com os Objetivos do Desenvolvimento Sustentável (ODS).

A convergência das ações estratégicas ao desenvolvimento sustentável pode ser explicada pelo fato da Light atuar no setor de infraestrutura, cujas atividades afetam diretamente a sociedade e o ambiente em que ela está inserida.

A análise da relação existente entre os ODS, a cadeia de valor da Light e sua estratégia de atuação foi realizada ao longo do processo de definição da materialidade da empresa.


Risk management [G4-2]

Risco é tudo aquilo que pode impactar positiva ou negativamente os resultados da companhia. Por isso, continuamente, a Light aprimora os processos para monitorar e gerenciar os riscos aos quais está exposta.

A gestão dos riscos considera cinco níveis de impacto e probabilidade: crítico, alto, médio, baixo e muito baixo, classificando-os em financeiro, operacional e compliance.

Os riscos financeiros estão relacionados a eventos imprevistos que impactam a liquidez e/ou causam a deterioração da estrutura de capital da Companhia. 

Os riscos operacionais estão relacionados a processos e eventos inesperados, como erro humano, falha de equipamentos e sistemas e ação de agentes externos, que podem provocar perdas substanciais no valor econômico e na imagem da Companhia, afetando os clientes e o desempenho da Light em longo prazo.

Os riscos de compliance envolvem questões legais e regulatórias, assim como mudanças na conjuntura política que possam impactar o cenário do setor de energia. Em âmbito mais específico, as alterações na legislação implicam aumento de contingências judiciais para a Companhia.

O Modelo de Gerenciamento Integrado de Riscos (GIR) adotado como benchmarking pela Light é embasado em metodologia e atividades recomendadas pelo Committee of Sponsoring Organizations of the Treadway Comission (COSO) para Enterprise Risk Management (ERM).

Na mensuração do impacto dos riscos, avaliamos as possíveis sanções legais e regulatórias, os aspectos financeiros e operacionais, os danos à imagem e se o risco pode gerar inconsistências nas demonstrações financeiras. Já para a mensuração da probabilidade, avaliamos o grau de suscetibilidade à fraude, bem como a complexidade e o nível de automatização do processo.

Essa primeira análise de impacto e probabilidade apresenta a mensuração do risco inerente, ou seja, a probabilidade de o risco se materializar, independentemente da existência de controles. Em seguida, mensuramos o que chamamos de risco residual, que é justamente a probabilidade de o risco se materializar, considerando o ambiente de controles da companhia.

A compreensão do risco residual permite identificar os processos extremamente relevantes e já controlados, possibilitando que a Light concentre esforços em processos que, eventualmente, possam apresentar algum nível de fragilidade.


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