Analysis of the Compliance of the SAFs of the A and B Series of the Brazilian Championship Regarding the Advertising of Certain Acts: Another Survey by IBESAF

The Brazilian Institute for Studies and Development of Publicly Held Football Companies (IBESAF) conducted new research, led by researcher Iago Espírito Santo, aimed at evaluating the degree of compliance of Publicly Held Football Companies (SAFs) participating in the A and B series of the Brazilian Championship, in relation to the provisions of article 8 of Law 14.193/2021 (SAF Law).

This article imposes on SAFs the obligation to maintain the following documents and information on their websites: (i) articles of association; (ii) minutes of general meetings; (iii) composition of the board of directors, the supervisory board and the executive board, accompanied by the biographies of their members; and (iv) management report on the company's business, including the Educational and Social Development Program (PDE) and the main administrative events.

The legal provision aims to (i) create an informational environment consistent with the companies' practices and (ii) promote the dissemination of a culture of information sharing.

Furthermore, it should be noted that paragraph 3 of article 8 of the SAF Law stipulates that clubs undergoing judicial reorganization, extrajudicial reorganization, or subject to the Centralized Execution Regime (RCE) must also maintain an ordered list of creditors on their websites. This aspect, however, was not the subject of this research and will be addressed in a later study.

Furthermore, it should be noted that non-compliance with the aforementioned rules may lead to the liability of the administrators of the respective non-compliant SAFs (Sociedades Anônimas de Futebol - Football Associations).

The research, which involved 14 SAFs, resulted in the following data:

Click here to see the full report.