Ever since its shares began to be listed on the New York Stock Exchange, Copel has been liable for continuous legal obligations established by the US Securities and Exchange Laws. Those obligations include the filing of a form (Form 20-F) containing updated information about the Company’s results and performance.
This report should be filed annually and should be filled in according to the requirements defined by the Securities and Exchange Commission - SEC. It’s originally written in English and later translated into Portuguese in order to be filed at Brazilian Securities and Exchange Commission as well.
The annual deadline for companies headquartered outside the US to file the report expires six months after the closing of their fiscal years, that is, by the end of June.
So every year Copel appoints an internal workgroup, made up of employees whose functions in the Company are directly related to the information on the report.
In order to comply with the requirements of the Sarbanes-Oxley Act, passed in 2002, both the CEO and the Chief Financial and Investor Relations Officer must formally state the accuracy of the information presented on the Form 20-F, as well as certify the Company’s internal controls for the development of its Accounting Statements.
As a safety net for the officers who will sign the certifications, Copel has created its own Responsibility Matrix, a tool that enables the division of the Form 20-F into sections, and allocates the specific duties of providing information to the respective areas. A link is available for the areas to edit the matrix and include the source of the information they provide.
The Company has also adopted several other measures to ensure safer, more reliable internal controls. Copel has recently retained the services of external consulting firm Price Waterhouse Coopers for the mapping and certification of all its internal controls. As of 2006, those controls will be tested by an external audit firm, to be hired by the Company, which shall issue an opinion about the reliability of Copel’s systems and controls. That opinion shall also be included in the Form 20-F.
In view of the report’s complexity, Copel has retained the services of two law firms (Cleary Gottlieb, in the US, and Tauil & Chequer, in Brazil) to help in the preparation of the report. Independent auditors from Deloitte Touche Tohmatsu have collaborated for the auditing of the report.
After being duly filed at both American and Brazilian Securities and Exchange Commissions, SEC and CVM, the report is forwarded to foreign shareholders (in accordance with the New York Stock Exchange - NYSE requirements), and made available at the Company’s homepage.
Period of report | Filing date changed | SEC Edgar | PDF file |
2009 | 06/30/2010 |
Shareholders may receive a hard copy of Copel’s complete financial statements (20-F) free of charge by requesting a copy within a reasonable period of time from Copel’s Investor Relations Department.
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