Atlas · Companies by Shares
The minimum percentage of votes to presume significant influence is 20%
AnswerIt is presumed that significant influence exists when the investor holds 20% or more of the votes granted by the investee's capital, without exercising control.
Reviewed on 2026-10-02 · next review 2027-04-02
Data
| Who | Criterion | Consequence | Source | Data of the datum |
|---|---|---|---|---|
| Investor | Ownership of 20% or more of the investee’s votes | Presumption of significant influence (without control) | Law 6.404/1976, art. 243, § 5.º | 19/08/2021 |
Data consulted on 02/10/2026.
Basis
- Law No. 6.404/1976, compiled (Planalto, in Portuguese): Article 243 defines the characteristics of affiliated companies, establishing in paragraph 5 a legal presumption of significant influence based on holding 20% or more of the votes.
- Law No. 11.638/2007 (Planalto, in Portuguese): This regulation introduced structural changes to Law 6.404, including the concept of affiliates and the requirement to assess investments under significant influence using the equity method (art. 248).
How it applies
Significant influence is characterized by the investor’s power to participate in the investee’s financial or operational policy decisions, without exercising control over it. The law establishes a relative presumption: upon reaching the threshold of 20% or more of the votes granted by the investee’s share capital, the existence of such influence is legally presumed. The calculation is performed on the voting capital. This classification is essential for applying the equity method in the investor’s financial statements.
Limits
- The 20% presumption is valid only if the investor does not hold control of the investee.
- The regulation does not exclude the possibility of characterizing significant influence through other means, if the investor has decision‑making power even with a percentage below 20%.
- This sheet does not address international accounting rules or specific technical pronouncements that complement the interpretation of the concept, limiting itself to the legal text of Law 6.404/1976.
- Subsequent changes to the consolidated wording presented should be verified directly in the cited official sources.