Atlas · Joint‑stock companies
Preferred shares without voting rights must have a dividend preference of at least 25% of net profit
AnswerThe minimum percentage is 25% of net income for the year, provided a priority of receiving 3% of the share’s net equity and equal participation with common shares after that minimum is paid.
Reviewed on 2026-10-02 · next review 2027-04-02
Data
| Who | Criterion | Consequence | Source | Data date |
|---|---|---|---|---|
| Ações preferenciais sem voto | Admissão à negociação em mercado | Direito a dividendo de, no mínimo, 25% do lucro líquido do exercício | Lei 6.404/1976, art. 17, § 1.º, I | 31/10/2001 (Lei 10.303) |
| Critério de prioridade | Ações preferenciais (I-a) | Recebimento prioritário de 3% do valor do patrimônio líquido da ação | Lei 6.404/1976, art. 17, § 1.º, I-a | 31/10/2001 (Lei 10.303) |
| Participação adicional | Ações preferenciais (I-b) | Participar dos lucros em igualdade com ordinárias após dividendo prioritário | Lei 6.404/1976, art. 17, § 1.º, I-b | 31/10/2001 (Lei 10.303) |
Data consulted on 02/10/2026.
Basis
- Lei n.º 6.404/1976, compiled (Planalto, in Portuguese): o art. 17, § 1.º, estabelece as condições de preferência ou vantagem necessárias para a negociação de ações preferenciais sem direito de voto no mercado de valores mobiliários.
- Decreto n.º 9.580/2018 (Planalto, in Portuguese): regulamento do imposto sobre a renda que trata da apuração do lucro líquido e real, sem dispor sobre percentuais mínimos de dividendos para ações preferenciais.
How it applies
For preferred shares without voting rights to be traded on organized markets, the company must grant at least one of the advantages listed in article 17 of Law 6.404/1976. The advantage concerning a 25% net‑profit dividend requires, in addition, a priority of receiving 3% of the share’s net equity and the right to share profits on equal terms with common shares after that priority is satisfied. Alternatively, the law allows a dividend per preferred share that is at least 10% higher than that of common shares, or inclusion in a public offer for control transfer with a dividend equal to that of common shares.
Limits
- This sheet describes only the requirements for admission to market trading of non‑voting preferred shares contained in Law 6.404/1976.
- The percentage mentioned (25%) refers to the dividend calculated according to art. 202 of Law 6.404/1976.
- The sheet does not cover cases of closed companies or shares with voting rights.
- Subsequent legislative changes must be checked in the official source (Planalto).