Viver Increases Number of Independent Board Members
SAO PAULO, July 18, 2011 /PRNewswire/ -- The Board of Directors of real estate Incorporadora e Construtora Viver, one of Brazil's leading real estate companies, now has two new independent members, strengthening the company's standards of transparency and corporate governance. The two new members are Alexandre Schwartsman, former chief economist and full board member of Santander Brasil, and Eduardo Wurzmann, founding shareholder of the Ibmec Group. They take over the positions previously occupied by Jose Alfredo Fernandes Neves and David Gold. The third independent member, Alexandre Vasarhelyi, is the vice chairman of the Board.
A deep financial and organizational restructuring process was initiated two years ago after Paladin Realty Partners' purchase of control of the company, then called Inpar. Paladin Realty Partners is a private equity manager focused on the real estate industry with operations in emerging countries and a history of over 12 years of success in real estate investments in Latin America. Based in the United States, it is responsible for seven funds with approximately US$ 5 billion in capitalization. Paladin has more than 130 residential projects in Latin America, containing over 30,000 units. It has been present in Brazil for over 10 years, where it has 11 investments.
"An outside presence assures the commitment to increase standards of transparency and corporate governance, which are indispensable to the professional administration of the builder," said Michael Barry Lenard, Chairman of the Board and Senior Executive Director of Paladin Realty Partners. Besides the changes in the Board of Directors, Viver transformed its Fiscal Council, which was established in 2009, into a permanent company body.
In its nearly 20 years of existence, Viver already has launched developments with some R$ 8 billion in general sales value, representing 32,000 units. More than 3 million square meters of real estate development area has been delivered, ranging from very high quality through to economy units for the residential, commercial, tourism and land subdivision segments. The company's shares have been traded on the [Sao Paulo] Stock Exchange since 2007 and it is listed on the exchange's Novo Mercado segment.
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SOURCE Incorporadora e Construtora Viver
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