Corporate governance

Shareholder structure

Due to regulatory requirements, Azul created a differentiated shareholder structure to appropriately distribute economic ownership and voting rights among common and preferred shareholders. Under this structure, each preferred share is equivalent to 75 common shares and is entitled to receive 75 times the amount of dividends distributed to holders of common shares. Common shareholders have voting control over Azul and preferred shareholders have 100% tag along rights.

Economic interest

Shareholder Structure

Common % Common Preferred % Preferred Total Economic Shares
(1 preferred share = 75 common shares)
% Economic Interest
David Neeleman 622,406,638 67.0% 9,694,459 3.0% 17,993,214 5.3%
Trip Shareholders* 306,558,420 33.0% 25,231,040 7.7% 29,318,486 8.7%
United Airlines, Inc. (Calfinco) 26,995,316 8.3% 26,995,316 8.0%
Others 263,571,930 80.9% 263,571,930 77.9%
Treasury 500,000 0.2% 500,000 0.1%
TOTAL 928,965,058 325,992,745 100.0% 338,378,946 100.0%

* Represents Trip Participações S.A., Trip Investimentos Ltda. and Rio Novo Locações Ltda.

Note: One ADR represents three preferred shares