Squadra Mounts Board Challenge at Hapvida With Multiple Voting Push

Overview

• Squadra, which holds 6.98% of Hapvida, sent a public letter calling for a board overhaul and the use of “multiple voting,” a Brazil law tool that lets investors pool votes to elect directors and can help minorities win seats.
• The fund nominated three directors for election: Eduardo Parente, a former Yduqs CEO and chair of Equatorial, Tania Sztamfater Chocolat, a board member at Equatorial and Totvs, and Bruno Magalhães e Silva, a Squadra partner.
• Squadra also urged a fresh look at succession after Hapvida said CEO Jorge Pinheiro would leave and finance chief Luccas Adib would take over in 2026, with Pinheiro slated for a leadership role on the board.
• Hapvida’s 2025 results underlined the dispute, with a net loss of R$237.6 million, adjusted EBITDA down 11% to R$3.3 billion, a 75.5% claims ratio, and 140,000 fewer health-plan users, most of them in São Paulo.
• The letter faults governance and capital moves, citing a poison pill that caps minority stakes at 20%, a R$384 million buyback during a share slump, plans to restate 2016–2023 accounts, and what it calls R$80 billion in value lost since the NotreDame Intermédica deal.