Previ, BB’s billionaire pension fund, chooses new president – 06/09/2021 – Market

The deliberative council of Previ, the billionaire pension fund of Banco do Brasil employees, approved on Wednesday (9) the appointment of accountant Daniel Stieler as its new president. He will replace José Maurício Pereira Coelho, who leaves command of the fund this Friday (11).

The inauguration, however, will depend on the approval of Previc (National Superintendence of Complementary Pension), the regulator of pension funds. This requirement has been in effect since 2017 and requires the issuance of a certificate of qualification for positions on the executive board and on Previ’s deliberative and fiscal councils.

Stieler has a degree in Accounting from the Federal University of Santa Maria (RS) and postgraduate degrees in Financial Administration and Auditing, both from Fundação Getúlio Vargas (FGV), and an MBA in Accounting from the University of São Paulo (USP).

He joined Banco do Brasil in the 1980s as a minor apprentice and made a career at the institution. He has been an advisor, core manager and division manager in the Accounting Department. He was also executive manager in the Accounting Directorate and Director of Controllership.

Since January of this year, he headed Economus, the social security institute of Nossa Caixa, an institution acquired by BB in 2009 and which was not incorporated by Previ. Stieler went through all the positions at the institute, before taking over as superintendent director.

At Previ, he was a fiscal adviser between 2012 and 2016. At Banco Votorantim, in addition to being a fiscal adviser, he was a member of the Advisory Board. He was also a member of the Financial Institutions Accounting Affairs Committee at Febraban for 10 years.

The change of command at Previ reflects changes in the policy imposed by Jair Bolsonaro in the two state-owned banks, Banco do Brasil and Caixa Econômica Federal. At Caixa, Pedro Guimarães delivers a set of measures that politically favor the president. But at BB, the command resisted an alignment with the Planalto.

Economy Minister Paulo Guedes, who previously indicated names in the state-owned companies linked to his portfolio and led the economy with autonomy, lost space and was unable to put his name on BB after the resignation of executive André Brandão.

At the end of March, Bolsonaro chose Fausto Ribeiro, considered to be a pocketman among BB executives. The process was seen by the market as interference by Bolsonaro, which culminated in the resignation of two members of BB’s board of directors.

On May 25th, it was the turn of the resignation of the president of Previ, José Maurício Pereira Coelho. The executive’s term would expire in May 2022.

​At Previ, the assessment was that José Maurício, as the executive is known, was being pressured to leave office to open a vacancy to accommodate government allies. He spent three years at the head of Previ and still had a year of mandate ahead of him.

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