Sabesp updates bylaws with a 30% voting cap and state veto

Companhia de Saneamento Básico do Estado de São Paulo (Sabesp) filed an updated set of corporate bylaws in September 2026. The new framework details its governance rules, capital structure and Novo Mercado listing standards.

The updated bylaws confirm a fully paid-in share capital of approximately R$21.5 billion. This capital is divided into over 3.5 billion common shares and a single special class preferred share held by the State of São Paulo. The board of directors is also authorized to approve future capital increases and equity-linked instruments.

Under the new governance rules, voting rights are capped at 30% for any single shareholder or group, regardless of their total economic stake. The State of São Paulo holds veto power through its special preferred share over critical decisions, including changes to the company name, headquarters, voting limits and core water and sewage operations.

On Wall Street, the most recent analyst rating on Sabesp is a Buy with a price target of $7.32.