A board has the primary legal obligation to protect the value of the company. Accepting a cut because of an interpretation of future income estimated to happen as the new tariffs are imposed by Dilmas government is a new thing , one that is possible as IFRS norms are universalised. But primarily, there are values coming from the historical record, investment costs and else, which compels a defense of the track assumed in past times. Not recognizing this is an invitation to legal demands by funds and private investors who were invited to participate and capitalized the company in the past. There will be reason to legally accuse the board for not standing for such essentials. I believe there will be ground and substance for judiciary penalisation of the board inconsistancy. I also believe the listing in international exchanges is at serious risk if this goes uncontested, because such a move would absolutely destroy all efforts to improve and enhance corporate responsibility. Boards as political as Electrobras should not have any room in the NYSE or the like!!! This is monstruous, you dont destroy 80 percent this far of a corporate market value by crude political chicanery without risking your pretense to continue walking the street as a decent director.