Ivan Monteiro, the Chief Executive Officer of Eletrobras (Centrais Elétricas Brasileiras S.A.), has been formally included in a sanctioning process by Brazil’s securities regulator, the *Comissão de Valores Mobiliários* (CVM), relating to an alleged accounting fraud at reinsurer IRB Brasil Resseguros in 2020. The formal inclusion of the executive in the regulatory proceeding has reintroduced corporate governance concerns and reputational risk to the utility, Latin America's largest, whose shares trade on both the New York Stock Exchange and the B3 in São Paulo.