Temer wants to dismantle Caixa 'little by little', says Maria Rita.

By Sul 21 and Eduardo Maretti From RBA - As committed to capital, Michel Temer's government has the obvious objective of diminishing the role of all public companies in the economy. In the case of banks, and particularly Caixa Econômica Federal, the prospects are no different. “If it's a minimal state, if the assumption is that there's no need for public companies, their space is left for private capital. What we are seeing is public assets being handed over. Our role is to call on society to fight, because if Caixa isn't there to invest in housing and infrastructure, like Banco do Brasil in agricultural credit, Bradesco and Itaú aren't going to do it.” This assessment comes from Maria Rita Serrano, elected as the Caixa employees' representative on the Board of Directors. She was elected with 14.283 votes in the second round on Thursday (26). The competing slate of Nilson Moura, number 25, had 12.739 votes.

According to her, the government's strategy for Caixa is to privatize important operations. Currently, there is talk about the instant lottery and the insurance company. She also stated that there is a discussion about privatizing the management of credit cards, and – "another idea promoted by private banks" – privatizing the management of the FGTS (Brazilian employee severance fund), in addition to the government's general policy of selling assets from all state-owned companies, including banks.

“If you privatize operations and reduce the number of employees, you are destroying the company without necessarily going public or selling it at a stock exchange auction as was done in the 1990s. You are gradually destroying it,” says Maria Rita.

According to the new advisor, the government's strategy can be interpreted as a way out that it failed to obtain in the National Congress. "We defeated Bill 555, which aimed to open up the capital of companies, last year, and from then on the model adopted was to privatize public companies gradually, starting with their operations. This is already underway," says the advisor.

Today, Caixa Econômica Federal has 95 employees, more than 4 service points (3.391 branches and 814 service centers), and approximately 80 million customers.

Just like with other public companies, the Temer government is expected to announce a voluntary redundancy program for Caixa employees soon. Maria Rita states that there is no problem with the voluntary redundancy program itself, since it is voluntary. “The problem is that the intention is for workers to leave without being hired, without any compensation. It's yet another symptom that the quality of service will worsen, workers will work more, and working conditions will deteriorate.”

The Board of Directors of Caixa has seven members. Four are appointed by the Ministry of Finance and one by the Ministry of Planning. The sixth is the company's president and the seventh is the workers' representative.

Maria Rita Serrano says that worker representation on the board is important for four reasons: “it’s a way to democratize management, especially public management, to guarantee space for those who build the company; second, it’s a space for oversight of public resources, because while others are appointed, in our case we are elected and have the legitimacy of the vote; third, it’s a space for the workers’ perspective and their demands to be heard in this forum that plans the company’s actions; and fourth, as our commitment is to defend a public bank focused on the country’s development, it’s about fostering debate so that Caixa can act in this way, keeping the company ethical, public, and sustainable.”

Maria Rita has been an employee of Caixa since 1989, holds a degree in History and Social Studies, and a master's degree in Administration.