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21. EQUITY | 12 Months Ended
--- | ---
Dec. 31, 2020
Equity |
EQUITY |
21. | EQUITY
21.1. | Capital stock
On December 31, 2020, the subscribed and paid capital of the Company was R$12,553,418, which is composed of 812,473,246 common book-entry shares with no par value. The value of the capital stock is net of the public offering expenses of R$92,947, made on July 22, 2009. The Company is authorized to increase the capital stock, irrespective of amendment to the bylaws, up to the limit of 1,000,000,000 (one billion) common book-entry shares with no par value.
21.1.1. | Breakdown of capital stock by nature
| 12.31.20 |  | 12.31.19 |  | 12.31.18
Common shares | 812,473,246 |  | 812,473,246 |  | 812,473,246
Treasury shares | (4,766,084) |  | (713,446) |  | (1,057,224)
Outstanding shares | 807,707,162 |  | 811,759,800 |  | 811,416,022
21.1.2. | Breakdown of capital stock by owner
The shareholding position of shareholders holding more than 5% of the voting capital, management and members of the Board of Directors is presented below:
|  | 12.31.20 |  | 12.31.19
Shareholders |  | Quantity |  | % |  | Quantity |  | %
Major shareholders |  |  |  |  |  |  |  |
Fundação Petrobras de Seguridade Social - Petros (1) |  | 92,716,266 |  | 11.41 |  | 92,716,266 |  | 11.41
Caixa de Previd. dos Func. do Banco do Brasil (1) |  | 74,856,852 |  | 9.21 |  | 76,974,752 |  | 9.47
Management |  |  |  |  |  |  |  |
Board of Directors |  | 6,865,302 |  | 0.84 |  | 6,474,420 |  | 0.80
Executives |  | 605,902 |  | 0.07 |  | 236,338 |  | 0.03
Treasury shares |  | 4,766,084 |  | 0.59 |  | 713,446 |  | 0.09
Other |  | 632,662,840 |  | 77.88 |  | 635,358,024 |  | 78.20
|  | 812,473,246 |  | 100.00 |  | 812,473,246 |  | 100.00
| (1) | The pension funds are controlled by employees that participate in the respective entities.
The Company is bound to arbitration in the Market Arbitration Chamber, as established by the arbitration clause in its bylaws.
21.1.3. | Rollforward of outstanding shares
Quantity of outstanding of shares
|  | 12.31.20 |  | 12.31.19 |  | 12.31.18
Shares at the beginning of the year |  | 811,759,800 |  | 811,416,022 |  | 811,139,545
Purchase of treasury shares |  | (4,836,000) |  | - |  | -
Delivery of restricted shares |  | 783,362 |  | 343,778 |  | 276,477
Shares at the end of the year |  | 807,707,162 |  | 811,759,800 |  | 811,416,022
21.2. | Capital reserves
|  | 12.31.20 |  | 12.31.19 |  | 12.31.18
Result on sale and exchange of shares |  | 125,532 |  | 125,532 |  | 125,532
Share-based payment |  | 223,191 |  | 223,011 |  | 229,872
Acquisition of non-controlling interest |  | (206,423) |  | (155,478) |  | (239,830)
Capital transactions with subsidiaries |  | (220) |  | (220) |  | (220)
|  | 142,080 |  | 192,845 |  | 115,354
21.3. | Absorption of accumulated losses
The earnings for the year of R$ 1,524,997 were fully used to offset accumulated losses.
21.4. | Treasury shares
The Company has 4,766,084 shares held in treasury, with an average cost of R$26.00 (twenty-six Brazilian Reais) per share, and market value corresponding to R$105,044.
Quantity of outstanding of shares
|  | 12.31.20 |  | 12.31.19 |  | 12.31.18
Shares at the beggining of the exercise |  | 713,446 |  | 1,057,224 |  | 1,333,701
Purchase of treasury shares |  | 4,836,000 |  | - |  | -
Delivery of restricted shares |  | (783,362) |  | (343,778) |  | (276,477)
Shares at the end of the exercise |  | 4,766,084 |  | 713,446 |  | 1,057,224
The program of repurchase of own shares, which was approved by the Board of Directors on March 26, 2020, was concluded on May 22, 2020. The Company purchased 4,836,000 common shares, representing 0.60% of its capital stock, at the cost of R$106,070, with the purpose to maintain in treasury for eventual disposal, cancellation, as well as to comply with obligations and commitments made under the Stock Option Plan and the Restricted Stocks Plan.

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