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Additional names to Petrobras’ board could “come in,” sources say

The three additional names named to Petrobras’ board last week have a good chance of “making their way” to the state-owned company’s collegiate team in the future, as the government tries to guard against possible disapprovals from other nominated candidates, they said told Reuters four sources familiar with the matter.

They are said to be “warming up to play” given the expectation of possible vetoes by Petrobras’ curricular analysis commissions on other candidates, which could delay the process of electing councilors, if the government does not have their deputies, the sources add . , on condition of anonymity.

The move comes as the government wants more investment in refineries, reversing the resolution that established Brazil’s refining decommissioning process. There are also indications that the government wants to change the way price adjustments at Petrobras take place.

Petrobras’ governance and compliance bodies have begun reviewing the nominations and some previously nominated may not be approved. “There are potential conflicts of interest,” one of the sources said.

In a note on Friday evening, Petrobras specified that the internal reports prepared to support the assessments of the company’s Personnel and Eligibility Committee (COPE/CELEG), in charge of evaluating the candidatures, presented notes regarding the candidacies of the candidates Pietro Mendes (appointed to the presidency), Bruno Moretti and Sergio Rezende, given the vetoes provided by the law on state-owned companies.

Among the possible impediments, Petrobras cited elements that prohibit the participation of representatives holding certain public offices, of a person who has acted in the last three years as a participant in the decision-making structure of a political party, as well as a candidate who has signed contracts with the company or other entities under certain conditions.

Also according to the state-owned company, as of Friday evening COPE/CELEG had not yet released any statements regarding the appointments made by the controlling shareholder.

However, according to Petrobras, the committee was surprised by a new decision by the Federal Supreme Court (STF) on Thursday, following its last meeting on the same day.

STF Minister Ricardo Lewandowski suspended the effects of the section of the law on state-owned companies that limits the appointments of directors and directors who hold certain public offices or who have acted, in the previous three years, in the decision-making structure of a political party or in organizing and conducting an electoral campaign. This preliminary decision may or may not be confirmed by the virtual plenary in a process expected to begin later this month.

After Lewandowski’s injunction, Judge André Mendonça reacted and returned a request for an opinion made by him earlier. In practice, Mendonça wants to judge the action on the merits from the face-to-face plenary. But he will need the president of the STF, Rosa Weber, to put the issue on the agenda, which so far shouldn’t happen.

“Due to the added legal uncertainty to the process, it has asked the company’s legal department to comment on the possible potential impacts of the decision,” Petrobras said, noting that “COPE/CELEG will come to light in due course, when questions arising from the court decision are resolved. mentioned”.

When contacted, the Ministry of Mines and Energy did not immediately comment on the matter.


The other names indicated last week by the Ministry of Mines and Energy are Renato Campos Galuppo, a lawyer who was legal adviser to the Chamber of Deputies until 2021, Anelize Lenzi Ruas de Almeida, current Attorney General of the National Treasury, and Evamar José dos Santos, a financial advisor who served nearly four decades as a servant in the Legislative Assembly of Minas Gerais.

“The three (new) names are an indication that there will be more changes. It’s as if they are in the warm-up, awaiting the order to take the field,” added a second source.

Wanted, Petrobras did not immediately respond to requests for further comment.

The first list of candidates from the Ministry of Mines and Energy has already undergone two changes shortly after being presented to Petrobras.

In a material fact on March 8, the company informed that it had received a letter from the government regarding the replacement of Carlos Eduardo Turchetto Santos with Efrain Pereira da Cruz.

Cruz, by the way, was confirmed as executive secretary of the Ministry of Mines and Energy on Friday.

Petrobras Chief Executive Officer Jean Paul Prates has held frequent meetings with President Luiz Inácio Lula da Silva and Mines and Energy Minister Alexandre Silveira to reach consensus names.

An initial reading was that União e Prates needed names aligned with the government to facilitate the implementation of changes in the company’s management.

“They have already changed and will change again. Most impressive is that they go in the direction of people with no relevant experience in the oil and gas market and no history with progressive politics and local economic development,” said a third source.

“A lot of newbies,” he added.

The ministry’s preventive action aims to avoid potential delays in choosing the new board.

The rejection of one or more names could impose a new postponement of the general meeting of the company’s shareholders, scheduled for April 27th.

The meeting will give the final word on the new candidates for the board. But Petrobras will be able to convene the meeting only after the approval of the names of the directors by the committees that evaluate the curricula of the candidates.

There is a 30-day interval between the convocation and the holding of the meeting for the approval of the approved names.

For the moment, only the current president Jean Paul Prates is a representative of the current government in the management of the company.

Even before assuming the presidency of Petrobras, Prates defended changes in the company’s dividend payout and pricing policy.

Source: Terra

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