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The approval of the changes to the Statute was already expected by the market, given the fact that the Union, the majority shareholder, holds the largest number of votes, which naturally influences decision-making in the process of changing the document. This situation was widely predicted and did not surprise analysts.
Despite this, Petrobras will only be permitted to include this section in the minutes of the Extraordinary General Meeting after receiving a new statement from the TCU.
The Union representative, Ivo Timbó, chose to change the content of the proposal during the Extraordinary General Assembly, incorporating the concepts of material and formal, which, in practice, results in the restoration of the original text of the Statute.
According to the TCU, the previous wording deviates from the State-Owned Companies Law, by trying to promote a mistaken interpretation of conflict of interest and 'prevent prior analysis of the nominee's conflict of interest'. To simplify the procedure, the Union decided to include any type of conflict in the text.
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Controversial exclusion from seals to the appointment of leaders
The controversial process of excluding restrictions on the appointment of leaders was also approved by the AGE. This is a topic that has been a subject of debate throughout the management of the state-owned company, both in government Bolsonaro as in government Squid. Names that should be prevented from assuming positions due to conflicts of interest, as they are linked to the government or political parties, have occupied seats on the board of directors.
However, on Wednesday, 29, the Federal Court of Auditors (TCU) issued a precautionary measure to suspend the analysis of the proposal that modifies caput 21 of the Statute, which deals with conflicts of interest in the appointments of leaders. The council's suggestion presented to the AGE is the inclusion of an excerpt in the Statute, so that the conflicts formal concerns are resolved on a case-by-case basis.
The Extraordinary Meeting of the General Assembly (AGE) of Petrobras (PETR3;PETR4) approved by a majority (54,98%) of the votes, on September 30th, the proposals of the board of directors for changes to the Statute Company social. One of the most controversial issues is the creation of a capital reserve for payment of dividends, which displeases the market for threatening the distribution of extra profits, according to analyses. Votes against the proposal totaled 31,96% and abstentions were 13,06%.
Approval of changes to the Statute was already foreseen by the market, considering that the government is the controlling shareholder and, therefore, holds the largest number of votes.
Source: InfoMoney
