Petrobras Social Statute Change Approved With 54.98% of Votes.

Written by Paulo Nogueira

Published on 30/11/2023 at 17:34

A aprovação das mudanças no Estatuto já era esperada pelo mercado, já que a União é acionista majoritária e por isso detém o maior número de votos

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The Approval of Changes to the Bylaws Was Expected by the Market Given That the Union, the Major Shareholder, Holds the Most Votes, Which Naturally Influences Decision-Making in the Document Amendment Process. This Situation Was Widely Anticipated and Did Not Surprise Analysts.

Despite this, Petrobras Will Only Be Allowed to Include This Section in the Minutes of the Extraordinary General Assembly After Receiving a New Manifestation from the TCU.

The Representative of the Union, Ivo Timbó, Opted to Change the Content of the Proposal During the Extraordinary General Assembly, Incorporating the Concepts of Material and Formal, Which Practically Results in the Restoration of the Original Bylaws Text.

According to the TCU, the Previous Wording Deviates from the State-Owned Companies Law by Attempting to Promote a Misguided Interpretation Regarding Conflict of Interests and ‘Prevent Prior Analysis of the Conflict of Interest of the Appointee’. To Simplify the Procedure, the Union Decided to Include Any Type of Conflict in the Text.

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Controversial Exclusion of the Restrictions for Appointing Managers

The Controversial Process of Excluding Restrictions on the Appointment of Managers Was Also Approved by the AGE. This Is a Topic That Has Been a Subject of Debate Throughout the State-Owned Company’s Tenures, Both Under the Bolsonaro Administration and the Lula Administration. Names That Should Be Barred from Holding Positions Due to Conflicts of Interest, Being Linked to the Government or Political Parties, Have Held Seats on the Board of Directors.

However, on Wednesday, the 29th, the Court of Auditors of the Union (TCU) Issued a Precautionary Measure to Suspend the Analysis of the Proposal That Modifies the Headline 21 of the Bylaws, Which Addresses Conflicts of Interest in the Appointment of Managers. The Council’s Suggestion Presented to the AGE Is to Include a Passage in the Bylaws So That Formal Conflicts of Interest 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 Votes on September 30 the Proposals from the Board of Directors for Amendments to the Company’s Bylaws. One of the Most Controversial Issues Is the Creation of a Capital Reserve for Dividend Payments, Which Displeases the Market for Threatening the Distribution of Extra Profits, According to Analyses. The Votes Against the Proposal Totaled 31.96% and Abstentions Were 13.06%.

The Approval of Changes to the Bylaws Was Already Anticipated by the Market, Considering That the Government Is the Controlling Shareholder and Therefore Holds the Largest Number of Votes.

Source: InfoMoney

Petrobras Social Statute Change Approved With 54.98% of Votes.

The Approval of Changes to the Bylaws Was Expected by the Market Given That the Union, the Major Shareholder, Holds the Most Votes, Which Naturally Influences Decision-Making in the Document Amendment Process. This Situation Was Widely Anticipated and Did Not Surprise Analysts.

Controversial Exclusion of the Restrictions for Appointing Managers

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Petrobras Social Statute Change Approved With 54.98% of Votes.

The Approval of Changes to the Bylaws Was Expected by the Market Given That the Union, the Major Shareholder, Holds the Most Votes, Which Naturally Influences Decision-Making in the Document Amendment Process. This Situation Was Widely Anticipated and Did Not Surprise Analysts.

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China is building an artificial island in the middle of the sea, covering 20 km², to construct the largest offshore airport in the world, the Dalian Jinzhouwan. This $4.3 billion project is anchored on more than 3,000 pillars embedded in the rock beneath the ocean and is scheduled to open in 2035.

Forget petroleum-based asphalt: a Scottish company transforms 684,000 plastic bottles into one kilometer of road that is 60% more resistant and up to 10 times more durable, and the technology has already started replacing traditional asphalt in more than 30 countries.

A robot named Walter does the work of five bricklayers per hour and can save the construction industry, where the average age of professionals is 46 years and almost no one wants to learn the trade anymore, in the United Kingdom.

Austrian engineers have developed an inflatable concrete technology that transforms flat slabs into domes using only air pressure, eliminating scaffolding and temporary forms, and potentially changing the way bridges, tunnels, and curved roofs are constructed worldwide.

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