Two Appointees to Petrobras Board Were Found Unfit for the Position at the State Company

The Board of Directors of Petrobras Did Not Approve 2 of the 11 Names That Were Indicated to Be Part of the Company’s Committee

The Board of Directors of Petrobras did not approve two of the eleven candidates nominated to be part of the state-owned company’s Committee. The candidates were deemed ineligible to assume the positions for having worked at companies directly related to Petrobras in the last three years. The assessment is made by the state’s personnel committee, composed of members of the board and independent experts.

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The Board of Petrobras

If elected, the two candidates will assume their positions with the approval of shareholders, who will vote on this matter next Monday, the 12th, at the assembly.

The name of Márcio Andrade Weber was rejected for having been the director of Petroserv until August of last year. The company is a supplier and operator of drilling rigs for Petrobras. He was nominated to be part of Petrobras’ board by the Union, which controls the company.

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Minority shareholders denied the appointment of Pedro Rodriguez Galvão de Medeiros. He was a director at Citibank until December of last year. The bank is responsible for the public offering of the Brazilian oil company BR Distribuidora.

Reason for Not Being Part of the State-Owned Company’s Board

The minutes from the Personnel Committee meeting held on Thursday, the 8th, revealed that executive Márcio argued that he did not render services directly to the state-owned company. However, this argument did not convince the evaluator of his resume, and they referred to the “Corporate Law” to substantiate the decision that he was not qualified for the position.

Besides denying these two names, the Committee also made a series of observations regarding other candidates. The only individuals who fully passed the evaluators’ list are the current chairman of the company’s board of directors, Eduardo Bacellar Leal Ferreira, Cynthia Santana Silveira, Murilo Marroquim, and Leonardo Antonelli, who currently hold minority seats on the board and may run for reelection.

Sonia Villalobos, Ana Silvia Matte, Ruy Flaks Schneider (current board member), Marcelo Gasparino, and José João Abdalla Filho – maintained their names. Some of these individuals have established or have recent contacts with companies that may have conflicts of interest with Petrobras. The Securities and Exchange Commission (CVM) cited other content from the action.

Renewal of the Board of Petrobras

The Board of Directors of Petrobras will be updated in the AGE – Extraordinary General Assembly today, Monday, the 12th. The current structure of the Petrobras board will be dissolved by law, which stipulates that in case one of them resigns, all directors elected by multiple votes must resign. This is because the term of the company’s president and board member, Roberto Castello Branco, has ended.

The position will be assumed by General Joaquim Silva e Luna after successive criticisms from the President of the Republic, Jair Bolsonaro, towards executive Castello Branco.