FUP and Anapetro go to court to block new Petrobras mega-dividend

The target of the actions is the company's management and members of the Board of Directors. Measures involve representation at TCU, MP de Contas, complaint to CVM and PGR and judicial process

Rio de Janeiro, November 3, 2022- The Federarão Única dos Petroleiros (FUP) and Anapetro – the association that represents oil workers who are minority shareholders of Petrobras – will file a lawsuit against the company’s management and its directors, if the Board Board of Directors (CA) of the company approved, in a meeting this Thursday, 3rd, the distribution of a new volume of dividends, which, according to information, could reach R＄ 50 billion, related to the results of the third quarter. With this, the total dividends for the year will reach almost R＄ 180 billion, while the investments made by the state-owned company in 2022, until June, add up to just R＄ 17 billion, according to the company's financial reports.

“FUP and Anapetro will challenge in court the eventual approval of new dividends and will sue each board member for such a measure”, says the general coordinator of the Federation, Deyvid Bacelar. This morning, the two entities will make a preventive representation before the Federal Court of Accounts (TCU) and the Public Ministry of Accounts, in addition to filing a complaint with the Securities and Exchange Commission (CVM) and the Attorney General's Office (PGR). Advisors will also be notified. Lawyers from Advocacia Garcez, who represent FUP and Anapetro in the case, are preparing procedural documents, which will be forwarded before the start of the CA meeting.

Petrobras became the largest dividend-paying company in the world in the second quarter of the year, as classified by the Global Dividend Index of manager Janus Henderson. To reach this rank, the oil company surpassed the 1.200 largest global companies by market value.

“Only with the dividends of this third quarter, of about R＄ 50 billion, it would be enough to buy back the Rlam and Six refineries and conclude the works of Abreu Lima, Comperj, UFN-3, reopening of Fafen-PR and even there would be money left over for other investments”, highlights the FUP director, referring to refining, petrochemical and fertilizer units.

According to specialists at Advocacia Garcez, “any decision on dividends should be up to the company's future management, and already considering the guidelines of a new controller. The legislation determines that the approval of dividends is the responsibility of the ordinary general meeting, and not of the company's board of directors”. The next Petrobrás AGM is scheduled for next year, already under the management of the elected government that takes office on January 1st.

“In addition to legal issues, the distribution of dividends of such magnitude is immoral. In 2022 there will be R＄ 180 billion in advance dividends referring to 2022, plus R＄ 37 billion paid in the first half, related to the remaining dividends to be paid for 2021. In other words, Petrobras will distribute, based on the cash criterion, R＄ 207 billions in dividends in 2022”, emphasizes Bacelar.

The president of Anapetro, Mário Dal Zot, points out that, “absurdly, the new Petrobras dividend policy allows quarterly payments with withdrawal, including, in the profit reserve account, which implies a reduction in the Company's Shareholders' Equity, as happened in the second quarter of the year”.

Dal Zot explains that for reasons of compliance and better governance practices, it is not convenient for the Board of Directors, even if it is within statutory limits, to decide now on the distribution of dividends, as there are scenarios and variables that will change soon, such as company's strategic planning that will tend to change with the new government.

Via Alter Content – ​​By FUP

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