FUP and Anapetro Go to Court to Block Petrobras' New Mega Dividend

FUP and Anapetro Go to Court to Block Petrobras’ New Mega Dividend

Written by Paulo Nogueira

Published on 03/11/2022 at 09:45

Updated on 03/11/2022 at 09:46

Foto: Fernando Frazão/Agência Brasil

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The Target of the Actions Is the Company’s Management and Members of the Board of Directors. Measures Involve Representation at the TCU, the Public Accounts Ministry, a Complaint to the CVM and PGR, and a Lawsuit

Rio de Janeiro, November 3, 2022 – The Unique Federation of Oil Workers (FUP) and Anapetro – the association representing minority shareholder oil workers of Petrobras – will file a lawsuit against the company’s management and its directors if the Board of Directors (CA) approves, in a meeting this Thursday, the distribution of a new volume of dividends, which, according to information, could amount to R$ 50 billion, related to the results of the third quarter. As a result, the total dividends for the year will reach nearly R$ 180 billion, while the investments made by the state-owned company in 2022, up to June, total only R$ 17 billion, according to the company’s financial reports.

“FUP and Anapetro will legally challenge any approval of new dividends and will sue each director for such a measure,” says the Federation’s general coordinator, Deyvid Bacelar. This morning, the two entities will file a preventive representation with the Federal Court of Accounts (TCU) and the Public Accounts Ministry, in addition to a complaint to the Securities and Exchange Commission (CVM) and the Attorney General’s Office (PGR). The directors will also be notified. The lawyers from Advocacia Garcez, who represent FUP and Anapetro in the case, are preparing the legal documents, which will be submitted 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 fund manager Janus Henderson. To achieve this position, the oil company surpassed the 1,200 largest global companies by market value.

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“Just with the dividends from this third quarter, of about R$ 50 billion, it would be possible to buy back the refineries Rlam and Six and complete the works at Abreu Lima, Comperj, UFN-3, reopen Fafen-PR, and still have money left for other investments,” emphasizes the FUP leader, referring to refining, petrochemical, and fertilizer units.

According to the specialists from Advocacia Garcez, “any decision regarding dividends should belong to the future management of the company, considering the guidelines of a new controller. Legislation determines that the approval of dividends is the responsibility of the ordinary general assembly, and not the company’s board of directors.” Petrobras’ next AGO is scheduled for next year, already under the management of the elected government taking office on January 1.

“In addition to legal issues, the distribution of dividends of this magnitude is immoral. In 2022, there will be R$ 180 billion in advance dividends related to 2022, plus R$ 37 billion paid in the first half, related to arrears of dividends from 2021. In other words, Petrobras will distribute, based on cash criteria, R$ 207 billion in dividends in 2022,” stresses Bacelar.

The president of Anapetro, Mário Dal Zot, highlights that, “absurdly, Petrobras’ new dividend policy allows quarterly payments with withdrawals, including from the profit reserve account, which implies a reduction of the company’s Equity, as happened in the second quarter of the year.”

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

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