Petrobras: Brazilian Securities and Exchange Commission Supports Decision on Ineligibility of Government Nominees

Written by Bruno Teles

Published on 13/04/2023 at 13:37

Updated on 13/04/2023 at 16:54

Petrobras (foto/divulgação)

Be the first to react!

The Superintendence of Relations with Companies of the Securities and Exchange Commission (CVM) expressed its opinion regarding the decision of the Petrobras board to make former minister Sergio Machado Rezende and Secretary Pietro Mendes, both appointed by the federal government to the company’s board, ineligible.

The regulatory agency supported the decision of the current Petrobras management regarding the ineligibility of the candidates. The state-owned company’s board vetoed Rezende due to his party activities and Pietro Mendes due to his position in the Ministry of Mines and Energy.

The CVM stated that Petrobras could avoid conflicts of interest with appropriate measures; however, Pietro Mendes’ role as Secretary of Oil, Natural Gas and Biofuels constitutes a “permanent conflict of interest.” This is because the actions taken by the appointee within the scope of the aforementioned agency could materially influence his decisions as chairman of the board.

Sérgio Rezende had no new facts in the CVM opinion regarding the Petrobras board’s decision to make him ineligible. The interim decision by Supreme Federal Court (STF) Minister Ricardo Lewandowski, considering the 36-month quarantine for party leaders unconstitutional, also did not apply to Petrobras’ internal governance, according to the board’s understanding.

ARTICLE CONTINUES BELOW

Predecessors

Among the current Petrobras board members are Jonathas de Castro and Ricardo Soriano de Alencar. Both were considered ineligible; however, they took office.

Castro was the executive secretary of the Civil House under Ciro Nogueira (PP) when appointed by Jair Bolsonaro to the Petrobras board of directors. Soriano is the current Attorney General of the National Treasury (PGFN), an agency of the Attorney General’s Office (AGU).

The memorandum and opinion from the CVM superintendence did not address the appointment of Efrain da Cruz, executive secretary of Minas e Energia (MME), appointed as a board member of Petrobras at the discretion of Minister Alexandre Silveira, or Vitor Saback, current secretary of mining at MME, who at the time of the analyses at Petrobras, was director of the National Water Agency (ANA).

Efrain da Cruz also had his appointment rejected by the internal governance of Petrobras, but the analysis was conducted after those of Saback, Pietro Mendes, and Rezende. The documents have not yet been published.

The CVM’s position regarding Petrobras’ decision to make Sergio Machado Rezende and Pietro Mendes ineligible for the company’s board was one of support for the decision. Therefore, the final decision on the contested cases will rest with the next shareholders’ meeting of the company.

Petrobras: Brazilian Securities and Exchange Commission Supports Decision on Ineligibility of Government Nominees

Predecessors

Engineers want to carve through Africa with a giant canal to bring water from the world’s second-largest river to a dying lake on the edge of the Sahara Desert that has already lost 90% of its water.

A giant brown band visible from space, approximately 8,850 kilometers long, connected Africa to America in the Atlantic Ocean, and satellites revealed that it is neither land nor pollution, but the largest accumulation of seaweed in the world, which broke records in 2025.

Instead of burning or burying old tires, an American city is transforming about 2,000 of them into the street itself, paving its first sections with a quieter and more durable rubber asphalt.

In just one cast, fishermen are surprised to capture 14,096 mullets in Bombinhas and close a historic season with 58,000 fish; scene recorded in the Santa Catarina paradise marks the last day of the 2026 season.

Using high-resolution satellite images, archaeologists rediscovered the Egyptian city of Imet, buried for centuries in the Nile Delta, revealing rare multi-story houses, granaries, and a sacred road linked to the cobra goddess Wadjet, from about 2,400 years ago.

Greek island offers free housing for volunteers, but there’s a condition: you need to take care of rescued cats.

Motorcyclist sees excavator arriving at the edge of a river in Bosnia, calls neighbors in minutes and turns a hydroelectric project into a resistance lasting more than 10 years with five expired concessions.

A potato-shaped object over a mountain and orbs multiplying in the sky are among the 72 new files from the Department of Defense that do not prove extraterrestrial life.

Family struggling with the electricity bill at the end of the month finds an air conditioner that consumes little and costs only R$ 21 per month; LG device cools the room 40% faster and also comes with a detail that grabs attention.

Man pays only R$ 17,500 for a 2021 Hyundai Creta at auction, finds SUV covered in mud and with a stalled engine, but discovers the problem was much smaller than everyone imagined.

How to properly build a brick wall, starting with measuring the area, choosing materials, preparing the mortar, aligning with nylon string, and finishing with lime, putty, and paint.

Four thousand PET bottles became a 24m² house in the interior of São Paulo, as ten students proved that it’s possible to build a home from floor to ceiling with recycled plastic, spending 30% less than a brick construction.

Petrobras: Brazilian Securities and Exchange Commission Supports Decision on Ineligibility of Government Nominees

Predecessors

Engineers want to carve through Africa with a giant canal to bring water from the world’s second-largest river to a dying lake on the edge of the Sahara Desert that has already lost 90% of its water.

A giant brown band visible from space, approximately 8,850 kilometers long, connected Africa to America in the Atlantic Ocean, and satellites revealed that it is neither land nor pollution, but the largest accumulation of seaweed in the world, which broke records in 2025.

Instead of burning or burying old tires, an American city is transforming about 2,000 of them into the street itself, paving its first sections with a quieter and more durable rubber asphalt.

In just one cast, fishermen are surprised to capture 14,096 mullets in Bombinhas and close a historic season with 58,000 fish; scene recorded in the Santa Catarina paradise marks the last day of the 2026 season.

Using high-resolution satellite images, archaeologists rediscovered the Egyptian city of Imet, buried for centuries in the Nile Delta, revealing rare multi-story houses, granaries, and a sacred road linked to the cobra goddess Wadjet, from about 2,400 years ago.

Greek island offers free housing for volunteers, but there’s a condition: you need to take care of rescued cats.

Motorcyclist sees excavator arriving at the edge of a river in Bosnia, calls neighbors in minutes and turns a hydroelectric project into a resistance lasting more than 10 years with five expired concessions.

ANP halts LPG reform, and Sindigás sees technical caution as a decisive point for safety, investments, and the future of the cylinder in Brazil.

Oil spill in the Caribbean raises environmental alert and increases tension between Venezuela and Trinidad and Tobago

More than 40 Petrobras platforms enter the decommissioning queue and open up a billion-dollar industry in Brazil for cranes, special ships, underwater cutting, and offshore recycling.

ANP schedules oil auctions in October and reinforces regulatory predictability for concessions, sharing, and investments in the oil and gas sector

There is oil below the oil that Brazil already extracts: Petrobras confirmed a new accumulation in the Búzios field, at a depth of 5,600 meters, in a zone below the reservoir already operating in the Santos Basin.

A potato-shaped object over a mountain and orbs multiplying in the sky are among the 72 new files from the Department of Defense that do not prove extraterrestrial life.

Family struggling with the electricity bill at the end of the month finds an air conditioner that consumes little and costs only R$ 21 per month; LG device cools the room 40% faster and also comes with a detail that grabs attention.

Man pays only R$ 17,500 for a 2021 Hyundai Creta at auction, finds SUV covered in mud and with a stalled engine, but discovers the problem was much smaller than everyone imagined.

How to properly build a brick wall, starting with measuring the area, choosing materials, preparing the mortar, aligning with nylon string, and finishing with lime, putty, and paint.

Four thousand PET bottles became a 24m² house in the interior of São Paulo, as ten students proved that it’s possible to build a home from floor to ceiling with recycled plastic, spending 30% less than a brick construction.