Deputy calls for suspension of assembly at Petrobras – 23/10/2023 – Panel SA

State deputy Leonardo Siqueira (Novo-SP) asked the court to suspend the general meeting announced by Petrobras to change the company’s statute. He is the author of a popular action, filed last week, against changes to the board of directors, which tries to overturn a lock against political appointments.

In a statement to the market this Monday (23), Petrobras announced the approval of a proposal that will change the criteria required by the State Law for the appointment of directors.

The topic, approved by the council, will be debated at a general meeting, with no date set yet.

According to Leonardo Siqueira, Petrobras is trying to adapt the statute to ratify “illegal appointments” and avoid the suspension of three advisors appointed by the Lula government.

The names questioned by the deputy in court are Pietro Mendes, Efrain Cruz and Sergio Rezende, elected by the Petrobras shareholders’ meeting at the end of April.

The three received negative opinions from the Securities and Exchange Commission and the oil company’s board of directors, but took up their positions anyway.

“There is no point simply changing the law now, the infraction has already been committed. But from a moral point of view, and in the eyes of the public, it is clear that it is practically a confession of Petrobras’ crime”, said the deputy about the company’s announcement this second.

In the process, Siqueira states that none of the three nominations were made through the headhunter process, as required by statute.

Sergio Rezende, for example, was affiliated with the PSB until March, failing to comply with a mandatory 36-month quarantine to take up a position in the company.

Efrain Cruz was executive secretary and advisor to the Ministry of Mines and Energy (MME). In this case, the statute allows the entry of people who worked in these positions as statutory servants, but bars commissioned employees, such as the secretary.

Pietro Mendes is also an MME employee and would be in conflict of interest with Petrobras.

For the deputy, the appointments indicate that Petrobras’ compliance system has been reduced to opinionated issues. Failure to comply with the statute may lead to the annulment of the nominees.

“Instead of the statute continuing to be restrictive and in compliance with best market practices, Petrobras will precisely make it more flexible, to make the investiture of advisors easier,” said Siqueira.

The market did not digest Petrobras’ announcement well and shares fell 6% at the close of B3 this Monday. The company lost R$32.3 billion in market value.

Petrobras has not commented so far

With Diego Felix

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