Petrobras: Board nominees are ineligible, says CVM – 04/13/2023 – Market

Petrobras said that the CVM (Securities and Exchange Commission) considered ineligible two candidates nominated by the government of President Luiz Inácio Lula da Silva (PT) to the board of directors of the state-owned company. The information was disclosed in a statement to the market, this Thursday (13).

The final decision, however, will be taken by the shareholders meeting, scheduled for April 27th.

Pietro Adamo Sampaio Mendes, Secretary of Oil and Gas of the MME (Ministry of Mines and Energy), and former Minister Sérgio Machado Rezende, who is leader of the PSB, were considered ineligible.

According to Petrobras, the CVM’s decision is in line with the actions of the board of directors and the company’s internal committee, which had already rejected the federal government’s nominations.

When considering the two names ineligible, in March of this year, the Petrobras committee responsible for analyzing the CVs alleged prohibitions stipulated by the Law of State Companies.

Called Cope (People’s Committee), the group is made up of four members of the board of directors and one independent member.

In its opinion on Pietro Mendes, the committee assessed that he does not incur prohibitions, as long as he resigns from his position at the MME. Based on the committee’s assessment, the board of directors decided, by majority, for the ineligibility.

With regard to Sérgio Machado Rezende, Cope considered that the nominee is ineligible for participating in a political party directory, which is prohibited by law and by the company’s bylaws. The decision was followed by all directors who voted at the meeting.