Petrobras will appeal the decision that suspends the mandate of the state-owned company’s advisor

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The decision was taken in action filed by a state deputy from São Paulo. Advisor was approved despite contrary opinions from governance and rejection by the Board of Directors. Petrobras informed this Monday (8) that it will appeal the decision of the 21st Civil Court of São Paulo that suspends the mandate of Sérgio Machado Rezende from the company’s Board of Directors. Lula discusses solution with Prates at Petrobras with minister Rezende was Minister of Education and Science and Technology in the Lula governments. When he was appointed to the Petrobras Board of Directors, he was affiliated with the PSB and participated in the party’s decision-making leadership — which is an impediment in the company’s bylaws. Despite contrary opinions from governance and rejection by the Board of Directors, the government managed to nominate Sergio Rezende at the Shareholders’ Meeting. All those appointed to Petrobras must meet certain requirements and go through the CV analysis process in the state-owned company’s governance, which assesses possible conflicts of interest. Facade of Petrobras headquarters. Jornal Nacional/ Reproduction The court decision in São Paulo was taken as part of a lawsuit filed by state deputy Leonardo Siqueira (Novo-SP). In a statement, Petrobras states that it will defend the “soundness of its internal governance procedures, as it has done in other ongoing actions in the same Court questioning appointments to the Board.”

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