The Board of Directors of Petrobras (PETR4) decided to wait for some steps that need to be completed before convening the Extraordinary General Meeting (AGE) that will elect new members, including the executive appointed by the government to the presidency of the company, Caio Paes de Andrade, current Special Secretary for Debureaucratization, Management and Digital Government of Ministry of Economy.
According to a statement sent this Wednesday, 25th, by Petrobras, the appointment of Paes de Andrade will be submitted to the internal governance process, observing the Policy for Nomination of Members of Senior Management, for the analysis of legal and management and integrity requirements and subsequent manifestation of the Personnel Committee.
According to the statement, the call for the AGE still depends on two stages.
The government still needs to send the nominations of the other seven members to the Board of Directors and it is necessary to have the manifestation of the People’s Committee of the company about the framing of the nominees to the legal, regulatory and statutory requirements and prohibitions, so that it is included in the management’s proposal for the EGM.
“After the aforementioned steps, the Board will meet again to deliberate on the convening of the AGE”, Petrobras informed.
At the AGE, the removal of Coelho from the position of member of the Petrobras Board of Directors will be voted on.
If approved, it will require the election of eight members of the board and the election of a new chairman of the board.
The state-owned company also highlighted that all of its AGES are subject to a period of 30 days between the call and the realization, as it is an issuer of shares that serve as backing for American Depositary Receipts (ADRs).
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Source: Moneytimes
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