The three additional names appointed last week to the Board of Directors of Petrobras (PETR3; PETR4) have a good chance of “entering the field” in the future, on the collegiate team of the state-owned company, while the government seeks to protect itself from possible disapprovals from other nominated candidates, they told the Reuters four sources abreast of the subject.
They would be “warming up to play”, in view of the expectation of possible vetoes by Petrobras’ curriculum analysis committees for other candidates, which could delay the process of electing directors, if the government does not have their alternates, added the sources. , on condition of anonymity.
The movement occurs while the government wants more investments in refineries, while revoking the resolution that established the refining divestment process in the Brazil. There are also indications that the government wants to change the way price adjustments take place in the Petrobras.
Petrobras’ governance and compliance bodies have begun reviewing the nominations, and some of those previously nominated may not be approved. “There are potential conflicts of interest,” said one of the sources.
In a note on Friday night, Petrobras stated that internal reports prepared to support the evaluations of the company’s Personnel and Eligibility Committee (COPE/CELEG), responsible for evaluating the nominees, presented notes regarding the nominations of the candidates Pietro Mendes (appointed to chairman), Bruno Moretti and Sergio Rezende, in view of vetoes provided for in the State-Owned Companies Law.
Among the possible impediments, Petrobras cited items that prohibit the participation of representatives who hold certain public offices, of a person who has acted in the last three years as a participant in the decision-making structure of a political party, in addition to a candidate who has signed contracts with the company. or other entities under certain conditions.
Also according to the state-owned company, COPE/CELEG had not yet issued a statement as of Friday night regarding the nominations made by the controlling shareholder.
However, according to Petrobras, the committee was surprised by a new decision by the Federal Supreme Court (STF) on Thursday after their last meeting earlier that day.
The Minister of the Supreme Court Ricardo Lewandowski suspended the effects of the section of the State-Owned Companies Law that restricts appointments of directors and directors who hold certain public offices or who have acted, in the previous three years, in the decision-making structure of a political party or in the organization and conduct of an electoral campaign. This preliminary decision may or may not be confirmed by the virtual plenary in a trial scheduled to begin at the end of the month.
After Lewandowski’s injunction, Justice André Mendonça reacted and returned a request for a view made by him earlier.
In practice, Mendonça wants to judge the action on its merits by the face-to-face plenary. But he will need the president of the STF, Rosa Weber, to include the matter on the agenda – which is not expected to happen so far.
“As a result of the legal uncertainty added to the process, it asked the company’s legal department to comment on the possible prospective impacts of the decision,” said Petrobras, noting that “COPE/CELEG will manifest itself in due course, when the questions arising from the court decision are resolved. mentioned”.
When contacted, the Ministry of Mines and Energy did not immediately comment on the matter.
supplementary names
The additional names indicated last week by the Ministry of Mines and Energy are Renato Campos Galuppo, a lawyer who was a legal advisor in the Chamber of Deputies until 2021, Anelize Lenzi Ruas de Almeida, current attorney general of the National Treasury, and Evamar José dos Santos, financial consultant who served for almost four decades as a servant in the Legislative Assembly of Minas Gerais.
“The three (new) names are an indication that there will be more change. It’s as if they were in the warm-up, waiting for the order to take the field,” added a second source.
Sought, Petrobras did not immediately respond to requests for additional comment.
The first list of nominees by the Ministry of Mines and Energy has already undergone two changes shortly after being presented to Petrobras.
In a material fact on March 8, the company informed that it received a letter from the government regarding the replacement of Carlos Eduardo Turchetto Santos by Efrain Pereira da Cruz.
Cruz, by the way, was confirmed as executive secretary of the Ministry of Mines and Energy on Friday.
The CEO of Petrobras, Jean Paul Prateshas held frequent meetings with President Luiz Inácio Lula da Silva, and the Minister of Mines and Energy, Alexandre Silveira, to arrive at consensus names.
An initial reading was that União and Prates needed names aligned with the government as a way of facilitating the implementation of changes in the direction of the company.
“They have already changed and will change again. The most impressive thing is that they are directed by people with no relevant experience in the oil and gas market and no history with progressive policies and local economic development,” said a third source.
“A lot of neonates,” he added.
The ministry’s preventive action aims to avoid potential delays in choosing the new council.
The disapproval of one or more names could force a new postponement of the general meeting of shareholders of the company, scheduled for April 27.
The assembly will give the final word on the new nominees for the council. But Petrobras can only call the shareholders’ meeting after approval of the names of directors by the evaluation committees of the nominees’ CVs.
Between the call and the holding of the meeting for approval of the approved names, 30 days are necessary.
For the time being, only the current president Jean Paul Prates is a representative of the current government in the company’s management.
Even before assuming the presidency of Petrobras, Prates defended changes in the company’s dividend payment and price policy.
Source: Moneytimes
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