Government seeks to expand its direct influence over Brazil’s largest state-owned company through elections
A Petrobras this Thursday (25th) will hold a assembly in shareholders to elect a new advice in administration and decide on the payment of dividends extraordinary. This issue has been the focus of a crisis policy that almost resulted in the downfall of the president of the state-owned company, Jean Paul Prates. O government seeks to increase its direct influence over Petrobras through election for the council. Meanwhile, the discussion about dividends has an impact on the view of investors about the company, recently shaken. The expectation is that Petrobras will regain its position as one of the oil companies with the best return to investors, with the forecast of paying between 12% and 13% of the value of its shares in 2025. The dispute over dividends has been a source of criticism since the previous management.
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In March, the government vetoed a proposal from the company’s board of directors to distribute extraordinary dividends, claiming that this could harm the company’s investments. However, this decision was revised the previous week by determination of the President Lula and must be voted on at this Thursday’s assembly. A voting for the board it is also crucial. 10 of the 11 seats on the board are at stake, with government representatives and private investors competing for the seats. One of them will be occupied again by Rosângela Buzanelli. The government presented a list with eight names, five of them already on the board: Prates, the special secretary of Government Analysis of the Civil House, Bruno Moretti, two secretaries of the MME (Ministry of Mines and Energy), Victor Saback and Pietro Mendes, and the lawyer Renato Gallupo.
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