Lula government elects 6 advisors and maintains control over Petrobras

The shareholders of Petrobras elected in an assembly this Thursday (April 25, 2024) the 11 new members of the state-owned company’s Board of Directors. As expected, the government Luiz Inácio Lula da Silva (PT) managed to maintain 6 seats on the board. He continues to have control of the company’s main decision-making body.

The government had indicated 8 names for Petrobras, but I didn’t expect to get them all. The goal has always been to maintain the 6 seats. The majority already occupy seats on the board. Among them is the company’s CEO, Jean Paul Prates. The term of office is two years.

Pietro Mendes was reappointed as president of the Board of Directors. He was appointed by the Minister of Mines and Energy, Alexandre Silveira, and is Secretary of Oil and Gas at the ministry. He was away temporarily from office by the Court on April 11 for “Conflict of interests”but the decision was knocked down.

The only novelty among the government names in the group is Rafael Dubeux, indicated by the Minister of Finance, Fernando Haddad. The idea of ​​having a representative of the ministry on the board came after the crisis caused at the state-owned company by the decision taken in March do not distribute extraordinary dividends.

Dubeux is deputy executive secretary at the Ministry of Finance. On the Petrobras board, he takes over the position currently occupied by Sérgio Machado Rezendeformer Minister of Science and Technology in the Lula 1st and 2nd governments.

Read below who the 6 government names are on the Board of Directors:

• Pietro Mendes – president of the collegiate and secretary of Oil and Gas at the Ministry of Mines and Energy;
• Jean Paul Prates – CEO of Petrobras;
• Vitor Saback – Secretary of Geology and Mining at the Ministry of Mines and Energy;
• Renato Galuppo – lawyer appointed by the Ministry of Mines and Energy;
• Bruno Moretti – deputy head of Government Analysis at the Civil House; It is
• Rafael Dubeux – deputy executive secretary of the Ministry of Finance.

The Petrobras Eligibility Committee has already previously analyzed all names in accordance with internal governance rules and compliance and did not veto any candidate.

MINORITIES

Minority shareholders maintained the 4 seats on the board. There were 6 competitors. Only Aristotles Nogueira Filho and Thales Kroth de Souza failed to be elected.

The novelty among the names chosen was Jerônimo Antunes, who will be the representative of the preferred shareholders (PN). He was nominated by funds managed by Opportunity.

Read below who the 4 members are:

In the prior analysis of the names elected by the minority shareholders, the Petrobras Eligibility Committee did not veto any, but indicated a conflict of interest and restrictions regarding some of them as they were also in management bodies of other energy companies.

This is the case of lawyer Marcelo Gasparino, who is also an advisor to Eletrobras, and investor José João Abdalla Filho, known as Juca Abdalla, who also invests in the companies Eletrobras, Cemig (where he is an advisor), Engie and CEG-Rio. Jerônimo Antunes is already a member of the audit committee of Vibra (formerly BR Distribuidora).

For the 11th vacancy on the Board of Directors, which represents employees of the Petrobras System, counselor Rosangela Buzanelli Torres was re-elected. Her reappointment had already been approved by the employees.