The Ministry of Mines and Energy released today (9) the list of new names for the Petrobras Board of Directors. Among the nominees is Caio Mário Paes de Andrade, former special secretary of the Ministry of Economy announced as future president of the state-owned company.
The nominations will be voted on by Petrobras’ shareholders’ meeting, where the government has a majority. Of the 11 members of the Board of Directors, eight are appointed by the government and three are elected, respectively, by minority shareholders, employees of the state-owned company and owners of preferred shares (which give preference in the distribution of dividends).
The voting of the new members of the Board of Directors must take place within 30 days after the call. In a statement on May 25, Petrobras detailed the process of changing command. A Petrobras committee will assess whether the names nominated for the board meet legal requirements and do not have restrictions such as conflicts of interest.
Afterwards, the current Board of Directors will meet to convene the Extraordinary General Meeting, in which they will discuss the dismissal of José Mauro Coelho, current president of the company, and the election of the newly appointed members by the ministry. According to Petrobras, Coelho can only be removed if the members of the Board of Directors elected together with him in April are replaced.
Those appointed by the Ministry of Mines and Energy are as follows:
Caio Mario Paes de Andrade (appointed to preside over Petrobras);
Gileno Gurjão Barreto (appointed to chair the Board of Directors);
Ricardo Soriano de Alencar;
Edison Antonio Costa Britto Garcia;
Jonathas Assunção Salvador Nery de Castro;
Ieda Aparecida de Moura Gagni;
José João Abdala Filho;
Marcelo Gasparino da Silva;
Ruy Flaks Schneider;
Marcio Andrade Weber.
