Petrobras announces additional payment of shareholder remuneration

Paes de Andrade is appointed director and elected president of Petrobras

The Board of Directors of Petrobras approved today (27) the appointment of Caio Mário Paes de Andrade as a new director, electing him afterwards for the presidency of the state-owned company. He will assume the role after the act of inauguration, whose date is not yet defined. His term will run until April 13, 2023. It is the fourth change of command at the state-owned company during the presidential term of Jair Bolsonaro.Paes de Andrade is appointed director and elected president of Petrobras

Graduated in social communication from Universidade Paulista, Paes de Andrade furthered his studies in the United States: he has a postgraduate degree in administration and management from Harvard University and a master’s degree in business administration from Duke University. According to a curriculum released by Petrobras, he accumulates experiences as an entrepreneur in information technology, real estate and agribusiness.

Paes de Andrade was appointed by Jair Bolsonaro to replace José Mauro Ferreira Coelho. the president of the republic had been publicly manifesting their dissatisfaction with the fuel readjustments.

Since 2016, Petrobras has adopted the so-called Import Parity Price Policy (PPI), which links the price of oil to the international market using the price of a Brent barrel, which is calculated in US dollars, as a reference. This guideline was defended by all presidents of the state-owned company appointed in the last six years, during the terms of Michel Temer and Jair Bolsonaro.

The new change of command at Petrobras was announced on May 23 by the Ministry of Mines and Energy. The ministry reported that the federal government, as the controlling shareholder of Petrobras, had decided to appoint Paes de Andrade. José Mauro Ferreira Coelho resigned on the 20th, just over two months after taking office. He had been sworn in on April 14. Since his resignation, the presidency had been held on an interim basis by Fernando Assumpção Borges.

The name of Paes de Andrade had been considered suitable last week by the Petrobras Eligibility Committee (Celeg), the body responsible for analyzing information and requirements for those appointed by the government to hold positions in the state-owned company. It was evaluated that the nominee of the federal government fulfills the requirements foreseen in the legislation of the state-owned companies.

different functions

Paes de Andrade has already held different positions in the government and it will not be the first time that he has presided over a state-owned company. Between 2019 and 2020, he headed the Federal Data Processing Service (Serpro), a reference in the information technology sector and responsible for managing federal public administration systems.

Since 2020, Paes de Andrade has held the post of special secretary for reduction of bureaucracy, management and digital government at the Ministry of Economy. He coordinated the elaboration of the Administrative Reform and the development of the GOV.BR Platform, a tool created to drive the digitalization of the service of different public services.

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