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Board OKs new Petrobras CEO picked by Bolsonaro

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Petrobras board voted 7-3 on Monday to approve Caio Paes de Andrade to run the oil behemoth. The employees’ representative, Rosângela Buzanelli, and two representatives of the minority shareholders, Francisco Petros and Marcelo Mesquita, voted against it. The latter approved Mr. Paes de Andrade, a former federal secretary of Privatization, as a board member. The other two minority board members, Marcelo Gasparino and José João Abdalla, voted for the approval of the majority shareholder’s pick.The board meeting lasted two hours. The first to vote was the head of the eligibility committee, Francisco Petros, the only one to disapprove Mr. Paes de Andrade in that board’s meeting on Friday. The vote was a warning against the risk of shortage in the domestic fuel market caused by an eventual change in the pricing policy. This is the goal pursued by the controlling shareholder through Mr. Paes de Andrade’s appointment.It was also a warning against the lack of well-known knowledge and experience of the nominee, who is graduated in communication and has only one and a half years on the board of the state-run pre-salt oil company PPSA. Despite the warning that there was an affront to good governance, the board was determined to go ahead with the approval.Mr. Petros warned that the board may be held responsible for a potential change in the oil company’s pricing policy, the fact that the candidate’s experience is not up to the job, the class action that could potentially be filed by shareholders with the New York Stock Exchange, and the failure to respect the Brazilian laws.In addition to the Securities and Exchange Commission (CVM), which on Monday morning received a complaint against the appointment of Mr. Paes de Andrade from the association of oil workers minority shareholders of Petrobras (Anapetro), several provisions of the...

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