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Petrobras board to discuss dividend policy

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The board of directors of Petrobras will meet this Friday to discuss, among other things, the dividend policy and a possible buyback of the company’s shares, Valor found. The issue has been studied internally by a technical committee of the company, at the request of the board. The study is expected to be completed and presented to the trustees by the end of July.The change in dividend policy has always been considered necessary for Petrobras to increase the volume of investments in the coming years, especially in projects aimed at decarbonization and energy transition.In May, the board decided to prepare a proposal to adjust the current 2023-2027 strategic plan and "improve" the remuneration policy for Petrobras shareholders, including the possibility of repurchasing the company’s shares.Petrobras’ second-quarter financial results will be analyzed at another board meeting scheduled for next Thursday, the day the earnings report will be released after the market closes.The current shareholder compensation policy states that if Petrobras’ gross debt is less than $65 billion, it will distribute to shareholders 60% of the difference between operating cash flow and investments.However, the company’s current dividend policy has been the target of frequent criticism from the government and Petrobras’ board of directors. Last week, Chief of Staff Rui Costa told reporters that "Petrobras distributes dividends like Santa Claus. The guidelines have changed, and the company will have to reinvest more."However, the government, as the company’s majority...

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