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Petrobras calls meeting without federal government nominees

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Petrobras published on Tuesday the notice for participation in the shareholders’ general meeting and left out the executive secretary of the Chief of Staff Office, Jônathas de Castro, and the attorney general of the National Treasury, Ricardo Alencar. The two names nominated by the federal government were considered ineligible by the Eligibility Committee (Celeg) of the state-owned company.The move may be a sign that the federal government has withdrawn from these nominations. However, nothing prevents these names, or new candidates, from being submitted for approval at the extraordinary general meeting scheduled for August 19. In addition to attrition with investors, the company's reputation is certainly shaken, says lawyers and market experts heard by Valor."The perception is that the committee interpreted the state-owned companies law, and this is not an option. If there is an appointment [the resubmission of the two names vetoed by the board], it is the federal government that will commit the illegality," says Carlos Portugal Gouvêa, partner at PGLaw Advogados and professor at São Paulo University (USP).Article 17 of the law determines, for example, the prohibition of "persons who have or may have any form of conflict of interest with the political-administrative person controlling the government company or the mixed economy company or with the company or society itself".The recommendations of Celeg, which is an advisory body and has no power of veto, were accepted on Monday by the current board of directors of the company, responsible for convening the extraordinary general meeting.It is still not clear whether the federal government will insist on the nomination of Mr. Castro and Mr. Alencar, vetoed by Celeg, or will nominate two other names. There is a possibility that the vetoed candidates will be taken to the appreciation of the shareholders at the extraordinary general meeting if the president of the assembly accepts the nominations, says sources."The unfavorable manifestation would not prevent the names from being submitted to the assembly, even if with a contrary opinion. So the withdrawal of the names gives the understanding that there was some communication of...

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