Petrobras expected to change whole board
The board of directors of Petrobras failed to deliberate, during Wednesday’s meeting, on whether to convene an extraordinary general meeting, as requested by the government, to replace CEO José Mauro Coelho for Caio Paes de Andrade. The federal government did not provide all the necessary information for the directors to analyze the case. The ball is now back in the government’s court, which will have to present a full list with eight candidates for the election of new directors, including Mr. Andrade and seven other names.The idea of changing the current board members of the state-owned company for people more aligned with the government is gaining steam. With such move, the Bolsonaro administration intends to hold back fuel price hikes amid high inflation in an election year.Banco do Brasil Chair Iêda Cagni is one name considered for a seat in Petrobras’s board, sources familiar with the matter say. The information was first reported by O Globo’s columnist Lauro Jardim. Ms. Cagni is a National Treasury attorney. She graduated in Law from the University Center of Anápolis and has a specialization in Public Law from Faculdade Processus (Federal District), and an MBA and a master degree in Public Administration from Fundação Getúlio Vargas (FGV). She was a member of the board of directors of Serviço de Processamento ed Dados (Serpro) and of Bahia-based water utility Embasa.A source familiar with Petrobras said that the current board members are "in the dark" about the possible changes, but the assessment is that the government will change "everybody." Petrobras’s board has 11 seats and, in the current composition, six are picked by the federal government, four by minority shareholders and one by employees.Petrobras board’s meeting lasted all day on Wednesday and the call for the extraordinary general meeting was the last item on the agenda, but there was no deliberation on the matter. A source said that the federal government did not follow the proceedings necessary for the board to analyze Mr. Paes de Andrade’s name. "The process was poorly constructed," a source said.The board had only received a letter from the Ministry of Mines and Energy, on Monday, asking the company to convene a meeting to dismiss Mr. Coelho as a board member and appoint Mr. Paes de Andrade as a substitute. According to Petrobras’s bylaws, the CEO must first be elected as a board member, in a general meeting, to then be confirmed as CEO. But the analysis did not go...
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