Reporting by Peter Frontini, Reuters
SAO PAULO
EnergiesNet.com 07 21 2022
Brazil’s Mines and Energy Ministry said on Wednesday it will not replace two of its nominees for Petrobras’ (PETR4.SA) board of directors despite their being rejected by the company’s eligibility committee.
Last week, the committee, known as Celeg, said in a non-binding report that two of the government’s seven picks for the Petrobras board did not meet the requirements for the position.
The government moved to overhaul the state oil company’s board as President Jair Bolsonaro’s popularity rating took a hit from high inflation, hurt by fuel price hikes, just months before his re-election bid.
The committee found that both candidates would have a conflict of interest serving on the board given that they have high-ranking positions in Bolsonaro’s government.
The ministry said in a statement that it saw no evidence for the alleged objections raised by the committee because they “lacked the necessary legal foundation.”
Reporting by Peter Frontini; Editing by Christian Plumb and Leslie Adler
reuters.com 07 20 2022
