Brazil’s Petrobras receives six board nominations from federal government

RIO DE JANEIRO, BRAZIL – Brazil’s state-run oil firm Petrobras said on Monday, March 8th, that the federal government had nominated six individuals as potential members of the firm’s board of directors, to be voted on at the upcoming extraordinary general meeting.

Five have been nominated by the Ministry of Mines and Energy and one by the Economy Ministry, Petrobras said in a securities filing. It said the government could still put forward two more names.

This comes after four directors said last week they would be stepping down, following President Jair Bolsonaro’s decision last month to replace Chief Executive Roberto Castello Branco with retired military general Joaquim Silva e Luna.

The six names nominated on Monday are Silva e Luna, Eduardo Bacellar Leal Ferreira, Ruy Flaks Schneider, Márcio Andrade Weber, Murilo Marroquim de Souza and Sonia Julia Sulzbeck Villalobos.

No date has yet been set for the extraordinary general meeting.