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Petrobras (PBR) Committee Discards Government Board Nominees
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The Brazilian state-owned oil major Petrobras’ (PBR - Free Report) eligibility committee recently stated that two of the Brazilian government's seven nominees for a refurbished board at the company did not meet the requirements to hold the position.
Brazilian President Jair Bolsonaro picked the two ineligible nominees – Jonathas Assuncao Salvador Nery de Castro and Ricardo Soriano de Alencar. Both of them, however, are not qualified to become the board members of PBR based on the company’s internal bylaws, the committee established, per the minutes of its last meeting.
The committee mentioned that the candidates would have a conflict of interest in serving the board of the company as they both hold high-ranking positions in the Brazilian Government led by Bolsonaro. While Castro is an official in the chief of staff's office, Alencar serves as the prosecutor general of Brazil's national treasury.
The committee’s report is nonbinding, and the rejected nominees can still be board members as necessary approvals by the current board and Petrobras' shareholders are pending.
The other five government picks and the two minority shareholder appointees were given consent by the committee.
Headquartered in Rio de Janeiro, Petroleo Brasileiro S.A. or Petrobras S.A. is the largest integrated energy firm in Brazil and one of the largest in Latin America. PBR’s activities include the exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trading and transportation.
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Petrobras (PBR) Committee Discards Government Board Nominees
The Brazilian state-owned oil major Petrobras’ (PBR - Free Report) eligibility committee recently stated that two of the Brazilian government's seven nominees for a refurbished board at the company did not meet the requirements to hold the position.
Brazilian President Jair Bolsonaro picked the two ineligible nominees – Jonathas Assuncao Salvador Nery de Castro and Ricardo Soriano de Alencar. Both of them, however, are not qualified to become the board members of PBR based on the company’s internal bylaws, the committee established, per the minutes of its last meeting.
The committee mentioned that the candidates would have a conflict of interest in serving the board of the company as they both hold high-ranking positions in the Brazilian Government led by Bolsonaro. While Castro is an official in the chief of staff's office, Alencar serves as the prosecutor general of Brazil's national treasury.
The committee’s report is nonbinding, and the rejected nominees can still be board members as necessary approvals by the current board and Petrobras' shareholders are pending.
The other five government picks and the two minority shareholder appointees were given consent by the committee.
Headquartered in Rio de Janeiro, Petroleo Brasileiro S.A. or Petrobras S.A. is the largest integrated energy firm in Brazil and one of the largest in Latin America. PBR’s activities include the exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trading and transportation.
Petrobras currently carries a Zacks Rank #2 (Buy). Some other top-ranked stocks from the energy space that warrant a look include Enerplus , Berry (BRY - Free Report) and Valero Energy (VLO - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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