A meeting was scheduled by the Petrobras Eligibility Committee for next Monday (11). This is the last meeting of the collegiate before the General Assembly scheduled for April 13.
The meeting will evaluate the area’s opinions in accordance with the results of the background investigation of government-appointed advisors.
This investigation should not have any problems, even with the tight deadline, in the case of Marcio Andrade Weber, who was already a member of the state-owned company and is now being appointed to the presidency of the Board of Directors. For both positions, the process is practically the same.
The process is a little more complex for the nominee for the presidency of the state-owned company, José Mauro Ferreira Coelho. Even though he has spent more than 14 years in the public service, he has to fill out forms and submit documents that will be analyzed by the state-owned company.
The process begins with the completion of a form that has 18 pages and the submission of documents by the candidate to the state company. The company’s compliance officers also investigate corporate links in companies, shares in publicly traded companies that the candidate owns.
The report made by the compliance area is analyzed by the Eligibility Committee at a meeting that has the minutes sent to the Securities and Exchange Commission (CVM). The minutes become public, not least because they need to be analyzed by the shareholders with voting rights during the selection of future directors. As much as both sides, Petrobras and the nominee, are committed to speeding up this process, the complexity of the analysis makes it take days.
Election without tenure
A provision provided for in Petrobras’ procedures indicates that, in an unprecedented situation, the future president could be elected by the shareholders’ council even before the conclusion of the company’s compliance analysis process. This is because nominations can be made at any time, until the eve of the vote by the Assembly.
If there is not enough time to evaluate the candidate, the opinion can be presented later. What is stuck is the tenure of the nominees, which can only be effective after a green light from the compliance area and the Eligibility Committee.
The appointment of Adriano Pires and Rodolfo Landim for the presidency of the state-owned company and of the Board of Directors stalled precisely at this point, since the two carry out activities that are supposedly in conflict with the positions for which they were appointed.
This means that, even if the process of José Mauro Ferreira Coelho has not been concluded until the Monday meeting or even the date of the meeting, he can have his name evaluated by the shareholders and be elected.
Possession, however, would only happen after the green light from the compliance area. As a practical effect, it would take him a few days to assume the chair and start dispatching from the most important office of the largest Brazilian state-owned company.
*With information from Paula Martini
Source: CNN Brasil
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