Petrobras’ Board of Directors now has two independent members after its 2014 Annual General Meeting

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Petrobras’ 2014 Annual General Meeting, held on the company’s headquarters on April 2nd, was a historic event. Petrobras’ minority shareholders, among which foreign funds and individuals, joined and managed to elect two independent representatives for the oil company’s Board of Directors.
One of the new independent members elected was the consultant José Monforte, who will replace Jorge Gerdau in the Board. The economist Mauro Rodrigues da Cunha, CEO of the Association of Capital Market Investors – Amec, who was already a Board member last year, was reelected to represent minority common stockholders.
The President of the Association of Petrobras Engineers, Silvio Sinedino, will once again represent the company’s workers in the Board. Sinedino was a member of the Board in 2012.
With these decisions, the power of the Federal Government diminishes: now it counts on seven members, namely, the Ministry of Finance, Guido Mantega, who will be the Board’s chairman; Maria das Graças Foster, CEO of Petrobras; Marcos Zimmerman, Executive Secretary of the Ministry of Mines and Energy; Miriam Belchior, Minister of Planning; the General Francisco Roberto de Azevedo; Luciano Coutinho, President of BNDES (the Brazilian Development Bank); and Sérgio Quintella, Vice President of Fundação Getúlio Vargas.
There have been no changes to the members that sit on the company’s Conselho Fiscal: Paulo Souza, Cesar Rech, Marisete Pereira, and the independent members Reginaldo Ferreira Alexandre and Walter Albertoni.