Petrobras lists on Level 2 of Corporate Governance benefited by a special waiver

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On May 14, Petrobras’ shares started to be traded in the Level 2 of B3’s corporate governance segment. The delisting from the traditional listing segment was possible through a waiver granted by the stock exchange: Petrobras’ preferred shareholders will not have voting rights in matters such as corporate restructuring processes and approvals of agreements between the company and organizations of the same group, unlike the requirement imposed to the remaining companies in this same segment. In return, a committee composed of minority shareholders shall evaluate such situations, but with no binding power. The special treatment was allegedly based on the Oil Law to which Petrobras is subject, which sets forth that preferred shareholders are not entitled to voting rights.
Last year, Amec had already spoke out against the loosening of the rules that apply to the special governance levels. In the President Letter 14 sent in December to Gilson Finkelsztain and Flavia Mouta, B3’s CEO and Issuer Regulation Director, respectively, the association stated that unequal treatments contribute to “the progressive weakening of the importance of the Level 2 and to the dilution of the concept the special listing segments rely on.”
Click here to read the article published by the Valor Econômico newspaper about the topic.
Click here to access the President Letter 14/2017 about the loosening of the Novo Mercado and Level 2 regulations.