On Friday, an extraordinary meeting chose seven government-backed candidates and one market-tipped candidate to the board of directors of Petroleos Brasileiros (Petrobras), frustrating investors who had hoped to reduce the government’s control on the company.
In total, there are now seven government-backed board members at the state-run company, three backed by market shareholders and one backed by workers.
The results were similar to the previous vote in April when market shareholders also failed to increase their number of seats on the board and decrease the state’s presence. The representation on the 11-member board remains the same with the government maintains majority voting rights by statute.
An ex-board member elected by market shareholders, Marcelo Gasparino, commented that shareholders' meetings in Brazil should be improved, so shareholders do not dilute their votes among allied candidates.
