SAO PAULO (Reuters) – The new chief executive of Brazil’s state-controlled oil company Petroleo Brasileiro SA is pushing for the ouster of two board members, newspaper Valor Economico reported on Friday.
Citing unnamed sources close to the matter, Valor said CEO Roberto Castello Branco is trying to push out independent board members Segen Estefen and Durval Santos, whose terms end in 2020.
Board - Dispute - Government - Billions - Dollars
The board is expected to decide soon on a “transfer-of-rights” dispute with the government, which is worth billions of dollars and relates to a promising offshore oil area. With the departure of Estefen and Santos, the new government would name four of 11 board members at Petrobras, as the company is known, given the recent resignation of two other board members.
Such an abrupt turnover for theoretically independent board members underscores long-standing corporate governance questions for the hugely influential oil company, which past...
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