The government’s candidate for the presidency of Petrobras, Cayo Pais de Andrade, declined an invitation from the People’s Committee of the Company (COPE) to conduct an interview with the aim of clarifying its intentions regarding the company’s pricing policy and governance, as recorded in the minutes issued for the committee’s meeting on Saturday 25th.
According to one report, the behavior is unusual in the company’s succession processes, and some managers are not satisfied. Paes de Andrade chose to respond in writing to the questions.
The absence of contact with a potential future president of Petrobras was notable in the vote of Cobb’s president and state-owned company counsel, Francisco Petros, “surprisingly, in light of all the concerns that exist regarding the Petrobras moment and the state, we have not had the opportunity to communicate with the candidate and answers to written inquiries submitted by this committee, contained in the minutes, is scanty and irrelevant to the formation of our opinion,” he said. .
When answering a question in writing, Paes de Andrade denied that the government had guided him to adjust Petrobras’ pricing policy on par with import prices. Pais d’Andrade told the company, “I have no specific or general guidance from the controlling shareholder or any other shareholder regarding a change in the pricing policy practiced by the company.”
When Cobb asked him if he would like to send a letter to the company’s directors and shareholders before the vote that will decide whether or not to take charge of the state-owned company, he was convinced: “I don’t have a message to send at this moment.”
Cope regretted Pais de Andrade’s decision not to accept the invitation to interview its members. In the commission’s assessment, the information published in the media was confirmed, that the academic documents submitted by Paes de Andrade brought recognition from the Department of Education (MEC) for the Universidade Paulista Social Communication graduate degrees and that the graduate degrees in business administration in American educational institutions, Although correct, it is not recognized by the MEC.
During the meeting, the Director and President of Celeg, Francisco Petros, reported receiving a letter from the National Minority Shareholders Association of Petrobras Workers (Anapetro) of notes on the appointment of Pais de Andrade to the position of President of Petrobras. Anabetro, backed by the Federation of Oil Workers (Fup), said Thursday that if Pais d’Andrade is elected, he will go to court and to the Securities and Exchange Commission (CVM).
Wishes
The three votes in favor were in Cope from Chancellor Luis Henrique Caroli and outside members Anna Silvia Matt and Thales Bertuso. They considered that there was no “legal ban” on the nomination. They argued that the term “preferred” in experience requirements in the oil and gas sector opened the way for Pais de Andrade.
They only recommended in the report that Paes de Andrade comply with watered down recommendations to avoid conflicts of interest, such as taking steps to ensure that companies with which it is a partner refrain from providing services to Petrobras, its suppliers and competitors.
Cobb President Petros recorded a negative vote in the meeting minutes. He highlighted that Petrobras’ compliance area attributes “medium risk” to the candidate and acknowledged that there is no “clear barrier” to Paes de Andrade. But he voted with no recommendation, invoking the prohibition principle and a lack of academic and professional experience.
By three votes to one, Cope yesterday recommended the approval of Pais de Andrade to head Petrobras. The company’s ten working directors are scheduled to vote next Monday to confirm his appointment or not.
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