Petroleo Brasileiro SA, – Petrobras,  will pay employees 1.04 billion reais ($331 million) in bonuses for 2014 despite recording its largest-ever loss and rejecting investor dividends.

The bonus, known as “a share in results”, will be paid to the workers and was approved by the annual shareholders meeting on Monday, The statement about this payment was published in the site of the the FUP  workers union.

According to the site, Petrobras agreed during contract talks to a higher 2014 bonus even if it lost money.

Officials of Petrobras, did not respond to requests to confirm the authenticity of a Petrobras letter dated Wednesday and addressed to FUP outlining the payments.

Some holders of preferred shares, the company’s most traded class of stock, are thinking about using a Brazilian law that requires, under some circumstances, the conversion of preferred shares into common stock if minimum dividends are not paid.

This is rather controversial and will follow up closely.