The board of directors of Petrobras is composed of the chairman and seven executive officers, elected by the Board of Directors. The directors must be Brazilian residents and have a unified management term that cannot be more than two years, with a maximum of three consecutive reelections permitted, and may be dismissed at any time.
The name of the nominee for director must be analyzed by Petrobras’ Nominating, Compensation and Succession Committee in eight working days from the date the information is submitted by the candidate or by indication, and may be extended for another eight working days at the request of the Committee . The elected officer shall replace the term of office of the substitute and, upon expiration of the term of office, shall remain in office until the successor is in office.
What does it take to be a director of Petrobras?
. be a citizen of unblemished reputation;
. have knowledge compatible with the position for which he was appointed;
. have an academic background compatible with the position for which he was appointed;
. have at least ten years, in the public or private sector, in the area of activity of the state company or in an area related to that for which they are appointed by senior management and / or four years in the position of director, a member of an audit committee or senior management in a company of similar size or corporate purpose to that of the state enterprise, being understood as a position of superior management that is situated in the two higher hierarchical non-statutory levels of the company;
. four years in a commission or trust function equivalent to level 4 or higher of the Group – Senior Management and Advisory – DAS, in a legal entity of internal public law;
. four years in the position of professor or researcher, of higher level in the area of performance of the state company; or
. four years as a liberal professional in activity linked to the area of performance of the state company. Must have a graduate or postgraduate degree recognized or accredited by the Ministry of Education.
But who cannot be director of Petrobras?
. representative of the regulatory body to which the state company is subject, in this case the ANP.
. minister of state, state secretary and municipal secretary;
. holder of position in commission in the federal public administration, direct or indirect, without permanent bond with the public service;
. a statutory officer of a political party and holder of a mandate in the Legislature of any federative body, even if it is licensed;
. kinsmen or related persons up to the third degree of the persons mentioned in subsections I to IV;
. person who has acted, in the last thirty-six months, as participant in the decision-making structure of a political party;
. person who has worked, in the last thirty-six months, in work linked to organization, structuring and conducting electoral campaign
. person holding a position in trade union organization;
. person who has entered into a contract or partnership, as supplier or buyer, applicant, of goods or services of any nature, with the Union, with the state itself or with its state-owned conglomerate, within three years prior to the date of appointment;
. a person who has or may have any form of conflict of interest with the political-administrative person controlling the state enterprise or with the state itself; and
. server or retired public employee who holds a position in a commission of the federal direct or indirect public administration and all the administrators of the state-owned enterprises, including the representatives of the employees and the minority, and also the indications of the Union or the state companies for the position of administrator in its minority interests in state-owned enterprises of other federative entities.
. the unalterable and the illiterate.