Market shareholders in Petrobras put forward three board candidates

(Reuters) – Minority shareholders in Brazil’s Petrobras have presented three candidates for the company’s board of directors in the lead-up to the second extraordinary shareholders’ meeting in just a few months, the state-run oil company said on Wednesday.

José João Abdalla Filho, Marcelo Gasparino da Silva and Pedro Rodrigues Galvão de Medeiros were put forth as candidates by Brazil’s Banco Classico and investment managers Absolute Gestao de Investimentos and Moat Capital Gestao de Recursos, Petrobras said in a securities filing.

Petroleo Brasileiro SA (PETR4.SA), as the company is formally known, elected a slate of board members at a meeting in April, but one of the successful candidates immediately resigned, alleging that the voting system was unfair to minority shareholders.

The majority of board members are appointed by the government. read more

That board member, Marcelo Gasparino, who is running again, said that his resignation would prompt another board election under Brazilian law.

The company refuted that claim, but later said it would hold another meeting at a yet-to-be-determined date to elect eight of its 11 board members.

Abdalla Filho and Medeiros ran unsuccessfully in the April board election.

Abdalla Filho is the president and controlling shareholder of Rio de Janeiro investment bank Banco Classico and heads various other ventures, according to information provided by Petrobras in the filing.

Gasparino is a corporate governance expert who has served on the boards of several major Brazilian companies, as well as on Petrobras’ fiscal council.

Medeiros is the co-founder of Rio de Janeiro investment fund Atalaya Capital.

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