Shareholders in Brazil’s Petrobras approve new board

(Reuters) – Shareholders in Brazil’s Petrobras (PETR4.SA) have elected six government-affiliated nominees and two nominees affiliated with the market to serve on the state-run oil company’s board, three people familiar with the matter told Reuters on Friday.

Overall, the number of board seats held by the state is unchanged, and the balance of power between non-government shareholders and the state was not modified by the Friday meeting. However, most of the government-affiliated board members were effectively swapped out, said the sources, who requested anonymity given the results of the board election are not yet public.

Of the six government-affiliated board members heading into the meeting, only one, current Chief Executive Caio Paes de Andrade, was re-elected, they said.

Two market-affiliated board members were not up for re-election, nor was the sole board seat held by Petrobras workers, meaning the company’s 11-seat board remains composed of six government-affiliated members, four market-affiliated members and one worker-affiliated member.

Petrobras, formally Petroleo Brasileiro SA, did not immediately respond to a request for comment.

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