Home Business Petrobras committee rejects two board nominees from government (NYSE:PBR)

Petrobras committee rejects two board nominees from government (NYSE:PBR)

by Atlanta Business Journal

Joa_Souza/iStock Unreleased via Getty Images

Two of the Brazilian government’s seven nominees for the new board of directors at Petrobras (NYSE:PBR) do not meet the requirements to hold the position, its eligibility committee said on Thursday.

The committee said the candidates would have a conflict of interest serving on the board because they have high ranking positions in President Bolsonaro’s government.

The committee’s findings are non-binding, and both candidates can become board members pending approval by the current board and by Petrobras (PBR) shareholders.

The other five government picks and the two minority shareholder appointees were approved by the committee.

Last month, the eligibility committee cleared the nomination of Caio Paes de Andrade as the company’s next CEO.

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