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Business & Finance

Petrobras minority shareholders ask for cumulative voting in assembly

  • Petrobras also said in a securities filing that minority shareholders proposed a new candidate for the board, banker Jose Joao Abdalla Filho, owner of Banco Classico and energy and agribusiness companies. His name was proposed by investment funds holding Petrobras shares.
Published April 9, 2021

SAO PAULO: Brazilian state-controlled oil company Petroleo Brasileiro SA (Petrobras) said on Friday a group representing 5% of its shareholders has demanded the adoption of a cumulative voting system for the election of its board.

Petrobras also said in a securities filing that minority shareholders proposed a new candidate for the board, banker Jose Joao Abdalla Filho, owner of Banco Classico and energy and agribusiness companies. His name was proposed by investment funds holding Petrobras shares.

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