As rapporteur for the Law of Responsibility of State-Owned Companies in the Senate, Senator Tasso Jereissati sent, on Monday night, 22, a letter to the directors of Petrobras (PETR3; PETR4) and to the president of the Brazilian Securities and Exchange Commission (CVM), Marcelo Barbosa, to warn that the change of command of the company made by President Jair Bolsonaro is at odds with the legislation passed in 2016. In the letter, the Senator Tucano expresses concern about the decision of the President and says that the decision of Bolsonaro is not aimed at the company’s interest .
Jereissati says he “trusts” that Petrobras will “use the law properly to continue guaranteeing the service of the collective interest”. On Monday, the CVM confirmed that it opened a process to investigate possible irregularities in the announcement of the change of command at the state-owned company.
“The reasons for this decision do not seem to be aimed at the company’s interests, but at subordinating them to those of the controlling shareholder or, rather, to public policy objectives without the corresponding compensation”, criticizes the senator.
In Tasso’s assessment, the replacement process did not consider the legal requirements for access to the position of member, as president, of the board.
Among the requirements required by law for those appointed to the board of directors, including the president, are at least ten years’ experience in the area of activity or function in companies with a size or corporate purpose similar to that of the state-owned company, for public sector professionals and for teachers and specialized researchers.
The senator stressed that the State Ownership Liability Law was drafted exactly to modulate and discipline the relationship between the controller, a person under public law, and his companies with the aim of ensuring that their management is carried out in accordance with the best international practices.
Jereissati recalls that item I of art. 8 of the law requires that public policy commitments be made explicit by the company, including its subsidiaries, with a clear definition of the resources to be employed for this purpose.
“With this, we wanted to avoid subordinating the interests of the company to those of the political leader who, for the duration of a mandate, accumulates, in one shift, the executive responsibility of government action and, in the other, exercises control over these people private law, which operate in the market on a competitive basis, ”he said.
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