Brazil's state oil company responded this Friday to the company's minority shareholders request for an extraordinary meeting for the election of the members of the board of directors.

Petrobras rejected the call for an extraordinary general shareholders meeting to discuss the election of Magda Chambriard as the company's new CEO.

The oil giant responded this Friday to the request of the company's minority shareholders, who had sent a letter to the board of directors in order to hold an extraordinary meeting for the election of board of directors.

This request was made under the argument that a board member had been fired. However, Petrobras denies this. As stated this Friday and in the May 15 statement announcing the departure of Jean Paul Prates as CEO. 

The company considers that there are no reasons to call an extraordinary general meeting and reiterates the statement released to the market on May 15, 2024, in which it explained that the law does not provide for the calling of a shareholders' meeting at this time.

Furthermore, it has argued that holding an extraordinary general meeting would entail "unnecessary" costs for the company and its shareholders.

However, Petrobras has announced that the requests will be subject to legal evaluation and will go through the company's governance procedures.

Last Friday, the board of directors of Petrobras confirmed the appointment of Magda Chambriard as the company's new CEO, replacing Jean Paul Prates, who was dismissed on May 14 by the president of Brazil, Luiz Inácio Lula da Silva. 

Prates' departure from Petrobras occurred after several months of friction with ministers of the Brazilian Executive, such the Minister of the Civil House - chief of staff - Rui Costa, and with the Minister of Mines and Energy, Alexandre Silveira, who competed to influence the company.