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The government has already sent Petrobras the eight nominations for forming the state-owned company's next board of directors, whose election will take place on April 13.
The president of Flamengo (local football/soccer team), Rodolfo Landim, is the nominee for the chair of the collegiate president. Landim is a former career employee at the state-owned company, where he worked for 26 years.
He was once the superintendent of Petrobras itself and, during the first Lula government, president of BR Distribuidora, appointed by Dilma Rousseff. He has been out of the state-owned company since 2006 when he went to work for Eike Batista.
"Landim, who joined the X group with BRL500,000in equity, … earned BRL57 million" (Local journalist)
Landim has a long contact list, nominating several public employees to high-paid positions across different companies.
These are the appointed by the government to the council as newcommers: Carlos Eduardo Brandão, Joaquim Silva and Luna, Admiral Luiz Henrique Caroli, Márcio Weber, Murilo Marroquim, Ruy Schneider, Sonia Villalobos and Agnes Costa.
Of these names above, four are already on the council. If it depends on the government, they will be reappointed: General Silva e Luna, Murilo Maroquim, Sonia Villalobos, and Ruy Schneider. If everything goes as the government imagines, Landim will replace Admiral Leal Ferreira, whose term ends.
Landim was denounced by the Federal Prosecution ("MPF"), along with some former partners, for the crime of fraudulent management.
According to the MPF complaint, Landim and partners Demian Fiocca and Nelson Guitti Guimarães acted in a financial operation that would have caused a loss of R$ 100 million to state employees' pension funds.
Technically speaking, Mr. Landim would have his nomination frozen by Petrobras' independent auditors, but the government is "certain" they can manage it.
— Ok… What does it mean for Petrobras?
— Mr. Landim is a lobbyist. That's it. If Mr. Bolsonaro appointed him as Chairman, he'd take part in the government agenda.
— How?
— Petrobras' bylaws are vocal about the Chairman's position. He can decide what is gonna be discussed in a general meeting and influence its outcome.
— Ok. So what is the government agenda?
— The government wants to freeze oil pass-through to fuel prices. The same policy almost bankrupted the company in the past.
Nevertheless, the government agenda (Mr. Bolsonaro) is to win elections, so they can't pass through a 50% hike in gas price. This would be political suicide.
— Wow!! Why I didn't read that in sell-side reports?
— They can't write this stuff. Compliance.
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