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Financial News: PETROBRAS: Company Moves Higher In Local Stock Exchange

PETROBRAS: Company Moves Higher In Local Stock Exchange Governance Scale

05/14/2018 - 13:53:00 (RTTNews)

(RTTNews) - The Brazilian state-owned oil company Petrobras moved to a higher corporate governance level at B3, the local stock exchange. As of May 14, Petrobras' shares will trade under Level 2 of corporate governance, which requires the company to comply with additional governance regulations and to provide better-quality information to the public.

Changes include the expansion of the minority shareholders committee attributions, that will start pre-advising shareholders in critical situations such as mergers and acquisitions, and approvals of contracts between the controlling shareholder and the company, provided that those decisions are subject to approval in the shareholders' meeting.

"Besides that, due to its voluntary change to Level 2, Petrobras also has a new set of regulations for public offerings of corporate events the same conditions granted to the ordinary shares arbitration procedure for matters arising from Level 2 regulation," the company said in a statement.

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