Petrobras rises to new governance level at stock exchange

In a note released Monday (May 14), state-controlled oil giant Petrobras reported it has migrated to the level-two segment of corporate governance at the São Paulo Stock Exchange—B3. The governance scale lists companies according to the rights given to shareholders in business management and the disclosure of information to the market.

From now on, the note adds, shares at Petrobras will be negotiated in the special segment, which requires compliance to different governance rules as well as an enhancement in the quality of information provided by the firm.

In order to reach the new level, the company had to expand its attributions with its Minority Shareholders’ Commission, which is to start providing shareholders with preventive assistance—like the approval of mergers and contracts with the government.