Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 189

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 189
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      payments with respect to their shares, after which the amount of the unclaimed dividends  
                                           reverts to us.                                       
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 Our total distributions to shareholders for 2024 are expected to be US$13,457 million and will be voted on at our shareholder’s annual general meeting to be held in April 2025. For further information, see Note 32.4 to our audited consolidated financial statements.
  
Annual Report and Form 20-F 2024 |

 Mandatory  
distribution
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Pursuant to Brazilian Corporate Law and our Bylaws, we must comply with two minimum mandatory distributions of dividends, both of which are provided in our shareholder remuneration policy:
 
–                                               we                                            
    must pay at least 25% of our adjusted net income, after deducting allocations to the legal
       reserve and further allocations eventually required by Brazilian Corporate Law; and    
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–                                            holders                                          
    of our preferred shares have priority to receive the mandatory dividend amount, as well as
     to receive a payment in the event of reimbursement of capital. They are also entitled to 
    minimum annual non-cumulative preferential dividends in case we declare dividends equal to
    the higher of (a) 5% of their pro rata share of our paid-in capital, or (b) 3% of the book
                                 value of their preferred shares.                             
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 To the extent that we declare dividends on our common shares in any particular year in an amount that exceeds the minimum preferential dividends, holders of preferred shares are entitled to an additional dividend amount per share in the same amount per share paid to holders of common shares. Holders of preferred shares also participate equally with common shareholders in share capital increases derived from the incorporation of reserves and profits.
 Brazilian Corporate Law, however, permits a publicly held company such as ours to suspend the minimum mandatory distribution of dividends in case our Board of Directors and our Fiscal Council report to the annual general shareholders’ meeting that the distribution would not be advisable due to our financial condition. In this case, our Board of Directors must file with the CVM an explanation for suspending the dividend distribution. Profits not distributed due to such suspension must be allocated to a special reserve and, if not absorbed by subsequent losses, must be distributed as soon as our financial condition allows such payments.
 

Allocation of net income
 At each annual general shareholders’ meeting, our Board of Directors and Executive Officers are required to recommend how to allocate net income for the preceding fiscal