Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 184

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 184
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 minority common shareholders have the right to elect and remove one member to our Board of
     Directors, if a greater number of directors is not elected by such minority shareholders 
                           by means of the cumulative voting procedure;                       
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–                                             our                                           
    employees have the right to directly elect one member to our Board of Directors by means
               of a separate voting procedure, pursuant to Law No. 12,353/10; and           
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–                                              subject                                           
    to the provisions of applicable law, the Brazilian Minister of Economy has the right to elect
                           and remove one member of our Board of Directors.                      
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 Brazilian Corporate Law and our Bylaws provide that, regardless of the exercise by our minority shareholders of the rights related to the cumulative voting process, the Brazilian federal government always has the right to appoint the majority members of our directors and our Fiscal Council.
  
Annual Report and Form 20-F 2024 |
Other Shareholders’ Rights
 In addition to their voting rights, shareholders have the following rights:
 Preemptive rights: Each of our shareholders has a general preemptive right to subscribe for shares or securities convertible into shares in any capital increase, in proportion to his or her shareholding. A minimum period of 30 days following the publication of notice of a capital increase is assured for the exercise of the right, and the right is transferable. Under our Bylaws and Brazilian Corporate Law, and subject to the requirement for shareholder approval of any necessary increase to our authorized share capital, our Board of Directors may decide not to extend preemptive rights to our shareholders, or to reduce the 30-day period for the exercise of preemptive rights, in each case with respect to any issuance of shares, debentures convertible into shares or warrants in the context of a public offering.
 In the event of a capital increase by means of the issuance of new shares, holders of ADSs and holders of common or preferred shares would have, except under circumstances described above, preemptive rights to subscribe for any class of our newly issued shares. However, holders of ADSs may not be able to exercise the preemptive rights relating to the common and preferred shares underlying their ADSs unless a registration statement under the Securities Act is effective with respect to those rights or an exemption from the registration requirements of the Securities Act is available.
 For more information, see “Risks – Risk Factors – Risks related to shares and debt securities” in this annual report.
 Redemption and rights of withdrawal: Brazilian Corporate Law provides that,