Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 39

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 39
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 terms. In the event that U.S. federal fraudulent conveyance or similar laws are applied to the guarantee, and we, at the time we entered into the relevant guarantee:
 
–                           were                       
    either insolvent or rendered insolvent by reason of
               our entry into such guarantee;          
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–                            were                        
     either engaged in business or transactions for which
    the remaining assets with us constituted unreasonably
                      small capital; or                  
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–                                     intended                                 
                to incur or incurred, or believe or believed that we           
    would incur, debts beyond our ability to pay such debts as they mature; and
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–                                              in                                           
    each case, intended to receive or received less than reasonably equivalent value or fair
                consideration therefor, then our obligations under the guarantee            
      could be avoided, or claims with respect to that agreement could be subordinated to   
                                 the claims of other creditors.                             
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Annual Report and Form 20-F 2024 |

Among other things, a legal challenge to the guarantee on fraudulent conveyance grounds may focus on the benefits, if any, realized by us as a result of the issuance of the PGF notes. To the extent that the guarantee is held to be a fraudulent conveyance or unenforceable for any other reason, the holders of the PGF notes would not have a claim against us under the relevant guarantee and would solely have a claim against PGF. We cannot ensure that, after providing for all prior claims, there will be sufficient assets to satisfy the claims of PGF noteholders relating to any avoided portion of the guarantee.
 

Corporate Risk Management
 We believe that integrated and proactive risk management is essential for the delivery of results in a safe and sustainable way. Our risk management policy establishes guidelines and responsibilities, and is based on the following fundamental principles:

–             respect           
    for life and life diversity;
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–                          full                       
    alignment and consistency with our Strategic Plan;
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–                               ethical                            
    behavior and compliance with legal and regulatory requirements;
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–        integrated     
    risk management; and
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–                                               the                                            
    risk response actions consider the possible long-term cumulative consequences, the possible
     impacts on our stakeholders and should be oriented towards preserving and adding value and
                                      for business continuity.                                 
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 The risk management organizational structure, that is under the supervision of our CFO, is responsible for:
 
–                                           establishing                                        
    a corporate methodology for risk management guided