Petrobras Shareholders Elect Guilherme Mello to Lead Board and Approve R$114 Billion 2026 Budget

Overview

• At a shareholders meeting in Rio on Thursday, investors chose Planning Ministry official Guilherme Mello as board chair with 58.91% of votes cast and 90.42% of voting capital present.
• The new board holds six government-nominated seats, four chosen by minority investors, and one for an employee representative, ensuring state control for the current mandate.
• Investors approved a R$114 billion capital plan for 2026 by 84.56% of votes, with R$83.6 billion for oil exploration and production, R$19.9 billion for refining and logistics, R$7.5 billion for gas and low-carbon energy, and R$3 billion for corporate projects.
• Shareholders validated the 2025 accounts and authorized R$41.23 billion in dividends, equal to 37.44% of last year’s net profit, while retaining R$68.9 billion in earnings.
• Directors elected include newcomer Rachel Maia, backed by preferred-share holders, and returning member Marcelo Gasparino, supported by ordinary-share investors, as CEO Magda Chambriard was reconfirmed to the board.