🔔 The dashboard: Brazil’s benchmark stock index Ibovespa went up by 4.3 percent this week. Meanwhile, the Brazilian Real gained 6 percent against the U.S. Dollar this week.
In a conference with analysts to discuss its second-highest quarterly results ever, officers of state-controlled oil giant Petrobras insisted that the slight change made to its pricing policy guidelines is “just a formality.”
State of play. On Wednesday, the Brazilian government sent a proposal to transfer the responsibility over price decisions from C-level officers to the company’s board of directors. However, the Brazilian government is the firm’s controlling shareholder and holds the majority of board seats.
Yes, but … The state-controlled company decided to add an extra oversight layer to pricing policy governance, meaning that officers’ decisions on prices will be assessed by the board every quarter.
What they are saying. While investors relations officer Rodrigo Alves called the change “an improvement” of the current pricing guidelines, sales...
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