Consists of a minimum of seven and a maximum of eleven members, who are elected at the General Ordinary Meeting for a term of up to two years, with a maximum of three consecutive reelections allowed. Of all board members, only the Chairman, the CEO and employee representative are non-independent. All others are non-executive independent members. In 2020, the average board meeting attendance was 98,8%.
Eduardo Bacellar Leal Ferreira
Chairman of the Board of Directors
Mr. Eduardo Leal Ferreira is currently the Chairman of Petrobras’ Board of Directors. He is Reserve Fleet Admiral and was Commander of the Brazilian Navy until January 2019, having therefore reached the top of his career. In addition to the Naval School, Eduardo Leal Ferreira took postgraduate courses at the Brazilian Naval War College and at the Chilean Naval War Academy. Among the positions he held it is worth mentioning the Captain of the Ports of Rio de Janeiro and Director of Ports and Coasts, when he had the opportunity to deepen connections with the offshore activities related to the oil industry. He was also Commander of the Naval School, of the War College, and Commander-in-Chief of the Brazilian Fleet. Abroad, he served in Chile and was an instructor at the U.S. Naval Academy in Annapolis.
Cynthia Santana Silveira
Elected by the Controlling Shareholder
Mrs. Cynthia Santana Silveira is an electrical engineer graduated from Universidade do Estado do Rio de Janeiro -UERJ, with Master’s degrees in Mechanical Engineering from Universidade Federal do Rio de Janeiro -COPPE/UFRJ and in Gas Engineering from École des Mines de Paris. Her professional career was developed in the oil and gas industry, having worked at the French operator Total for 17 years. Between 2004 and 2015, she was the Executive Director of Gas and Electricity of this company. She also served as an elected Executive Officer at the Brazilian Institute of Oil, Gas and Biofuels -IBP between 2011 and 2015 and as an Executive Officer at BBPP Holding from 2004 to 2015. Since 2015, she has been an independent consultant at EXERGIA Consultoria e Projetos, where she is a partner. Cynthia Silveira has relevant experiences as Board Member and Member of Committees of companies and institutions in the oil and gas sector. She has served as a member of the Board of Directors of Transportadora Associada de Gás (TAG), Transportadora Brasileira Gasoduto Bolívia -Brasil (TBG) and Transportadora Sul Brasileira de Gás (TSB); member of the Executive Committee of the International Gas Union (IGU); and member of the Natural Gas Coordinating Committee of the Brazilian Petroleum Institute (IBP).
Joaquim Silva e Luna
Elected by the Controlling Shareholder
Mr. Joaquim Silva e Luna is the Petrobras CEO . Previously, he was the General Brazilian Director of Itaipu Binacional. He is a reserve Army General and served in the Ministry of Defense from March 2014 to January 2019, as General Secretary of the Ministry and as Minister of Defense. In addition to the Military Academy of Agulhas Negras, where he graduated in Military Engineering, Joaquim Silva e Luna holds a PhD in Military Sciences, a master degree in Military Operations, post-graduation in Projects and Systems Analysis from the University of Brasilia and in Army Policy, Strategy and Senior Management, Communications Officer course held at the School of Communications and Jungle Warfare training held at the Jungle Warfare Instruction Center. During his 45 years of service to the Army, 12 of them were as active duty General Officer: as Brigade General he was Commander of the16th Jungle Infantry Brigade, in Tefé-Amazon and Patrimony Director, in Brasilia; as Division General, he was Chief of Staff of the Army Commander, in Brasília; and as Army General he was Chief of Staff of the Brazilian Army, in Brasilia. He was a Board member of Amazônia Azul Tecnologia de Defesa S.A. (AMAZUL) for three years. Abroad he was a member of the Brazilian Military Mission of Instruction and Engineering Advisor in the Republic of Paraguay as an instructor at undergraduate, graduate and PhD schools; and Defense Attaché of the Navy, Army and Air Force in the State of Israel.
Marcelo Mesquita de Siqueira Filho
Elected by minority shareholders holders of common shares
Marcelo Mesquita de Siqueira Filho has 27 years of experience in the Brazilian stock market. He is a founding partner of Leblon Equities, a fund management company focused on Brazilian stocks, created in 2008, and co-manager of equity and private equity funds. He has previously worked for 10 years at UBS Pactual (1998-2008) and 7 years at Banco Garantia (1991-1998). At UBS Pactual, he was co-responsible for the Capital Markets area (07-08), co-responsible for the equity area (05-07), responsible for the Business Analysis and Strategist area (98-06). At Banco Garantia, he was a commodities company analyst (91-97) and Investment Banker (97-98). Since 1995 Marcelo has been considered by investors as one of the main Brazilian analysts according to several researches made by the Institutional Investor magazine. He was ranked “# 1 Brazil Analyst” in 2003-2006 (#3 in 2002, #2 in 2001 and #3 in 2000). Marcelo was also voted “# 1 Stocks Strategist in Brazil” by the “Institutional Investor Magazine Brazil Survey” in 2005, 2004 and 2003. Marcelo is 48 years old, holds a B.A. in Economics from PUC-RJ, in French Studies from the University of Nancy II and OPM from Harvard. Marcelo is a member of the Board of Directors of Petrobras (where he also chairs the Minority Committee/COMIN and is a member of the Financial Committee/COFIN and the Communication and Social Responsibility Committee/CCRS), BR Home Centers and Tamboro. He has a CPA-20 certification.
Márcio Andrade Weber
Elected by the Controlling Shareholder
Mr. Márcio is a civil engineer with a degree from UFRGS, specialized in petroleum engineering by Petrobras. He joined Petrobras in 1976 where he worked for 16 years, having been one of the pioneers in the development of the Campos Basin, and then held several managerial and directive positions among which are activities abroad, in the international area of Petrobras, in Trinidad, Libya and Norway. He was a member of the Board of Petrobras International Services (Braspetro) and Director of Petroserv S.A., developing the company’s participation in E&P activities, support navigation and drilling rigs for deepwater. As CEO of BOS Navegação (a JV between Petroserv and two foreign companies) he was responsible for the construction of 4 support tugboats in Brazilian shipyards. In parallel, as Director of Petroserv he participated in the construction and operation of 4 deepwater drilling rigs, units that among his clients are Shell and ENI (Indonesia). He is currently advising the PMI group that operates these units.
Murilo Marroquim de Souza
Elected by the Controlling Shareholder
Mr. Murilo has a degree in geology from the Federal University of Pernambuco and a master’s degree in geophysics from the University of Houston, Texas, USA. He has worked in the petroleum industry for 47 years, having performed activities in more than 20 countries in America, Europe, Africa, and Asia. He worked at Petrobras from 1971 to 1994, where he held several managerial positions in the exploration and production area, and was Director of Brasoil UK, in London, with exploration activities in the North Sea and other Basins. He was General Manager for IBM’s Oil Industry Solutions Unit in Latin America. He worked as a consultant, working for ANP in several projects, and at Ipiranga as an Advisor for Exploration and Production. From 2001 to 2011 was CEO of Devon Energy do Brasil (Ocean Energy) and since 2011 is CEO of Visla Consultoria de Petróleo, a consulting firm focused on special projects for the energy industry.
Rodrigo de Mesquita Pereira
Elected by minority shareholders holders of preferred shares
Rodrigo de Mesquita Pereira, Brazilian, lawyer, Bachelor of Law by the Law School of the University of São Paulo (1988); Post-graduate in “Diffuse and Collective Interests” by the Pontifical Catholic University of São Paulo; Post-graduate in Business Management by the Getúlio Vargas Foundation. Prosecutor of the Public Ministry of the State of São Paulo (1991-2001); Member of the Special Group of Water Resources of the Public Ministry of the State of São Paulo (1997/2001); Partner lawyer of the law firm Alves Ferreira & Mesquita Sociedade de Advogados. Fiscal Counselor at Companhia Energética de Minas Gerais – CEMIG – from 2016 to 2020; Alternate Member of the Fiscal Council of Petrobras from 2018 to 2019.
Rosangela Buzanelli Torres
Elected by Petrobras employees
Rosangela Buzanelli Torres, was elected in first round in the election held by Petrobras employees in 2020. She has a degree in Geosciences and Engineering from the Federal University of Ouro Preto, and a Master’s in Geosciences from the National Institute for Space Research. She joined Petrobras in 1987 as a Geophysicist. She is currently working in the Deep Water Marine Exploration Operations area.
Ruy Flaks Schneider
Elected by the Controlling Shareholder
Mr. Ruy Flaks Schneideris an industrial mechanical and production engineer graduated from PUC-RIO as well as a Master of Sciences in Engineering Economy from Stanford University. Navy reserve officer, he attended the Brazilian Superior War College. He founded the Industrial Engineering Department at PUC-RIO, becoming its first director and establishing the first master’s program in Industrial Engineering in Brazil. With several published articles, he works as a speaker, in Brazil and abroad. He has accumulated vast experience, both as an executive and as a member of the Board of Directors and Fiscal Council of large companies, including Xerox do Brasil S.A., Banco Brascan de Investimento S.A., Banco de Montreal S.A.-MontrealBank, Grupo Multiplan and INB Indústrias Nucleares do Brasil. Mr. Ruy Schneider served as a member of the Central Bank’s capital market advisory Board, participating in advising on the preparation of the external debt conversion program. He is Chairman of the Eletrobrás Board of Directors and of the Brazilian Naval Reserve League. Creator of the first multi-sponsored pension fund and introducer of Defined Contribution funds in Brazil.
Sonia Julia Sulzbeck Villalobos
Elected by the Controlling Shareholder
Ms. Sonia holds a bachelor’s degree in public administration and a master’s degree in business administration with a focus in finance, both from the São Paulo School of Business Administration (FGV EAESP). Sonia Villalobos has more than 30 years of experience in the Brazilian stock market and in 1994 became the first person from South America to receive the CFA charter. Sonia Villalobos worked from 1985 to 1987 at Equipe DTVM, and from 1987 to 1989 at Banco Iochpe as an investment analyst. From 1989 to 1996, she worked at Banco Garantia as the head of the investment analysis department, where she was elected best analyst in Brazil by Institutional Investor Magazine in 1992, 1993 and 1994. She worked for Bassini, Playfair & Associates from 1996 to 2002 and was responsible for private equity in Brazil, Chile and Argentina. From 2005 to 2011, she worked for Larrain Vial as an asset manager. From 2012 to 2016, Sonia Villalobos worked as a founding partner and equity fund manager in Latin America for Lanin Partners. Since 2016, she has been a professor at Insper for post-graduate students in disciplines related to asset management and financial statement analysis. Sonia Villalobos has been a member of the Board of Directors of Telefônica do Brasil and of LATAM Airlines Group S.A. She has also served as member of the Board of Directors for TAM Linhas Aéreas, Método Engenharia (Brasil), Tricolor Pinturas e Fanaloza/Briggs (Chile), Milkautand Banco Hipotecario (Argentina). She was a member of Petrobras’ Board of Directors from May 2018 until July 2020 elected by the preferred shareholders.
Consists of five members with a one-year term, with reelection allowed. One of whom is appointed by minority shareholders, one by preferred shareholders and three by the Federal Government, which includes an appointment by the Finance Minister, as a representative of the Treasury.
Agnes Maria de Aragão da Costa
Elected by the Union | Holder Member
Ms. Agnes Maria de Aragão da Costa is Head of the Special Advisory on Regulatory Matters, with special emphasis on Energy and Mining Economies. She has been working for the MME for 14 years, formulating public policy recommendations and monitoring the results of these policies. She holds a bachelor’s degree in Economics by the Federal University of Rio de Janeiro (UFRJ) and a master’s degree in Energy by the University of São Paulo (USP). She has a civil servant career as Public Policies and Governmental Management Specialist. She has been a member of the Audit Committee of Eletrobras since 2015, and President since 2017. She has been a substitute member of Petrobras’ Fiscal Council since 2015. She was a member of the Board of Directors of CEAL and CEPISA.
Jairez Elói de Sousa Paulista
Elected by the Union | Alternate Member
Mr. Jairez Elói de Sousa Paulista is Business Administrator; Systems Analyst; Specialist in Human Resources Development and Master in Public and Business Management, Fundação Getúlio Vargas – FGV. He has a degree in Executive Development by IDORT/SP; in addition to several training courses in various areas of General Administration such as organization, systems and methods, administrative modernization, strategic planning, financial and budgetary administration, logistics, people management, project management, ethics management, general ombudsman, controls administrative and conflict of interests, and quality management, among others. He is currently General Coordinator of Strategic Planning, Supervision and Management Evaluation of the Ministry of Mines and Energy. He has over 30 years of public management services – in the MME alone for more than 26 years – and has, over that time, held several positions of advising and managing intermediate and higher levels of coordination, supervision and direction in all segments of activities, such as: Coordinator of Management areas; General Coordinator of Human Resources; Deputy Secretary for Administrative Affairs; Deputy Secretary of Planning, Budget and Administration; Advisor to the Minister of State; as well as a member of Fiscal Council – both effective and deputy – of State Companies.
Sérgio Henrique Lopes de Sousa
Elected by the Union | Holder Member
Sérgio Henrique Lopes de Sousa, graduated in Naval Sciences from the Naval School, specializing in International Management and holds an MBA in Business Management from COPPEAD/UFRJ Institute. Holds a master’s degree in Production Engineering from Universidade Federal Fluminense (UFF). Holds a master’s of Science degree in “National Resource Strategy” by the National Defense University (NDU) in Washington, DC and Doctorate degree in Naval Sciences by the School of Naval Warfare. Captain of the Sea and War of the Navy Steward Corps, in addition to having served as Director and Deputy Director of administrative units, he has performed, for about 37 years of service for the Navy, multiple activities related to budgetary and financial planning and execution, logistics and internal control. He is Head of Special Internal Control Advisory at the Ministry of Mines and Energy, Member of the Fiscal Council of the Empresa Brasileira de Administração de Petróleo e Gás Natural S.A. – Pré-Sal Petróleo S.A. (PPSA).
Alan Sampaio Santos
Elected by the Union | Alternate Member
Alan Sampaio Santos holds a B.A. in Law, a B.S., in System Analysis by PUC/RJ, graduated as Artillery Officer by the Academia das Agulhas Negras and in Physical Education by the Army Physical Education School. Master in Defense, Security, Integral Defense and Integration, Institute of High Studies and National Defense – IAEDEN, Caracas/Venezuela, Master’s degree in Military Sciences – School of Command and General Staff of the Army and Master in Sports Training from Gama Filho University. Special Advisor to the Minister of Mines and Energy (2018/2019). Officer in the Army Commander’s Office (2004/2005 and 2013/2015). Head of the Public Relations Section of the Army’s Social Communication Center (2011). Social Communication Officer for the Brazilian Battalion in Haiti (2009). Commander of the 11th Field Artillery Group (2007/2008). Military Advisor to the United Nations, in East Timor (2006).
José Franco Medeiros de Morais
Elected by the Union | Holder Member
Mr. José Franco Medeiros de Morais is an economist. He is currently the National Treasury’s Undersecretary of Public Debt. He was a Consultant in Public Debt Management, Capital Markets and Fiscal Risks of the World Bank and the IMF between the years of 2008 and 2015. He holds a degree, a master’s degree, and a doctorate in economics by the University of Brasília. He was Professor of Economics and Finance at the IBMEC-DF, FGVDF, ESAF-DF, Faculdades Integradas do Planalto Central. José Franco was a member of the fiscal councils of the following companies: Engepron (2006 to 2008), BB BI (2012 to 2014), BB Administradora de Cartões (2008 to 2012), BB DTVM (2014 to 2017), TERRACAP (2016 to 2017) e BNDESPar (2017 to 2018).
Gildenora Batista Dantas Milhomem
Elected by the Union | Alternate Member
Ms. Gildenora Batista Dantas Milhomem has been a Federal Auditor of Finance and Control of the National Treasury Department since February 8, 1994. She completed her Bachelor of Science in Accounting in 1988, with a Postgraduate Degree in Public Administration – CIPAD, level of specialization – EBAPE / Fundação Getúlio Vargas, completed in 2007. Deputy Secretary of Public Accounting – NATIONAL TREASURY DEPARTMENT, from June 03, 2015 to the present date. Member of the Advising Group of Brazilian Accounting Standards Technical of the Public Sector (GA NBC TSP), of the Federal Accounting Council, as representative of the National Treasury Department, from 2015 to the present date; Chairman of the Board of Directors of the Assefaz Foundation (2016 to 2019); Member of the Fiscal Council of the Asset Management Company – EMGEA, as representative of the National Treasury Department (20 15 to 20 17); Member of the Fiscal Council of the Brazilian Petroleum and Natural Gas Administration S.A. – PréSal Petróleo S.A. – PPSA, as representative of the National Treasury Department (2015 to 2018).
Patricia Valente Stierli
Elected by the Common Share Minority Shareholders | Holder Member
Patricia Valente Stierli is a Board of Directors and Fiscal Council member certified by IBGC, asset manager of third-party Resources with CVM and ANBIMA (until December 2017), member of the IBGC Finance Committee of CAC Conduta IBGC. She has seven years of experience as a member of the Board of Directors and Fiscal Council in publicly traded companies, representing minority shareholders. Three years of experience as a Fiscal Counselor in a large NGO. Thirteen years of experience in the area of third-party asset management, with six years as Statutory Director, working in management dedicated to institutional and retail customers. Manager of the Sinergia funds, focused on unlocking value through intense corporate governance work, including appointing members to the Board of Directors and Fiscal Council of the investee companies. Eight years of experience as Administrative and Financial Director, of which 3 years as Statutory Director, responsible for the areas of accounting, tax, budget, treasury and human resources. Experience in structuring financial transactions with credit rights,debentures issuance, IPOs and mergers and acquisitions. Ability to lead teams and focus on results and corporate governance. Fluent in English. Representative of Banco Fator’s asset management area with the Central Bank of Brazil and the Brazilian Securities and Exchange Commission until July 2015. Member of the Stocks Committee of ANBIMA until July 2015. She has experience as a member of the Fiscal Council of Eletrobras-Centrais Elétricas SA ( Mandate 2017 to 2019 and 2019 to 2021), Financial Specialist and Chairman of the Fiscal Council; member of the Board of Directors of CIEE -Centro de Integração Empresa Escola (term 2021 to 2023); member of the Board of Directors of PPE Fios Esmaltados S.A. (Mandate 2018 to 2019); member of the Fiscal Council of Sociedade Beneficente de Senhoras -Hospital Sírio Libanês (Mandate from 2018 to 2021); alternate member of the Fiscal Council of CIEE-Centro de Integração Empresa Escola (Mandate 2018to 2019); member of the Fiscal Council of Bardella S.A. Indústrias Mecânica (Mandates 2015,2016 and 2017 until October 2018); member of the Board of Directors of Pettenati S.A. Indústria Têxtil (Mandate 2015); alternate member of the Fiscal Council of Dohler S.A. (Mandate 2017 to 2018); alternate member of the Fiscal Council of Petrobras (mandate 2019 to 2020) and alternate member of the Fiscal Council of lnvepar (mandate 2021).
Elected by the Common Share Minority Shareholders | Alternate Member
Robert Juenemann is a lawyer graduated at the Law School at Pontifícia Universidade Católica do Rio Grande do Sul –PUC/RS. Masters in Civil Process at PUC/RS and Masters in Strategic Planning at ESPM/RS. Founding Partner of Robert Juenemann Advocacia Empresarial e Familiar, a law firm acting in corporate, tax, labour, real estate and family law, as well as corporate governance, with special dedication to fulfill the family business and succession needs. Certified mediator by CEDR –Center for Effective Dispute Resolution –London, UK; Masters in Arbitration by UNISC -University of Santa Cruz, 2020; and in progress Masters in Tax Law and Tax Procedures, to be finished by July2021. Board Member at IBGC –Brazilian Institute for Corporate Governance for two consecutive terms –in a total of five years–having acted as the Human Resources Committee Leader in the first term and for the rest of the second term as a member of the Audit Committee. Member of the Supervisory Board (Fiscal Board) of AES Tietê Energia S.A. in 2019; Member of the Supervisory Board (Fiscal Board) of Banco do Brasil S.A, in 2019; Member of the Supervisory Board (Fiscal Board) of JBS S.A. in 2018; Member of the Supervisory Board (Fiscal Board) of VALE S.A. in 2017; Member of the Supervisory Board (Fiscal Board) of Gerdau S.A. in 2018; Member of the Supervisory Board (Fiscal Board) at Eletrobrás in 2013 and 2014, as well as in 2015 as a Deputy Supervisory Board Member; Member of the Supervisory Board (Fiscal Council) in 2015 at Eternit S.A.;and Member of the Supervisory Board (Fiscal Council) in 2013 at CELESC. Member of the International Ethics Standard Board for Accountants –IESBA –NYC –2016 to 2018 –as a non practitioner and Member of GGC –Corporate Governance Group.Co-writer of the Legal Guide for Administrators and Board Members issued by IBGC.Member of the group that revised the Code of Best Practices of Corporate Governance at IBGC –2015-2016.Lecturer and speaker of the subjects like Shareholders Responsibilities, Directors Liabilities, Shareholders Agreements for Family Businesses, Family Law Agreements, among others.Co-writer of the book Family Businesses: How to Perpetuate and How to Destroy?, launched in November, 2019, at the Book Fair in Porto Alegre –RS, Brazil.Speaks Portuguese, English, French, German, Italian and Spanish.
Michele da Silva Gonsales Torres
Elected by the Preferred Share Minority Shareholders | Holder Member
Michele da Silva Gonsales Torres is a lawyer, currently a partner at ALFM Advogados. She has experience in: Corporate Governance; Compliance; Management of Legal Departments; Risk Assessment and Management; Analysis, Development and Management of several types of contracts; Corporate; Legal Strategic Planning for Business Structuring; Structuring Operations with Investment Fund in Equity; Structuring Operations with Real Estate Developments; Development of Legal Expert Opinions -Compliance, Corporate Law, Capital Markets. Member of the Compliance Committee of Instituto dos Advogados de SP-IASP; Compliance Committee of the Brazilian Bar Association-OAB/SP. Member of the Fiscal Council of Cemig (2018-2019 and 2020-2022)and Light since 2019.
Antonio Emílio Bastos de Aguiar Freire
Elected by the Preferred Share Minority Shareholders | Alternate Member
Antonio Emilio Freire is a senior auditor who has a wealth of practical experience backed by upper academic qualifications. For the last 10 years Mr. Freire has been acting in leadership roles in risk management, strategic planning and internal controls. In addition, he has a deep global experience with outstanding performance in Brazil, Philadelphia and Tampa in the USA, Auckland in New Zealand, and Geneva in Switzerland, before joining the Comptroller and Auditor General Office in Brazil. Mr. Freire attended the Federal University of Ceará between 1990 and 1994 graduating with a Bachelor of Financial Sciences degree with distinction. While in the USA, between 1999 and 2002, he obtained at The University of Tampa his Master of Business Administration with concentration in Marketing and Strategic Planning. In 2013 he obtained his Post Graduate Diploma in Government Affairs. In 2014 he obtained his title Leadership in Transparency and Corruption Control from the École Nationale d’Administration Française. In 2017 he obtained his Post Graduate Diploma in External Control at the National University of Brasilia.
It comprises of a chairman and seven executive directors elected by the Board of Directors, with a term of up two years, with a maximum of three consecutive reelections permitted, and may be dismissed at any time. Among the members of the Executive Board, only the president is a member of the Board of Directors without, however, presiding over the body.
Joaquim Silva e Luna
Joaquim Silva e Luna was the Brazilian General Director of Itaipu Binacional from February 2019 to April 2021. He is a reserve Army General and served in the Ministry of Defense from March 2014 to January 2019, as General Secretary of the Ministry and as Minister of Defense. In addition to the Military Academy of Agulhas Negras, where he graduated in Military Engineering, Joaquim Silva e Luna holds a PhD in Military Sciences, a master degree in Military Operations, post-graduation in Projects and Systems Analysis from the University of Brasilia and in Army Policy, Strategy and Senior Management, Communications Officer course held at the School of Communications and Jungle Warfare training held at the Jungle Warfare Instruction Center. During his 45 years of service to the Army, 12 of them were as active duty General Officer: as Brigade General he was Commander of the 16th Jungle Infantry Brigade, in Tefé-Amazon and Patrimony Director, in Brasilia; as Division General, he was Chief of Staff of the Army Commander, in Brasília; and as Army General he was Chief of Staff of the Brazilian Army, in Brasilia. He was a Board member of Amazônia Azul Tecnologia de Defesa S.A. (AMAZUL) for three years. Abroad he was a member of the Brazilian Military Mission of Instruction and Engineering Advisor in the Republic of Paraguay as an instructor at undergraduate, graduate and PhD schools; and Defense Attaché of the Navy, Army and Air Force in the State of Israel.
Fernando Assumpção Borges
Chief Exploration and Production Officer
Fernando Assumpção Borges is a civil engineer graduated from the Federal University of Uberlândia, with an Executive MBA from COPPEAD/UFRJ, and also participated in the Advanced Management Program at INSEAD (France). He has 38 years of professional experience at Petrobras, having held the following managerial positions: Reservoir Manager in the Campos Basin and Sergipe-Alagoas Basin, General Manager of the UN-SUL Business Unit, General Manager of E&P Production, Project Manager of the Mexilhão Gas Field at UN-RIO, E&P Director of Petrobras Bolivia, General Manager of Well Operations at Petrobras International, General Manager of Offshore Rigs in the Maritime Well Construction area of Petrobras E&P, and General Manager of Project Implementation in Libra. Since April 2016, he has served as an Executive Manager in the company, having initially held the Libra Executive Management position and, as of September 2019, he became External Relations Executive Manager, a position he has held until the present moment. From April 2016 to March 2020 he held the position of Chief Officer at the Brazilian Institute of Oil, Gas and Biofuels (IBP) and since April 2016 he has held the position of Chief Officer of the Brazilian Association of Oil and Gas Exploration and Production Companies (ABEP), by indication of Petrobras. Fernando is the author of several works such as “Campos Basin – 25 years of Production and its Contribution to the Oil Industry”, “Formation Test in Severe Environment HPHT” and “Formation Test in Brazilian Deep Waters”.
Rodrigo Araujo Alves
CFO and Chief Investor Relations Officer
Rodrigo Araujo Alves holds a bachelor’s degree in Business Administration from Universidade Federal de Minas Gerais and a bachelor’s degree in Accounting from Faculdade Moraes Júnior Mackenzie Rio, an MBA in Economic and Financial Management from Fundação Getúlio Vargas, and an executive master’s degree in Finance (with honors) from HEC Paris. He is a Certified Public Accountant (CPA) from Washington State in the United States; COSO Internal Control Certificate from the American Institute of Certified Public Accountants (AICPA); and Certified in IFRS (CertIFR) from the Association of Chartered Certified Accountants (ACCA). He also took management and finance courses at INSEAD; Chicago Booth; Singularity University; Fundação Dom Cabral; CFA Institute and MDT International. He has worked at Petrobras since 2007, with extensive experience in the financial area, occupying, since 2017, the position of Executive Manager of Accounting and Tax. He was Chairman of the Fiscal Council of TBG and member of the Fiscal Council of other companies of the Petrobras group and is currently a member of an advisory group of the International Accounting Standards Board (IASB) and member of the Board of Directors of the Brazilian Association of Publicly-Held Companies (ABRASCA). He has received several awards, most notably the Anefac merit award for professional of the year in the tax category in 2020, the Confeb award for tax executive of the year for basic industries in 2018, and the award from Petrobras as the outstanding company for the Anefac Transparency Trophy in the years 2019 and 2020.
Rodrigo Costa Lima e Silva
Chief Refining and Natural Gas Officer
Rodrigo Costa Lima e Silva holds a degree in Business Administration from Universidade Católica de Salvador. He has a master’s degree in Business Administration from IBMEC and an MBA in Corporate Finance from FGV. He has been working at Petrobras for 15 years, having held several managerial positions in the areas of Exploration and Production, Gas and Energy and Strategy and having been chairman of the Board of Directors of some Petrobras subsidiaries. Since 2019, he has held the position of Gas and Energy Executive Manager.
Cláudio Rogério Linassi Mastella
Chief Trading and Logistics Officer
Cláudio Rogério Linassi Mastella is a chemical engineer with a degree from Universidade Federal do Rio Grande do Sul (UFRGS), an Executive MBA from IBMEC, and a post-graduate degree in Management from Fundação Dom Cabral, in addition to having taken development programs abroad, such as: Executive Development Program – Northwestern Kellogg and Managing Supply Chains for Global Competitiveness – Stanford GSB. He has 34 years of professional experience at Petrobras, working in the areas of Commercialization, Refining and Logistics. During his career at the company, he held several managerial positions in the areas of operational planning (S&OP), logistics operations, refining and commercialization, having held the position of Executive Manager of Logistics from Feb/2015 to Feb/2019 and Executive Manager of Commercialization from Mar/2019 to date. In companies of the Petrobras group, he served as Director of Logum Logística S.A. and Petrobras Transporte S.A. – Transpetro. He was Alternate Director of Petrobras Argentina S.A., from Mar/2015 to Jul/2016, and Member of the Strategy and Finance Committee of Transpetro, from Dec/2018 to May/2020. He has served as Vice President of the Brazilian Downstream Association of IBP (Brazilian Institute of Oil, Gas and Biofuels) since 2020.
Chief Governance and Compliance Officer
Mr. Salvador Dahan has a Bachelor of Law from Mackenzie University, with an MBA in Business Security Management from FECAP and a post-graduate degree in Business and Community Leadership from INSPER/SP. He has 22 years of experience in the Compliance, Risk and Governance areas, having worked in large multinational companies. Early in his career, he founded the company Prot Consulting with two other partners, and worked for over six years as Associate Director and Senior Consultant, working in the area of risk management. From 2005 to 2007, he was Risk and Investigation Manager LATAM at Procter & Gamble, having this experience broadened his vision on international processes and best practices. In 2007, he was invited to work on structuring the Compliance and Corporate Security areas of the Gerdau Group, where he held the position of General Manager until 2016. In early 2017, Mr. Salvador Dahan joined Nissan Motors to act as Chief Governance, Risk, Compliance and Audit Officer for Latin American operations, having worked on structuring processes and policies of the areas. In 2019, he was invited to work in Japan as Nissan’s General Manager, with global scope of action for the areas of Risk, Compliance and Privacy.
Chief Digital Transformation and Innovation Officer
Nicolás Simone is a Software and Systems Engineer from O.R.T University – Uruguay, with extensive international experience and knowledge of information technology, digital transformation, cyber security, AI, omnichannel, CRM, innovation, sales, logistics, process reengineering, large projects, shared services center (SSC) and industry 4.0. He has led transformational global projects, M&A processes, implemented management systems such as SAP/ERP, outsourcing and off shoring models, sales systems, among others, always focusing on innovation and adding value to the business. He has held leadership positions in large companies such as Itaú-Unibanco, Lojas Renner, ABInBev and Grupo Boticário, with a strong business expertise in industry, consumer goods, retail and financial market segments. His focus is to act with empathy and systemic vision of the business to achieve results and exceed expectations with added value.
At the digital transformation front, he is very knowledgeable in transforming and connecting business and analog processes into digital according to the characteristics of each organization, implementing different methodologies to define and lead this cultural change in partnership with areas and business units.
With extensive experience and focus on innovation, he has transformed IT areas from a traditional to a bimodal format in order to add value to the business, structuring innovation labs with co-working areas and enabling partnerships with startups to incubate solutions using methodologies such as Design Thinking, Agile, Devops, and others to enhance end-user experience, adaptability, and interaction to reduce lead times. Throughout his career, he has published numerous articles, given lectures and interviews about the journey for digital transformation, innovation, ecosystem creation, and how to transform traditional IT into value-adding IT. His work has been recognized by several awards: CIO Executive Award in the Consumers Goods Category; CIO Executive Award in Retail; and in 2017 he published a paper that was a global case about how to transform the CIO and IT roles into Value Added entities strengthening the business collaboration.
Roberto Furian Ardenghy
Chief Institutional Relations and Sustainability Officer
Roberto Ardenghy holds a B.A. in Law from the Federal University of Santa Maria and holds graduate degrees in International Relations and Diplomacy, from the Diplomatic Academy of Rio Branco Institute, and Economics of Oil and Gas, from COPPE at the Federal University of Rio de Janeiro. Along his professional diplomatic career, he has held a number of positions in the Federal Government in Brasília, in the Civil Affairs of the Presidency of the Republic and in the Ministries of Foreign Affairs, Justice, Development, Industry and Trade, the Federal Administration Secretariat and the Brazilian Embassies in Washington and Buenos Aires. In the period from 2002 to 2007, worked as Chief of Staff, President of the Ethics Committee and Head of Downstream at the National Petroleum Agency – ANP. From 2007 to 2011, he served as Corporate Relations Manager at BG E&P Brasil. He was a member of the Upstream Committee of the Brazilian Petroleum Institute and Director of the American Chamber of Commerce of Rio de Janeiro – AmCham Rio. Roberto Ardenghy was a deputy professor of International Law at the Cândido Mendes School, Ipanema Campus, and for the graduate courses in oil at the Brazilian Petroleum Institute and the COPPE-Federal University of Rio de Janeiro. He returned to the Federal Government in 2012 and was transferred to Houston as Deputy Consul General and Head of the Department of Trade and Investments Promotion. He was also Honorary President of the Brazil-Texas Chamber of Commerce (BRATECC) and Deputy Consul General at the Brazilian Consulate General in New York from May 2017 to January 2019. Since then, he has held the position of Chief of Staff of the CEO Office at Petrobras.
João Henrique Rittershaussen
Chief Production Development Officer
João Henrique has a degree in Electrical Engineering from the Federal University of Minas Gerais (UFMG), and in Petroleum Engineering from Petrobras, with an MBA in Business Management from Coppead (UFRJ) and an Advanced Management Program from Insead (Institut Européen d’Administration des Affaires) in France. He has been working at Petrobras for 34 years, having held several managerial positions in the E&P and Procurement segments. In his career, the following positions are highlighted: General Manager of Goods and Services Supplier Market Development, General Manager of Rig Construction, General Manager of Project Design and Implementation, and General Manager of Goods and Services Procurement for E&P Production Development. Since November 2017 he has served as Executive Manager in the company. Initially he held the position of Surface Systems Executive Manager and in November 2018 he became Surface Systems, Refining, Gas and Energy Executive Manager, an area responsible for the construction of the company’s new assets in the E&P and RNG areas (FPSOs, UPGNs, onshore pipelines, refining units, among others), a position he has held until the present moment.
Board of Directors Committees
The Board of Directors will have 6 (six) advisory committees, with specific duties for analysis and recommendation on certain matters, directly linked to the Board: Investment Committee; Audit Committee; Audit Committee of the Petrobras Conglomerate; Safety, Environment and Health Committee; People Committee; and Minority Committee. These committees aim to assist the Board in the fulfillment of its responsibilities for guiding and leading the Company.
Statutory Technical Committees
The Executive Board counts on the advice of the Statutory Technical Committee on Investment and Divestment.
The members of the Executive Board have 8 (eight) technical advisory committees, composed of members of the general structure, with specific duties for analysis and recommendation on certain matters:
- Statutory Technical Committee on Institutional Relationship and Sustainability;
- Statutory Technical Committee for Production Development;
- Statutory Technical Committee for Exploration and Production;
- Statutory Technical Committee for Refining and Natural Gas;
- Statutory Financial and Investor Relations Technical Committee;
- Statutory Technical Committee on Commercialization and Logistics;
- Statutory Technical Committee on Governance and Compliance;
- Statutory Technical Committee on Digital Transformation and Innovation
The composition and operating rules of the Statutory Technical Committees are governed by regulation approved by the Board of Directors.
Deliberative and Advisory Committees
The Executive Board may create committees, with delegated powers, linked to this body or directly to one of its members. The committees can be of a deliberative or consultative nature and have the purpose of assisting the Executive Board in the fulfillment of their duties and responsibilities. These committees are composed of managers from different areas of the company, in order to guarantee a multidisciplinary view in the analysis and discussion of matters, as well as in the decision-making process. The composition and rules of operation of the committees will be governed by regulations to be approved by the Executive Board and submitted to the Board of Directors.
The deliberative and consultative committees can set up commissions and working groups, with predominantly tactical and operational activities, to support them in the performance of their duties.
The performance evaluations of the Board of Directors, the Executive Board and its advisory committees, while collegiate, and each of its members, individually, occur annually and are provided for in our Bylaws, in our Corporate Governance Guidelines and in Internal Regulations of the Board of Directors.
According to our Bylaws, the Board of Directors is responsible for evaluating, on an annual basis, the performance results, individual and collective, of the administrators and members of the Board Committees, with the methodological and procedural support of the People Committee, observing minimum requirements, such as exposure of the management acts practiced in terms of lawfulness and the effectiveness of managerial and administrative action; the contribution to the income for the year; achieving the objectives set out in the business plan and meeting our long-term strategy.
The system that details the assessment procedures of the Board of Directors is carried out by a specialized external company and was approved by the Board of Directors. The methodology aims to periodically analyze the performance and contribution of our management bodies, our administrators and the members of the advisory committees to the Board of Directors in order to achieve the objectives and goals established in the strategic plan, aiming to achieve more efficient results and and contribute to the strengthening of our image and reputation with our stakeholders.
The creation of the evaluation methodology took into account the understanding of documents and reports, including those released to the public; individual interviews with the members of the Board of Directors; and presentation of conclusions, recommendations and priority actions. The Board of Directors must also annually evaluate the performance of the Executive Board, based on the system and criteria defined by it.
The result of the performance appraisal is used in the calculation of the variable remuneration of the members of the Executive Board. Thus, if all the prerequisites and goals of the program are met, the Indicator of Evaluation of the Executive Board by the Board of Directors will have an influence on the participant’s variable remuneration. The impact of the performance evaluation on the remuneration of the members of the Board of Directors and their advisory committees is not expected, since their remuneration is fixed.
The annual evaluation cycle of the Board of Directors and its Committees for 2019 was carried out by a specialized external company and concluded in April 2020.
The 2019 evaluation cycle of the Executive Board was concluded in the first half of 2020. The methodology for this cycle was approved by the Board of Directors and consists of the assessment of the scope of the metrics defined by the Board and the qualitative evaluation of four criteria: strategy, process decision-making, structure and identity. The results of the individual and collective assessment of the Executive Board, related to the 2019 cycle, were presented in a final report sent to the Personnel Committee, which reported them to the Board of Directors.
We have a variable compensation program for our employees that aims to align individual performance with our global goals and increase engagement so that everyone feels responsible for our results.
In calculating the variable remuneration of all employees, we consider four global performance metrics: 2 financial and 2 environmental – Gross Debt, Variation in Value Added (Delta EVA), Intensity of Greenhouse Emissions (IGEE) and Leaking Volume of Oil and Derivatives (EMPTY). In addition, each employee or executive has specific goals defined on their scorecard.
The CEO’s bonus, for example, will depend on 85% of the company’s four main performance metrics, 5% on a compliance assessment by the State-owned Companies Coordination and Governance Secretariat (SEST) and 10% on a discretionary assessment of its performance , given by the Board of Directors. Executive officers will have their bonus calculated at 60% based on the company’s overall performance (4 main metrics), 25% on specific goals set on their scorecards, 5% on a SEST compliance assessment and 10% on their discretionary assessment. An unemployed employee will have 35% of their bonus based on our overall performance, 55% on their specific goals and 10% on their discretionary assessment.
In addition, in order to ensure the alignment of executive compensation with our long-term performance, senior managers, directors and CEO have part of their compensation deferred over time and varying according to the value of our shares.