The CVM (Brazilian Securities and Exchange Commission) analyzes the opening of an administrative proceeding to investigate the appointment of General Joaquim Silva e Luna to the command of Petrobras, which had a strong impact on the value of the state’s shares.
The objective is to assess whether the announcement followed the rules for disclosing relevant facts that may have an impact on the value of the companies’ shares. The announcement of the exchange was made officially in the late afternoon of Friday (19), but on Thursday (18), President Jair Bolsonaro had already signaled the change.
Between Bolsonaro’s first statements about “changing something” at the state-owned company and the official announcement, Petrobras’ market value plummeted R $ 28 billion on the São Paulo stock exchange. After the release of the new name, the shares continued to fall in New York.
Officially, the CVM says only that it does not comment on specific cases and “monitors and analyzes information involving publicly-held companies, taking appropriate measures, whenever necessary”.
But opening cases in cases like these is a usual procedure for assessing compliance with rules that combat possible abuse and information asymmetry among the various market participants.
In the second article of CVM Instruction 358, the municipality defines as relevant fact information that may influence “the quotation of securities [ações]”and the” decision to buy, sell or hold such securities “.
“In order to ensure orderly and equitable market access to such information, CVM Instruction 358 charges DRI [diretor de relações com investidores] public companies have a duty to publicize them, clearly and precisely, through official communication channels, in addition to ensuring their wide and immediate dissemination, “wrote the municipality in a 2016 statement on the subject.
In the statement, the CVM says that it is the responsibility of the responsible director to proactively investigate the occurrence of disclosures that do not follow the established procedures.
On Thursday, the president signaled the change during his weekly live on social media. He complained about readjustments in gasoline and diesel prices made the previous day and stated that “something will happen at Petrobras in the next few days”.
“Something has to change, it will happen”, he repeated.
On Friday, at an event in Pernambuco, he touched on the theme again, repeating that he had no interest in interfering in price management but repeated that he would promote changes in the state-owned company. “I announce that we will have a change at Petrobras,” he said.
At that time, the shares were already melting on the stock exchanges, with investors fearing interventions in the price policy criticized by Bolsonaro. The President of the Republic confirmed the change on his Facebook page at 8:21 pm. Petrobras filed a statement on the subject with the CVM at 9:01 pm.
In the text, he said that he received an official letter from the MME (Ministry of Mines and Energy) requesting the convening of a shareholders’ meeting to nominate Silva and Luna as chairman of the company’s board of directors, which is the body responsible for approving the name of the president of the company. company.
Silva e Luna will replace Roberto Castello Branco, an economist appointed by the Minister of Economy, Paulo Guedes to lead the state company since the beginning of the Bolsonaro government. The market expected the executive to be reappointed for a new two-year term at a board meeting on Tuesday (23).
Bolsonaro decided to switch after being irritated by recent statements by Castello Branco, who said that truck drivers’ dissatisfaction was not a Petrobras problem. This Saturday, the President of the Republic stated that he needs to “change the parts that may not be working”.
He also affirmed that he will make new exchanges in the government and that he intends to “stick his finger” also in the electricity sector, given the high energy tariffs in the country.