Petrobras Shareholders Confirm New Board Leadership and Approve 2026 Budget
Petrobras' April 16, 2026 shareholders' meeting confirmed new Board leadership, reappointed key executives, and approved a R$114 billion investment budget for 2026.
- • Magda Chambriard reappointed as president of Petrobras at the shareholders' meeting.
- • Guilherme Mello nominated and expected to become new president of Petrobras' Board of Directors.
- • 16 candidates competed for 10 Board seats; 11th seat reserved for employee representative.
- • 2026 budget approved with R$114 billion in investments and R$41.2 billion in dividends.
Key details
Petrobras held its Ordinary General Assembly on April 16, 2026, where shareholders confirmed key leadership and financial decisions crucial to the company's future. The assembly reappointed Magda Chambriard as president, maintaining her role since May 2024. Additionally, the election of the Board of Directors was competitive, with 16 candidates vying for 10 seats. The federal government, as the majority shareholder, nominated Guilherme Mello—current executive secretary of the Ministry of Planning and president of the BNDES Board—to become the new president of Petrobras' Board, succeeding Bruno Moretti who left to head the Planning Ministry. This leadership transition is expected to steer Petrobras' strategic direction, especially regarding its investment plans.
The Union proposed four new members to the Board, including Mello, while retaining four incumbents. An eleventh seat on the Board remains reserved for an employee representative, with Rosangela Buzanelli Torres currently holding that position. Beyond leadership elections, the assembly fixed the remuneration of directors and fiscal councilors and approved the company’s 2025 financial statements.
A significant highlight was the approval of Petrobras' proposed 2026 budget, featuring R$114 billion earmarked for investments and R$41.2 billion planned for dividends. The budget also includes R$68.9 billion set aside as retained earnings reserves and R$815.5 million allocated in tax incentives, underscoring Petrobras' robust financial posture and capacity for future growth.
The assembly convened at Petrobras' headquarters in downtown Rio de Janeiro at 2 PM, reflecting the company's transparent governance practices amid evolving leadership. The decisions taken reaffirm Petrobras' commitment to strategic investment and stable governance, with leadership transitions aligned with government priorities and shareholder interests.
This article was translated and synthesized from Brazilian sources, providing English-speaking readers with local perspectives.
