Brazilian government discusses ways to reign in defiant state-owned Petrobras

The text of the law on state-owned companies stipulates that public companies be managed according to governance criteria. They must have bylaws, an independent board of directors, and policies in line with market conditions.

RIO DE JANEIRO, BRAZIL - Latin America's largest oil company, Petrobras, is majority-owned by the Brazilian state but regularly defies the explicit wishes of its majority shareholder regarding fuel pricing.

That is why the Planalto Palace is focused this Tuesday (21) on finding ways to amend the law on state-owned companies, which is at the center of the problem.

The text of the law, which took effect in 2016 after Operation Lava Jato, stipulates that public companies be managed according to governance criteria. They must have bylaws, an independent board of directors, and policies in line with market . . .

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