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Petrobras – Petroleo Brasileiro SA – ‘20-F’ for 12/31/23 – ‘EX-97.2’

On:  Thursday, 4/11/24, at 5:49pm ET   ·   As of:  4/12/24   ·   For:  12/31/23   ·   Accession #:  1292814-24-1340   ·   File #:  1-15106

Previous ‘20-F’:  ‘20-F’ on 3/29/23 for 12/31/22   ·   Latest ‘20-F’:  This Filing   ·   30 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/12/24  Petrobras - Petroleo Brasilei… SA 20-F       12/31/23  280:58M                                    MZ Technologies/FA

Annual or Annual-Transition Report by a Foreign Non-Canadian Issuer   —   Form 20-F   —   SEA’34

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 20-F        Annual or Annual-Transition Report by a Foreign     HTML  14.32M 
                Non-Canadian Issuer                                              
 2: EX-1.1      Underwriting Agreement or Conflict Minerals Report  HTML    213K 
 3: EX-2.4      Plan of Acquisition, Reorganization, Arrangement,   HTML    295K 
                Liquidation or Succession                                        
 4: EX-8.1      Opinion of Counsel re: Tax Matters                  HTML     71K 
 6: EX-13.1     Annual or Quarterly Report to Security Holders      HTML     66K 
11: EX-17.1     Correspondence re: Departure of a Director          HTML     67K 
12: EX-97.2     Clawback Policy re: Recovery of Erroneously         HTML     70K 
                Awarded Compensation                                             
13: EX-99.1     Miscellaneous Exhibit                               HTML     99K 
 5: EX-12.1     Statement re: the Computation of Ratios             HTML     74K 
 7: EX-15.1     Letter re: Unaudited Interim Financial Info         HTML     63K 
 8: EX-15.2     Letter re: Unaudited Interim Financial Info         HTML     64K 
 9: EX-15.3     Letter re: Unaudited Interim Financial Info         HTML    105K 
10: EX-15.4     Letter re: Unaudited Interim Financial Info         HTML     85K 
19: R1          Cover                                               HTML    133K 
20: R2          Consolidated Statements of Financial Position       HTML    182K 
21: R3          Consolidated Statements of Income                   HTML    120K 
22: R4          Consolidated Statements of Income (Parenthetical)   HTML     69K 
23: R5          Consolidated Statements of Comprehensive Income     HTML    112K 
24: R6          Consolidated Statements of Cash Flows               HTML    173K 
25: R7          Consolidated Statements of Changes In               HTML    113K 
                Shareholders' Equity                                             
26: R8          The Company and its operations                      HTML     69K 
27: R9          Basis of preparation                                HTML     84K 
28: R10         Material accounting policies                        HTML     67K 
29: R11         Judgments and sources of estimation uncertainty     HTML    107K 
30: R12         Climate Change                                      HTML    115K 
31: R13         New standards and interpretations                   HTML     78K 
32: R14         Capital Management                                  HTML     70K 
33: R15         Cash and cash equivalents and marketable            HTML    106K 
                securities                                                       
34: R16         Sales revenues                                      HTML    174K 
35: R17         Costs and expenses by nature                        HTML     91K 
36: R18         Other income and expenses, net                      HTML     94K 
37: R19         Net finance income (Expense)                        HTML     88K 
38: R20         Information by operating segment                    HTML    247K 
39: R21         Trade and other receivables                         HTML    134K 
40: R22         Inventories                                         HTML     79K 
41: R23         Trade payables                                      HTML     75K 
42: R24         Taxes                                               HTML    232K 
43: R25         Employee benefits                                   HTML    565K 
44: R26         Provisions for legal proceedings, judicial          HTML    258K 
                deposits and contingent liabilities                              
45: R27         Provision for decommissioning costs                 HTML    107K 
46: R28         Other assets and liabilities                        HTML    103K 
47: R29         The ?Lava Jato (Car Wash) Operation? and its        HTML     69K 
                effects on the Company                                           
48: R30         Commitment to purchase natural gas                  HTML     69K 
49: R31         Property, plant and equipment                       HTML    235K 
50: R32         Intangible assets                                   HTML    141K 
51: R33         Impairment                                          HTML    275K 
52: R34         Exploration and evaluation of oil and gas reserves  HTML    125K 
53: R35         Collateral for crude oil exploration concession     HTML     69K 
                agreements                                                       
54: R36         Consortia (partnerships) in E&P activities          HTML    150K 
55: R37         Investments                                         HTML    462K 
56: R38         Disposal of assets and other transactions           HTML    184K 
57: R39         Finance debt                                        HTML    298K 
58: R40         Lease liability                                     HTML    219K 
59: R41         Equity                                              HTML    184K 
60: R42         Risk management                                     HTML    379K 
61: R43         Related-party transactions                          HTML    208K 
62: R44         Supplemental information on statement of cash       HTML     95K 
                flows                                                            
63: R45         Subsequent events                                   HTML     69K 
64: R46         Supplementary information on Oil and Gas            HTML    950K 
                Exploration and Production (Unaudited)                           
65: R47         Material accounting policies (Policies)             HTML     66K 
66: R48         Cash and cash equivalents and marketable            HTML     71K 
                securities (Policies)                                            
67: R49         Sales revenues (Policies)                           HTML     68K 
68: R50         Information by operating segment (Policies)         HTML     73K 
69: R51         Trade and other receivables (Policies)              HTML     69K 
70: R52         Inventories (Policies)                              HTML     67K 
71: R53         Taxes (Policies)                                    HTML     69K 
72: R54         Employee benefits (Policies)                        HTML     71K 
73: R55         Provisions for legal proceedings, judicial          HTML     68K 
                deposits and contingent liabilities (Policies)                   
74: R56         Provision for decommissioning costs (Policies)      HTML     67K 
75: R57         Other assets and liabilities (Policies)             HTML     67K 
76: R58         Property, plant and equipment (Policies)            HTML     70K 
77: R59         Intangible assets (Policies)                        HTML     68K 
78: R60         Impairment (Policies)                               HTML     71K 
79: R61         Exploration and evaluation of oil and gas reserves  HTML     71K 
                (Policies)                                                       
80: R62         Consortia (partnerships) in E&P activities          HTML     70K 
                (Policies)                                                       
81: R63         Investments (Policies)                              HTML     68K 
82: R64         Disposal of assets and other transactions           HTML     69K 
                (Policies)                                                       
83: R65         Finance debt (Policies)                             HTML     66K 
84: R66         Lease liability (Policies)                          HTML     68K 
85: R67         Equity (Policies)                                   HTML     67K 
86: R68         Risk management (Policies)                          HTML     70K 
87: R69         Basis of preparation (Tables)                       HTML     80K 
88: R70         Climate Change (Tables)                             HTML     72K 
89: R71         New standards and interpretations (Tables)          HTML     76K 
90: R72         Cash and cash equivalents and marketable            HTML     98K 
                securities (Tables)                                              
91: R73         Sales revenues (Tables)                             HTML    164K 
92: R74         Costs and expenses by nature (Tables)               HTML     91K 
93: R75         Other income and expenses, net (Tables)             HTML     92K 
94: R76         Net finance income (Expense) (Tables)               HTML     86K 
95: R77         Information by operating segment (Tables)           HTML    239K 
96: R78         Trade and other receivables (Tables)                HTML    124K 
97: R79         Inventories (Tables)                                HTML     73K 
98: R80         Trade payables (Tables)                             HTML     72K 
99: R81         Taxes (Tables)                                      HTML    220K 
100: R82         Employee benefits (Tables)                          HTML    537K  
101: R83         Provisions for legal proceedings, judicial          HTML    229K  
                deposits and contingent liabilities (Tables)                     
102: R84         Provision for decommissioning costs (Tables)        HTML    103K  
103: R85         Other assets and liabilities (Tables)               HTML     98K  
104: R86         Property, plant and equipment (Tables)              HTML    228K  
105: R87         Intangible assets (Tables)                          HTML    117K  
106: R88         Impairment (Tables)                                 HTML    272K  
107: R89         Exploration and evaluation of oil and gas reserves  HTML    113K  
                (Tables)                                                         
108: R90         Consortia (partnerships) in E&P activities          HTML    145K  
                (Tables)                                                         
109: R91         Investments (Tables)                                HTML    454K  
110: R92         Disposal of assets and other transactions (Tables)  HTML    173K  
111: R93         Finance debt (Tables)                               HTML    289K  
112: R94         Lease liability (Tables)                            HTML    217K  
113: R95         Equity (Tables)                                     HTML    157K  
114: R96         Risk management (Tables)                            HTML    372K  
115: R97         Related-party transactions (Tables)                 HTML    198K  
116: R98         Supplemental information on statement of cash       HTML     96K  
                flows (Tables)                                                   
117: R99         Supplementary information on Oil and Gas            HTML    907K  
                Exploration and Production (Unaudited) (Tables)                  
118: R100        Basis of preparation (Details)                      HTML     69K  
119: R101        Climate Change (Details)                            HTML     74K  
120: R102        Climate Change (Details Narrative)                  HTML    103K  
121: R103        New standards and interpretations (Details)         HTML     81K  
122: R104        Capital Management (Details Narrative)              HTML     69K  
123: R105        Cash and cash equivalents and Marketable            HTML     88K  
                securities (Details)                                             
124: R106        Cash and cash equivalents and Marketable            HTML     82K  
                securities (Details 1)                                           
125: R107        Cash and cash equivalents and marketable            HTML     76K  
                securities (Details Narrative)                                   
126: R108        Sales revenues (Details)                            HTML    113K  
127: R109        Sales revenues (Details 1)                          HTML     87K  
128: R110        Sales revenues (Details 2)                          HTML    111K  
129: R111        Sales revenues (Details Narrative)                  HTML     75K  
130: R112        Costs and expenses by nature (Details)              HTML     73K  
131: R113        Costs and expenses by nature (Details 1)            HTML     74K  
132: R114        Costs and expenses by nature (Details 2)            HTML     72K  
133: R115        Other income and expenses, net (Details)            HTML    105K  
134: R116        Net finance income (Expense) (Details)              HTML    100K  
135: R117        Information by operating segment (Details)          HTML    168K  
136: R118        Information by operating segment (Details 1)        HTML     76K  
137: R119        Information by operating segment (Details 2)        HTML    115K  
138: R120        Trade and other receivables (Details)               HTML     95K  
139: R121        Trade and other receivables (Details 1)             HTML     80K  
140: R122        Trade and other receivables (Details 2)             HTML     75K  
141: R123        Trade and other receivables (Details Narrative)     HTML     85K  
142: R124        Inventories (Details)                               HTML     81K  
143: R125        Inventories (Details Narrative)                     HTML     66K  
144: R126        Trade payables (Details)                            HTML     72K  
145: R127        Trade payables (Details Narrative)                  HTML     65K  
146: R128        Taxes (Details)                                     HTML     79K  
147: R129        Taxes (Details 1)                                   HTML     96K  
148: R130        Taxes (Details 2)                                   HTML     73K  
149: R131        Taxes (Details 3)                                   HTML    104K  
150: R132        Taxes (Details 4)                                   HTML     83K  
151: R133        Taxes (Details 5)                                   HTML     69K  
152: R134        Taxes (Details 6)                                   HTML     73K  
153: R135        Taxes (Details 7)                                   HTML     95K  
154: R136        Taxes (Details Narrative)                           HTML     97K  
155: R137        Employee benefits (Details)                         HTML     75K  
156: R138        Employee benefits (Details 1)                       HTML     77K  
157: R139        Employee benefits (Details 2)                       HTML     75K  
158: R140        Employee benefits (Details 3)                       HTML     78K  
159: R141        Employee benefits (Details 4)                       HTML     81K  
160: R142        Employee benefits (Details 5)                       HTML     76K  
161: R143        Employee benefits (Details 6)                       HTML    110K  
162: R144        Employee benefits (Details 7)                       HTML    129K  
163: R145        Employee benefits (Details 8)                       HTML    123K  
164: R146        Employee benefits (Details 9)                       HTML    119K  
165: R147        Employee benefits (Details 10)                      HTML    108K  
166: R148        Employee benefits (Details 11)                      HTML     85K  
167: R149        Employee benefits (Details 12)                      HTML    110K  
168: R150        Employee benefits (Details 13)                      HTML     72K  
169: R151        Employee benefits (Details 14)                      HTML    102K  
170: R152        Employee benefits (Details 15)                      HTML     81K  
171: R153        Employee benefits (Details Narrative)               HTML     99K  
172: R154        Provisions for legal proceedings, judicial          HTML     75K  
                deposits and contingent liabilities (Details)                    
173: R155        Provisions for legal proceedings, judicial          HTML     76K  
                deposits and contingent liabilities (Details 1)                  
174: R156        Provisions for legal proceedings, judicial          HTML     74K  
                deposits and contingent liabilities (Details 2)                  
175: R157        Provisions for legal proceedings, judicial          HTML     74K  
                deposits and contingent liabilities (Details 3)                  
176: R158        Provisions for legal proceedings, judicial          HTML     74K  
                deposits and contingent liabilities (Details 4)                  
177: R159        Provisions for legal proceedings, judicial          HTML    148K  
                deposits and contingent liabilities (Details 5)                  
178: R160        Provisions for legal proceedings, judicial          HTML     73K  
                deposits and contingent liabilities (Details                     
                Narrative)                                                       
179: R161        Provision for decommissioning costs (Details)       HTML     77K  
180: R162        Provision for decommissioning costs (Details 1)     HTML     82K  
181: R163        Provision for decommissioning costs (Details 2)     HTML     73K  
182: R164        Provision for decommissioning costs (Details 3)     HTML     76K  
183: R165        Provision for decommissioning costs (Details        HTML     78K  
                Narrative)                                                       
184: R166        Other assets and liabilities (Details)              HTML    109K  
185: R167        The ?Lava Jato (Car Wash) Operation? and its        HTML     67K  
                effects on the Company (Details Narrative)                       
186: R168        Commitment to purchase natural gas (Details         HTML     70K  
                Narrative)                                                       
187: R169        Property, plant and equipment (Details)             HTML    132K  
188: R170        Property, plant and equipment (Details 1)           HTML     79K  
189: R171        Property, plant and equipment (Details 2)           HTML    131K  
190: R172        Property, plant and equipment (Details 3)           HTML     94K  
191: R173        Intangible assets (Details)                         HTML    106K  
192: R174        Property, plant and equipment (Details Narrative)   HTML     67K  
193: R175        Impairment (Details)                                HTML     76K  
194: R176        Impairment (Details 1)                              HTML     78K  
195: R177        Impairment (Details 2)                              HTML     94K  
196: R178        Impairment (Details 3)                              HTML     88K  
197: R179        Impairment (Details 4)                              HTML     69K  
198: R180        Impairment (Details 5)                              HTML     89K  
199: R181        Impairment (Details 6)                              HTML     94K  
200: R182        Exploration and evaluation of oil and gas reserves  HTML     95K  
                (Details)                                                        
201: R183        Intangible assets (Details Narrative)               HTML    136K  
202: R184        Exploration and evaluation of oil and gas reserves  HTML     80K  
                (Details 1)                                                      
203: R185        Exploration and evaluation of oil and gas reserves  HTML     70K  
                (Details 2)                                                      
204: R186        Exploration and evaluation of oil and gas reserves  HTML     76K  
                (Details 3)                                                      
205: R187        Exploration and evaluation of oil and gas reserves  HTML     87K  
                (Details Narrative)                                              
206: R188        Collateral for crude oil exploration concession     HTML     70K  
                agreements (Details Narrative)                                   
207: R189        Consortia (partnerships) in E&P activities          HTML     88K  
                (Details)                                                        
208: R190        Consortia (partnerships) in E&P activities          HTML    132K  
                (Details 1)                                                      
209: R191        Consortia (partnerships) in E&P activities          HTML     72K  
                (Details 2)                                                      
210: R192        Consortia (partnerships) in E&P activities          HTML     67K  
                (Details Narrative)                                              
211: R193        Investments (Details)                               HTML    215K  
212: R194        Investments (Details 1)                             HTML    107K  
213: R195        Investments (Details 2)                             HTML     74K  
214: R196        Investments (Details 3)                             HTML    116K  
215: R197        Investments (Details 4)                             HTML    138K  
216: R198        Investments (Details Narrative)                     HTML     84K  
217: R199        Disposal of assets and other transactions           HTML     81K  
                (Details)                                                        
218: R200        Disposal of assets and other transactions (Details  HTML     88K  
                1)                                                               
219: R201        Disposal of assets and other transactions (Details  HTML    113K  
                2)                                                               
220: R202        Disposal of assets and other transactions (Details  HTML     73K  
                3)                                                               
221: R203        Disposal of assets and other transactions (Details  HTML     76K  
                Narrative)                                                       
222: R204        Finance debt (Details)                              HTML     87K  
223: R205        Finance debt (Details 1)                            HTML     71K  
224: R206        Finance debt (Details 2)                            HTML     86K  
225: R207        Finance debt (Details 3)                            HTML     79K  
226: R208        Finance debt (Details 4)                            HTML    196K  
227: R209        Finance debt (Details 5)                            HTML     84K  
228: R210        Finance debt (Details 6)                            HTML     89K  
229: R211        Finance debt (Details Narrative)                    HTML     85K  
230: R212        Lease liability (Details)                           HTML     87K  
231: R213        Lease liability (Details 1)                         HTML    143K  
232: R214        Lease liabilities (Details 2)                       HTML     94K  
233: R215        Lease liabilities (Details 3)                       HTML     69K  
234: R216        Lease liability (Details Narrative)                 HTML     67K  
235: R217        Equity (Details)                                    HTML     73K  
236: R218        Equity (Details 1)                                  HTML     68K  
237: R219        Equity (Details 2)                                  HTML     85K  
238: R220        Equity (Details 3)                                  HTML     82K  
239: R221        Equity (Details 4)                                  HTML     70K  
240: R222        Equity (Details 5)                                  HTML     71K  
241: R223        Equity (Details 6)                                  HTML     78K  
242: R224        Equity (Details Narrative)                          HTML    113K  
243: R225        Risk management (Details)                           HTML     71K  
244: R226        Risk management (Details 1)                         HTML     91K  
245: R227        Risk management (Details 2)                         HTML     95K  
246: R228        Risk management (Details 3)                         HTML     68K  
247: R229        Risk management (Details 4)                         HTML     66K  
248: R230        Risk management (Details 5)                         HTML     76K  
249: R231        Risk management (Details 6)                         HTML     67K  
250: R232        Risk management (Details 7)                         HTML     83K  
251: R233        Risk management (Details 8)                         HTML     76K  
252: R234        Risk management (Details 9)                         HTML     79K  
253: R235        Risk management (Details 10)                        HTML     68K  
254: R236        Risk management (Details 11)                        HTML    163K  
255: R237        Risk management (Details 12)                        HTML    103K  
256: R238        Risk management (Details 13)                        HTML     84K  
257: R239        Risk management (Details 14)                        HTML     85K  
258: R240        Related-party transactions (Details)                HTML    103K  
259: R241        Related-party transactions (Details 1)              HTML    112K  
260: R242        Related-party transactions (Details 2)              HTML     73K  
261: R243        Related-party transactions (Details 3)              HTML     89K  
262: R244        Supplemental information on statement of cash       HTML     78K  
                flows (Details)                                                  
263: R245        Supplemental information on statement of cash       HTML     69K  
                flows (Details 1)                                                
264: R246        Supplemental information on statement of cash       HTML     72K  
                flows (Details 2)                                                
265: R247        Subsequent events (Details Narrative)               HTML     67K  
266: R248        Supplementary information on Oil and Gas            HTML     96K  
                Exploration and Production (Unaudited) (Details)                 
267: R249        Supplementary information on Oil and Gas            HTML     86K  
                Exploration and Production (Unaudited) (Details 1)               
268: R250        Supplementary information on Oil and Gas            HTML    114K  
                Exploration and Production (Unaudited) (Details 2)               
269: R251        Supplementary information on Oil and Gas            HTML     96K  
                Exploration and Production (Unaudited) (Details 3)               
270: R252        Supplementary information on Oil and Gas            HTML     97K  
                Exploration and Production (Unaudited) (Details 4)               
271: R253        Supplementary information on Oil and Gas            HTML    102K  
                Exploration and Production (Unaudited) (Details 5)               
272: R254        Supplementary information on Oil and Gas            HTML    121K  
                Exploration and Production (Unaudited) (Details 6)               
273: R255        Supplementary information on Oil and Gas            HTML     91K  
                Exploration and Production (Unaudited) (Details 7)               
274: R256        Supplementary information on Oil and Gas            HTML    106K  
                Exploration and Production (Unaudited) (Details 8)               
275: R257        Supplementary information on Oil and Gas            HTML     67K  
                Exploration and Production (Unaudited) (Details                  
                Narrative)                                                       
277: XML         IDEA XML File -- Filing Summary                      XML    576K  
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276: EXCEL       IDEA Workbook of Financial Report Info              XLSX    689K  
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279: ZIP         XBRL Zipped Folder -- 0001292814-24-001340-xbrl      Zip   9.91M  


‘EX-97.2’   —   Clawback Policy re: Recovery of Erroneously Awarded Compensation


This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]



CLAWBACK GUIDELINE

·1. PURPOSE
·2. SCOPE
·3. DESCRIPTION

 

 

1.        PURPOSE:

1.1. Describe the procedure for charging amounts paid in error (“Erroneously awarded compensation”) to members and former members of the Managing Board compensated by variable remuneration linked to financial results, in the event of republication/restatement of financial statements.

2.        SCOPE:

2.1. It applies to members and former members of the Managing Board of Petrobras Global Finance BV (“Company”), including binding on their beneficiaries, heirs, executors, administrators or other legal representatives in case PGF has paid any variable remuneration to such (former) members of the management board linked to financial results.

3.        DESCRIPTION:

3.1.        PRINCIPLES

3.1.1. All Company activities must be based on ethics, integrity and transparency, in compliance with applicable national and international standards.

3.1.2. The Company strictly complies with all legislation applicable to its business, whether national or international.

3.2.        MOTIVATORS

3.2.1. The remuneration strategy for members of the Managing Board aims to attract, encourage, reward and retain managers to conduct business in a sustainable manner, reconciling the interests of shareholders and other interested parties.

3.2.2. One of the elements of the remuneration of the members of the Managing Board is variable remuneration, which is defined based on the achievement of corporate and individual goals, defined and evaluated by the Managing Board. Payment is deferred for five years, as long as its established prerequisites and goals are met.

3.2.3. All companies with shares on the US stock exchange must charge overpaid amounts to members and former members of the Managing Board who received incentives (such as variable remuneration), when the financial statements are rectified, in accordance with Securities and Exchange regulations Commission (SEC).

3.2.4. Members and former members of the Managing Board are required to reimburse or return to the Company the compensation paid in error in accordance with the Clawback Rules (Section 10D of the Exchange Act and any applicable rules or standards adopted by the SEC thereunder (including the Rule 10D-1 under the Exchange Act) or by the Listing Exchange in accordance with Rule 10D-1 under the Exchange Act (including Section 303A.14 of the New York Stock Exchange Listed Company Manual), in each case).

3.2.4.1. The obligation referred to in this item is binding on the beneficiaries, heirs, executors, administrators or other legal representatives of the members and former members of the Managing Board.

 
 

3.3.        COVERAGE PERIOD

3.3.1. Covers the period of three full fiscal years of the Company immediately preceding the date of correction and any transition period that results from a change in the Company's fiscal year of less than nine months within or immediately after those three full fiscal years.

3.4.        PROCESS MANAGER

3.4.1. The Managing Board shall be the “Administrator” to manage this process.

3.4.1.1. Any determinations made by the “Administrator” will be final and binding on all covered and need not be uniform with respect to each individual.

3.4.2. The Managing Board acting as “Administrator” shall take any and all actions necessary to carry out the provisions of this Guideline, as long as the value recovery measure does not involve the designated occupant.

3.5.        CHARGE

3.5.1. If there is a need to charge overpaid amounts, it will be up to the Managing Board to define the amount to be returned by members and former members of the Managing Board and notify them in writing, informing the amount to be paid. External consultancy may be hired to carry out the calculations.

3.5.1.1. The Company may also charge any and all expenses incurred to recover the amounts, including legal fees.

3.5.1.2. The Company will not be able to enter into any agreement that exempts or waives its right to recover any overpayment made as incentives (such as bonuses or share options), when the financial statements are rectified due to compliance failures.

3.5.2. Amounts may be recovered using any method, taking into account the time value of money and the cost to shareholders of delaying recovery.

3.5.3. The Company cannot accept an amount lower than the overpayment, except in cases permitted by the Clawback Rules.

3.6.        EXCEPTIONS

3.6.1. An exception applies when the charge is unfeasible, in accordance with the good faith determination of the majority of independent directors who are part of the Managing Board, specifically in the following situations:

(i) direct expenses paid to third parties to assist in executing the Guideline against a member or former member of the Managing Board would exceed the amount to be recovered, after the Company has made a reasonable attempt to recover the applicable erroneously awarded remuneration, documented such reasonable attempts and provided such documentation to the Stock Exchange;

(ii) the recovery would violate Dutch law when that law was adopted before November 28, 2022, provided that, before concluding that it would be unfeasible to recover any amount of Erroneously Arbitrated Compensation based on violation of Dutch law, the Company has obtained an opinion from a Dutch lawyer, acceptable to the United States Stock Exchange, that recovery would result in such a breach and a copy of the opinion is provided to the Stock Exchange; or

 
 

(iii) recovery would likely cause a tax-qualified retirement plan under which benefits are widely available to the Company's employees to not meet the requirements of 26 USC 401(a)(13) or 26 USC 411 (a) and regulations contained therein.

3.7.        VALIDITY

3.7.1. This Guideline comes into force upon its publication and replaces any agreement concluded before, during or after its validity.

 

 


Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘20-F’ Filing    Date    Other Filings
Filed as of:4/12/246-K
Filed on:4/11/246-K
For Period end:12/31/236-K,  6-K/A
11/28/22
 List all Filings 


30 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

12/19/23  Petrobras - Petroleo Brasilei… SA 6-K        12/31/23    1:101K                                   MZ Technologies/FA
 7/03/23  Petrobras - Petroleo Brasilei… SA 6-K         7/03/23    6:390K                                   Toppan Merrill/FA
 6/10/21  Petrobras - Petroleo Brasilei… SA 6-K         6/10/21    6:346K                                   Toppan Merrill/FA
10/21/20  Petrobras - Petroleo Brasilei… SA 6-K        10/21/20    6:465K                                   Toppan Merrill/FA
 7/06/20  Petrobras - Petroleo Brasilei… SA F-4                   14:2.1M                                   Toppan Merrill/FA
 6/03/20  Petrobras - Petroleo Brasilei… SA 6-K         6/03/20    8:465K                                   Donnelley … Solutions/FA
 3/23/20  Petrobras - Petroleo Brasilei… SA 20-F       12/31/19  245:150M                                   Donnelley … Solutions/FA
 3/19/19  Petrobras - Petroleo Brasilei… SA 6-K         3/19/19    8:527K                                   Donnelley … Solutions/FA
 8/29/18  Petrobras - Petroleo Brasilei… SA F-3ASR      8/29/18   11:2M                                     Donnelley … Solutions/FA
 7/27/18  Petrobras - Petroleo Brasilei… SA F-4                   20:1.8M                                   Donnelley … Solutions/FA
 4/18/18  Petrobras - Petroleo Brasilei… SA 20-F       12/31/17  231:40M                                    Donnelley … Solutions/FA
 2/01/18  Petrobras - Petroleo Brasilei… SA 6-K         2/01/18    6:438K                                   Donnelley … Solutions/FA
 5/22/17  Petrobras - Petroleo Brasilei… SA 6-K         5/22/17   10:1M                                     Donnelley … Solutions/FA
 1/17/17  Petrobras - Petroleo Brasilei… SA 6-K         1/17/17    8:688K                                   Donnelley … Solutions/FA
 7/13/16  Petrobras - Petroleo Brasilei… SA 6-K         9/30/16    8:1.2M                                   MZ Technologies/FA
 5/23/16  Petrobras - Petroleo Brasilei… SA 6-K         6/30/16    8:1.2M                                   MZ Technologies/FA
 6/05/15  Petrobras - Petroleo Brasilei… SA 6-K         6/30/15    6:697K                                   MZ Technologies/FA
 1/15/15  Petrobras - Petroleo Brasilei… SA 6-K         1/15/15    4:97K                                    Cleary Gottlieb Ste… LLP
 4/30/14  Petrobras - Petroleo Brasilei… SA 20-F       12/31/13   10:10M                                    MZ Technologies/FA
 3/17/14  Petrobras - Petroleo Brasilei… SA 6-K         3/31/14   16:2.1M                                   MZ Technologies/FA
 1/14/14  Petrobras - Petroleo Brasilei… SA 6-K         3/31/14   12:1.5M                                   MZ Technologies/FA
 5/20/13  Petrobras - Petroleo Brasilei… SA 6-K         6/30/13   16:2.1M                                   MZ Technologies/FA
10/01/12  Petrobras - Petroleo Brasilei… SA 6-K        12/31/12   10:1.2M                                   MZ Technologies/FA
 8/29/12  Petrobras Int’l Finance Co.       F-3ASR      8/29/12   15:3.4M                                   MZ Technologies/FA
 4/02/12  Petrobras Int’l Finance Co.       20-F       12/31/11   20:10M                                    MZ Technologies/FA
 2/06/12  Petrobras Int’l Finance Co.       6-K         2/06/12   13:1.2M                                   Donnelley … Solutions/FA
12/12/11  Petrobras Int’l Finance Co.       6-K        12/12/11    4:440K                                   Donnelley … Solutions/FA
 5/26/11  Petrobras Int’l Finance Co.       20-F       12/31/10  177:25M                                    MZ Technologies/FA
 5/20/10  Petrobras Int’l Finance Co.       20-F       12/31/09   72:11M                                    MZ Technologies/FA
12/18/06  Petrobras - Petroleo Brasilei… SA F-3ASR     12/18/06   13:1.7M                                   Donnelley … Solutions/FA
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