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Report: Petrobras May Leave Brazil's State-Run Program

Report: Petrobras May Leave Brazil's State-Run Program

Petrobras Brasileiro (NYSE: PBR) is considering exiting from good governance program for state run firms, according to Reuters.

The São Paulo, Brazil-based exchange operator B3 SA established the Distinction in Governance Program for State-Run Firms.

According to the report, Roberto Castello Branco the CEO of Petrobras Brasileiro believes the measures demanded by the program add “little tangible value” to the firm’s compliance efforts and “divert resources that could be better used.”

Petrobras shares are trading up 0.69% at $16.80. The stock has a 52-week high of $17.90 and a 52-week low of $10.16.

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