Text needs to be approved by the Senate and sent for presidential sanction to enter into force.
The Chamber of Deputies approved on Tuesday night (Dec.13, 2022) a bill amending the State-Owned Companies Law. The text reduces the quarantine of nominees to occupy presidencies and boards of public companies to 30 days. Today, the term is 4 years.
The measure enables the nomination of the former minister Aloizio Mercadante (PT) for the presidency of BNDES (National Bank for Economic and Social Development), announced on Tuesday (13.Dec) by the president-elect, Luiz Inacio Lula da Silva (PT).
The amendment to the law must be approved by the Senate and sent for presidential assent to take effect.
Even if it does not pass Congress, the team of the future government defends that Mercadante will be able to take office.
In the assessment of the minister appointed by the president-elect to the Civil House, Rui Costa (EN), Mercadante did not have a “formal position” in Lula’s campaign. According to him, the case may be prosecuted, as the text of the law is vague and open to interpretation.
One of the main names aired for the presidency of Petrobras, of senator Jean Paul Prates (PT-RN), however, may be barred if the State Law is not modified. The nomination has not yet been confirmed by Lula.
STATE STATE LAW
The law was created in 2016 during the government of the former president Michel Temer (MDB) in the wake of the Lava Jato operation and other investigations that pointed to evidence of corruption at Petrobras during the PT governments with the participation of other parties, such as the MDB itself.
The measure establishes governance criteria to be followed by public companies, such as: having a statute; have an independent board of directors and; practice policies according to market conditions. Among the rules is the impossibility for a minister, for example, to occupy a position on the council of a state-owned company.
AGAINST PT, MERCHANT DENIED INITIATIVE
On Monday (Dec. 12), the former minister, who acts as coordinator of the Transition Team’s Technical Groups, said he was unaware of any initiative to amend the State-Owned Companies Law in the transitional government.
🇧🇷In the transitional government, I am not aware of any initiative to change the Law on State-Owned Companies”, he stated.
In June 2022, however, the federal deputy and national president of the PT, Gleisi Hoffmann (PR), defended a change in the law during a speech in the plenary of the Chamber.
“We agreed to change the State-Owned Law. If the [Arthur] Lira (PP-AL) want, if Deputy Lira wants to bring the State-owned Law, we agree”he stated.
On the occasion, Gleisi declared that the PT is in favor of changes in legislation so that politicians and ministers of a government can integrate the boards and boards of directors of these institutions.
“The State-owned Law says that no one who took part in an election 4 years ago can be appointed director of Petrobras or director of a state-owned company. He cannot be a politician, he cannot be a party leader, as if being a politician were a crime. And we know how it works”, said Gleisi. 🇧🇷It is private initiative that corrupts.”
The rumor of a possible change in the State-Owned Companies Law resulted in the Stock Exchange falling (more than 3%) and the dollar rising, quoted at R$5.34 untils 12:32 on Monday (12.Dec).
While the most relevant stock exchanges in the US operated on the rise, in Brazil, the Bovespa fell more than 2.62%. Petrobras’ preferred shares were among the most traded, down more than 5%.
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