I also had similar thoughts re Petrobras being independent.
Fundamentally, when a corporate body has to get capex approved by their local congress: (http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=405x31853)
I would not use the term "independent" for their directorship.
ultimately I'm not worried though - I know the partner beat out tough competition (including a confident and determined WPL) I will be more concerned over MEO's ability to negotiate terms than choose desciptors
good find though
MEO Price at posting:
37.0¢ Sentiment: LT Buy Disclosure: Not Held