petrobras bod - ' independant collegial body'

With the TH coming on this morning - we are all anxious about the pending Annoucement. Since Mr Moshe's sensational find on the ASIC website in late Jan 2010 , Petrobras has been the talking point but many (myself included) could never understand MEO's reference to the PF being a Major International Petroleum company whose " reputation, size and INDEPENDENCE will provide substantial long term benefits to MEO..."( 16 Nov 09 MEO press release).

I just had another more relaxed look at the 2008 Petrobras Annual Report( like everyone I have had many anxious moments...followed by relief ...followed by more anxiety) and on Page 25, the following is an Extract:-

CORPORATE GOVERNANCE STRUCTURE

Board of Directors:

An INDEPENDANT collegial body with powers and responsibilities laid down in the law and in the company's by-laws, whose main duties are to define the company's strategic guidelines and supervise the actions of the Executive Board. The board has nine members, elected at an Ordinary General Meeting of the shareholders for a term of one year, with the possibility of reelection.Seven of the board members represent the controlling shareholder; one represents the minority shareholders of common stock; and one represents the holders of preferred stock.

>>END OF EXTRACT.

IMHO, based on the above, if it were to be Petrobras which is the PF (we dont know and as you can all see by the SP -no one knows), I can now understand MEOs reference to independance - one which is based on Directorship AND not on Ownership.


Would welcome others view on this - 2 more sleeps left !

Only my opinion.
(NOTE: Also, I could not find the 2009 Annual Report and therefore are not sure how the Board of Directors are described in the 2009 report).

As always DYOR and good luck to all MEO holders.