HRT Participações em Petróleo S.A.
Bovespa – Novo Mercado:  HRTP3                Meeting Date:  3/19/2014

HRT’s board in-fighting and failure to comply with the laws of the Brazilian Securities and Exchange Commission (“CVM”) has been an on-going discussion in Brazil since its 2013 AGM, in which minority shareholders successfully replaced three incumbent board members with its own nominees. The numerous resignations and dismissals of its board and supervisory council members as well as the Company’s failure to comply with CVM regulations have been rumored to be the main inspiration of the CVM’s recent circular, which states many obvious and pre-existing rules boards must follow. Specifically, elections of directors and supervisory council members must allow for shareholders who represent a minimum percentage of voting rights may chose to allocate their votes for a single candidate rather than the proposed slate, as well as elect nominees representative of minority and/or preferred shareholders. At this extraordinary meeting, shareholders will finally be able to elect the members of HRT’s board and supervisory council, the latter of which was ousted by the previous board and has since been re-installed persuant to CVM court preceedings.

 

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