PETROBRAS 
By Financial Results and Disclosures
Election of Board member representing the employees
Rio de Janeiro, January 27, 2012 - In compliance with
Federal Law 12.353/2010, which regulates the participation of
employees in the Boards of public companies and
public-private companies, and as provided in its By-Laws,
Petrobras announces that it has initiated the process to
elect a representative of the Company's employees for its
Board of Directors.
Petrobras has formed an electoral commission made up of
twelve members - six Company nominated representatives and
six Union nominated ones - to organize and conduct the entire
electoral process, acting as a disciplinary and ruling
authority, and ensuring the legitimacy of the entire
process.
Like other Board members, the representative of the employees
will serve a 1 (one) year term, with the possibility of being
reelected, and s/he will not have a substitute member. As a
result, the Petrobras Board of Directors will be made up of
ten members instead of nine, and the shareholders will
confirm the nomination of the new member during the General
Meeting of Shareholders to be held in March, at which time
the name of the candidate chosen by the Company's
employees will be submitted.
As provided in Law 12.353/10, the Board member representing
the employees will not participate in discussions and
resolutions on matters where conflict of interest might
arise, such as union relations, compensation and benefits,
including matters concerning complementary social security
and assistance.
