Guarantees for Concession Agreements for Petroleum Exploration
Derivative Financial Instruments, HEDGE and Risk Management Activities
Pronouncements, Interpretations and Orientations That Will Come Into Force in 2010
According to the provisions of current legislation, the employees’ participation in profits or results may be based on voluntary programs maintained by the companies or on agreements with employees or unions.
Accordingly, in 2009 Petrobras recorded a provision in the amount of R$ 1,495,323 in the consolidated financial statements (R$ 1,344,526 in 2008) and R$ 1,269,854 in the Parent Company (R$ 1,138,078 in 2008), for profit sharing of employees and management. The amount of the provision complies with the limits established by Resolution 10, of May 30, 1995 issued by the Council for Control of State Companies (CCE).
Management participation in the profits or results will be subject to approval at the General Shareholders’ Meeting to be held on March, 31, 2010, in accordance with articles 41 and 56 of the Company’s bylaws and specific federal regulations.