The analysis in this process is still preliminary, but may extend in the future to open a sanctioning process, which can lead administrators involved, in a trial. Among other things the CVM should examine how the information has been provided to the market. The Petrobras has chosen, for example, by not disclosing the resignation in the form of relevant fact, format that ensures the widest investor access to information. The fact should be used to disseminate decisions of the company that may influence the movement of their actions.
The meeting of the board of directors of the company to elect the new board of directors, scheduled for Friday, should also be monitored by technical area of CVM regarding this process. Above all should be carefully attention, about the disclosure of the names elected before a leakage of information.
The company decides whether to decide on for the fact on this time. Taking into account a view of the scale of the crisis, the constitution of a new board of directors has the potential to move with the market. After chosen the new members of the executive board and president, the company should also update in up to seven days the information on the sketch of Reference, a kind of x-ray of the company available on the website of the CVM.
Another issue that may, in future, be examined in the context of this process is that the stampede collective in the middle of the biggest crisis in the history of the Petrobras and prior to the disclosure of outstanding balances in 2014, responsibility for this board, configures the breach of any of the duties of the directors, such as the due diligence before the interests of the company.
There is still another point hovering in the air, but apparently even outside the radar of regulators. Before the collective resignation submitted by the board of directors the output of Grace until the end of the month would have been defined by the government, after the disclosure of the amount of R$ 88.6 billion in projects overstated pointed out by independent audits. The decision of Graça Foster to expose the number would be angry about the own president Dilma. In this case, there would be no space for an analysis involving the interference of the controller on the decisions of Petrobras, that as a public company must comply with the rules of transparency of Law of S.A.