SAO PAULO, March 17 (Reuters) - A board member at Brazil’s Petroleo Brasileiro SA cast a rare dissenting vote against the state-run oil company’s 2013 financial statements, according to a securities filing on Monday.
The member, Mauro Rodrigues da Cunha, said at the Feb. 25 meeting that not enough time was allowed to analyze the documents and that there was insufficient information on refinery investment, the filing said.
He also questioned the practice of hedge accounting, a measure that was adopted last year to limit the impact of a weaker Brazilian currency on the company’s debt and which is used by other companies in Brazil.
News of Rodrigues da Cunha’s dissenting vote comes after the finance committee at Petrobras, as the company is known, warned it needed to make strong efforts to cut its debt or risk a credit downgrade.
Rodrigues da Cunha declined to comment on the filing. Petrobras reported on Feb. 26 a full-year profit of 23.57 billion reais ($10 billion) for 2013, 11 percent more than in 2012.
The government has a majority of voting shares in Petrobras, giving it control over major decisions. Private investors have a majority of non-voting shares. Public dissenting votes on the board are extremely rare.
$1 = 2.3485 reais Reporting by Caroline Stauffer and Roberto Samora; Editing by Mohammad Zargham