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PBR » Topics » Holders of our ADSs may encounter difficulties in the exercise of voting rights and preferred shares and the ADSs representing preferred shares generally do not give holders of ADSs voting rights.This excerpt taken from the PBR 20-F filed May 22, 2009. Holders of our
ADSs may encounter difficulties in the exercise of voting rights
and preferred shares and the ADSs representing preferred shares
generally do not give holders of ADSs voting
rights.
Holders of ADSs may encounter difficulties in the exercise of
some of their rights as a shareholder if they hold our ADS
rather than the underlying shares. For example, if we fail to
provide the depositary with voting materials on a timely basis,
holders of ADSs may not be able to vote by giving instructions
to the depositary on how to vote for them.
In addition, a portion of our ADSs represents our preferred
shares. Under Brazilian law and our bylaws, holders of preferred
shares generally do not have the right to vote in meetings of
our stockholders. This means, among other things, that holders
of ADSs representing preferred shares are not entitled to vote
on important corporate transactions or decisions. See
Item 10. “Additional Information—Memorandum and
Articles of Incorporation of Petrobras—Voting Rights”
for a discussion of the limited voting rights of our preferred
shares.
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