Petrobras On Collective Bargaining Agreement

(Petrobras, 1.Oct.2019) — Petrobras informs that since May 2019 has been negotiating with unions to reach an understanding on the 2019-2020 Collective Bargaining Agreement (“ACT”).

After more than 20 meetings between representatives of Petrobras and the union, with the submission by the company of three proposals that were not accepted, Petrobras turned to the Superior Labor Court (“TST”) for mediation in order to reach a consensus.

The Superior Labor Court, after holding several meetings with the parties, presented a proposal on 09/19/2019 to be submitted to the employees by the unions. To date, the unions have not submitted the court’s proposal to the employees and, therefore, there has been no agreement between the parties.

Considering that the 2017-2019 ACT, after a month of extension, expired on September 30, losing its effects, Petrobras is initiating as of today a transition to the labor legislation in force.

Although there was no convergence between the unions and Petrobras, the company remains open to the dialogue and understands that the negotiation path should always be pursued by the parties.

Petrobras reinforces its commitment to transparency in communication and that its goal has always been to reach the best proposal for employees, but without jeopardizing the company’s financial health and sustainability.

The company will continue committed in its path to become stronger and more competitive through the execution of its broad and deep adjustment program, which includes active portfolio management in line with efficient personnel management, investments in training and capacity building, digital transformation, technology, safety, environmental protection and cost optimization.

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