XML 42 R34.htm IDEA: XBRL DOCUMENT
v3.23.3

Related party transactions | 6 Months Ended
--- | ---
Jun. 30, 2023
Notes and other explanatory information [abstract] |
Related party transactions |
| 28. | Related party transactions
The Company has a policy for related party transactions, which is annually revised and approved by the Board of Directors in accordance with the Company’s by-laws. The related-party transactions policy also aims to ensure an adequate and diligent decision-making process for the Company’s key management.
| 28.1. | Transactions with joint ventures, associates, government entities and pension plans
The Company has engaged, and expects to continue to engage, in the ordinary course of business in numerous transactions with joint ventures, associates, pension plans, as well as with the Company’s controlling shareholder, the Brazilian Federal Government, which include transactions with banks and other entities under its control, such as financing and banking, asset management and other transactions. The balances of significant transactions are set out in the following table:
Summary of Balances of Significant Transactions |  |  |  |
|  | 06.30.2023 |  | 12.31.2022
| Assets | Liabilities | Assets | Liabilities
Joint ventures and associates |  |  |  |
Petrochemical companies (associates) | 40 | 2 | 21 | 10
Other associates and joint ventures | 78 | 5 | 72 | 21
Subtotal | 118 | 7 | 93 | 31
Brazilian government – Parent and its controlled entities |  |  |  |
Government bonds | 1,830 | − | 1,689 | −
Banks controlled by the Brazilian Government | 13,992 | 1,812 | 11,811 | 1,567
Petroleum and alcohol account - receivables from the Brazilian Government | 682 | − | 602 | −
Brazilian Federal Government (1) | − | 2,208 | − | 1,422
Pré-Sal Petróleo S.A. – PPSA | − | 64 | − | 57
Others | 92 | 88 | 58 | 71
Subtotal | 16,596 | 4,172 | 14,160 | 3,117
Petros | 79 | 211 | 56 | 301
Total | 16,793 | 4,390 | 14,309 | 3,449
Current | 2,679 | 2,734 | 2,603 | 2,119
Non-Current | 14,114 | 1,656 | 11,706 | 1,330
(1) | It includes amounts related to lease liabilities.
The income/expenses of significant transactions are set out in the following table:
Summary of income/expenses of significant transactions |  |  |  |
| 2023 | 2022 | 2023 | 2022
| Jan-Jun | Jan-Jun | Apr-Jun | Apr-Jun
Joint ventures and associates |  |  |  |
State-controlled gas distributors (joint ventures) (1) | − | 1,196 | − | 622
Petrochemical companies (associates) | 1,704 | 2,457 | 815 | 1,332
Other associates and joint ventures | 20 | 89 | 11 | 60
Subtotal | 1,724 | 3,742 | 826 | 2,014
Brazilian government – Parent and its controlled entities |  |  |  |
Government bonds | 107 | 93 | 54 | 51
Banks controlled by the Brazilian Government | (18) | (30) | (24) | (51)
Petroleum and alcohol account - receivables from the Brazilian Government | 28 | 46 | 17 | 27
Brazilian Federal Government | (142) | (77) | (125) | (77)
Pré-Sal Petróleo S.A. – PPSA | (133) | (171) | (23) | (132)
Others | (109) | (5) | (70) | (16)
Subtotal | (267) | (144) | (171) | (198)
Petros | (9) | − | (5) | −
Total | 1,448 | 3,598 | 650 | 1,816
Revenues, mainly sales revenues | 1,714 | 3,800 | 820 | 2,019
Purchases and services | 4 | 5 | 2 | 1
Income (expenses) | (242) | (245) | (94) | (156)
Foreign exchange and inflation indexation charges, net | (214) | (31) | (171) | (43)
Finance income (expenses), net | 186 | 69 | 93 | (5)
Total | 1,448 | 3,598 | 650 | 1,816
(1) | In July 2022, the Company disposed its entire interest in Gaspetro.
The liability related to pension plans of the Company's employees and managed by the Petros Foundation, including debt instruments, is presented in note 13.
| 28.2. | Compensation of key management personnel
The criteria for compensation of members of the Board of Directors and the Board Executive Officers is based on the guidelines established by the Secretariat of Management and Governance of the State-owned Companies (SEST) of the Ministry of Management and Innovation in Public Services, and by the MME. The total compensation is set out as follows:
Schedule of related-party transactions |  |  |  |  |  |
|  | Jan-Jun/2023 |  | Jan-Jun/2022
| Executive Officers | Board of Directors | Total | Executive Officers | Board of Directors | Total
Wages and short-term benefits | 1.4 | − | 1.4 | 1.3 | − | 1.3
Social security and other employee-related taxes | 0.4 | − | 0.4 | 0.4 | − | 0.4
Post-employment benefits (pension plan) | 0.1 | − | 0.1 | 0.2 | − | 0.2
Benefits due to termination of tenure | 0.5 | − | 0.5 | 0.1 | − | 0.1
Total compensation recognized in the statement of income | 2.4 | − | 2.4 | 2.0 | − | 2.0
Total compensation paid (1) | 5.2 | − | 5.2 | 4.1 | − | 4.1
Monthly average number of members in the period | 9.00 | 11.00 | 20.00 | 9.00 | 11.00 | 20.00
Monthly average number of paid members in the period | 9.00 | 5.67 | 14.67 | 9.00 | 2.83 | 11.83
(1) | It includes Variable Compensation Program (PPP) for Executive Officers.
In the six-month period ended June 30, 2023, expenses related to compensation of the board members and executive officers of Petrobras amounted to US$ 5.7 (US$ 5.8 for the same period of 2022). The compensation of the Advisory Committees to the Board of Directors is separate from the fixed compensation set for the Board Members and, therefore, has not been classified under compensation of Petrobras’ key management personnel. In accordance with Brazilian regulations applicable to companies controlled by the Brazilian Federal Government, Board members who are also members of the Statutory Audit Committees are only compensated with respect to their Audit Committee duties. The total compensation concerning these members was US$ 221 thousand for the six-month period ended June 30, 2023 (US$ 266 thousand with tax and social security costs). For the same period of 2022, the total compensation concerning these members was US$ 340 thousand (US$ 408 thousand with tax and social security costs). On April 27, 2023, the Company’s Annual Shareholders’ Meeting set the threshold for the overall compensation for executive officers and board members at US$ 8.9, R$ 44.99 million, from April 2023 to March 2024 (US$ 7.6, R$ 39.59 million, from April 2022 to March 2023, approved on April 13, 2022).

X
- Definition The entire disclosure for related parties. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 24 -IssueDate 2023-01-01 -Section Disclosures -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=24&code=ifrs-tx-2023-en-r&doctype=Standard&dita_xref=IAS24_g13-24_TI -URIDate 2023-03-23 + Details
Name: | ifrs-full_DisclosureOfRelatedPartyExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | ifrs-full_NotesAndOtherExplanatoryInformationAbstract
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration