SAO PAULO: Brazilian state-controlled oil company Petroleo Brasileiro SA (Petrobras) said on Friday a group representing 5% of its shareholders has demanded the adoption of a cumulative voting system for the election of its board.

Petrobras also said in a securities filing that minority shareholders proposed a new candidate for the board, banker Jose Joao Abdalla Filho, owner of Banco Classico and energy and agribusiness companies. His name was proposed by investment funds holding Petrobras shares.