Petroleo Brasileiro SA (PETR4), Brazil’s state-controlled oil company, was removed from the BM&FBovespa Business Sustainability Index, a group of companies with the best social and environmental performance in Brazil.
Aracruz Celulose SA, the largest producer of eucalyptus pulp, and Cia. Paranaense de Energia-Copel, a Brazilian utility controlled by the country’s Parana state, were also removed from the index, BM&FBovespa said today in an e-mailed statement. The change is effective Dec. 1.
No reason was given for the change. Officials at Petrobras, as Petroleo Brasileiro is known, couldn’t immediately be reached for comment.