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Financial News: PETROBRAS: Brazilian Exchange Awards The Company With Gove

PETROBRAS: Brazilian Exchange Awards The Company With Governance Certificate

08/08/2017 - 16:20:00 (RTTNews)

(RTTNews) - Brazil's state-owned oil company Petrobras was awarded a governance certificate from the local stock exchange B3 after meeting all the mandatory requirements to increase its transparency and management quality.

Petrobras is trying to regain its reputation as a trustworthy company after taking center stage in a corruption scandal in Brazil where government-appointed directors manipulated the company's tenders to favor a select group of contractors in exchange for graft payments.

The investigation regarding those events became known as "Car Wash Operation," and is still causing political tension in Brazil, as public prosecutors found links between the corruption scheme in the company and electoral campaign financing.

Pedro Parente, the Petrobras chief executive officer, pointed out a few changes that the company put in place to receive the governance certification.

"Previously, there was no selection process for managers, but now the process of choice is transparent. We are building an executive talent's database, following criteria of meritocracy," he stated.

Other changes include stricter internal controls in the company - as creating a compliance department, promoting internal audits and establishing a statutory audit committee - and the adoption of new rules to the composition of the board - 30% of independent directors, the creation of an appointment committee and the introduction of administrator evaluation.

Petrobras will adopt all the program's requirements by August 2020.

Parente added that improving governance will help Petrobras to prevent past problems from reemerging.

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