Petrobras

Petrobras – Approval of Deputy Officer for Governance and Compliance Post

Rio de Janeiro, June 13, 2017 – Petróleo Brasileiro S.A. – Petrobras reports that its Board of Directors approved, in a meeting held yesterday, the creation of the non-statutory position of Deputy Officer for Governance and Compliance. The measure is yet another step forward in the company’s governance system, considering that the Deputy Officer will concentrate the focus of activities on internal actions, particularly those related to demands from internal controls and corporate governance, as well as prevention and investigation.

The creation of the new position seeks to expedite internal processes due to the high burden of duties pertaining to external bodies to the company, which have placed sizable demands on the Executive Office for Governance and Compliance (DGC).

The Office of Governance and Compliance maintains its statutory rights and responsibilities as described in normative acts, and the rules for the election of the Officer remain unaltered, as do the definition of its mandate, direct report to the Board, power of veto over decisions by the Executive Board and its removal.

The new position is temporary, initially through 12/31/2019, when an evaluation will be carried out on the need to extend the post for two more years, which may be successively renewed for an equal period based on the estimated volume of demands.

The Deputy Officer’s main duties include: (i) participate in Executive Board meetings as a permanent guest, with the right to speak but not to vote; (ii) ensure the deployment of the reporting channel and the report of identified breaches and results thereof; (iii) ensure the efficiency of processes related to the Integrity System; (iv) manage the Corrections Committee and Coordinate the DGC’s Statutory Technical Committee.

For this new position of Deputy Officer for Governance and Compliance, the current Executive Manager of Accounting and Tax Paulo José Alves was nominated.

Categories: Petrobras

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