August 16, 2019
Petróleo Brasileiro S.A. – Petrobras reports that it is one of the winning companies of the 2019 Transparency Trophy. The company was among the 10 best in Brazil in the category of publicly traded companies with revenues over R$ 5 billion. The award evaluates criteria such as the quality of the information contained in the company’s financial statements and explanatory notes, the transparency of the information provided, the consistency of the management report and the adherence to accounting principles in the year prior to the award (2018). In all, more than two thousand financial statements of Brazilian companies were technically analyzed by masters and doctoral students of the College of Economics, Administration and Accounting of the University of São Paulo (FEA-USP). The award was announced this Friday, August 16. The trophy will be delivered on October 15th.
“This award recognizes Petrobras’ progresses in the transparency of information disclosed to the market. Each year, we participate in related technical forums and benchmark with other companies recognized for the transparency and quality of financial information and seek to improve our analytical skills. In the 2018 financial statements, for example, we present at the outset a summary of the main accounting facts of the period and developed, together with other Petrobras departments, qualitative comments on the main assets, liabilities and results, which was well received by the market. We are on the right track and will seek further improvements, especially in our processes, seeking more automation using technology tools and professional training”, says Andrea Almeida, Petrobras’ CFO and Investor Relations Officer.
Created in 1997, the Transparency Trophy is organized by the Association of Finance, Administration and Accounting Executives (Anefac), in partnership with the Foundation Institute of Accounting, Actuarial and Financial Research (Fipecafi) and Serasa Experian.