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Governance

As a publicly traded company, we follow the rules of the Brazilian Securities and Exchange Commission (CVM) and B3, in Brazil. Abroad, we comply with the rules of the Securities and Exchange Commission (SEC) and Nyse, in the United States; and Latibex from Bolsa y Mercados Españoles, in Spain.

We follow governance procedures compatible with the rules of the markets in which we operate, in order to guarantee the adoption of international transparency standards. Thus, we seek to reinforce our credibility in the market and improve the relationship with our stakeholders: shareholders, investors, customers, suppliers, employees and society, among others.

Good corporate governance and compliance practices are a pillar of support for our business. Thus, we made commitments in our strategy that translate into ensuring a governance model that allows a balance between efficiency and control; and to act with integrity and transparency, with zero tolerance to fraud and corruption.

We have implemented significant advances in corporate governance and in the company’s integrity, compliance, and internal control systems. In addition, we have adopted rigorous ethics and integrity standards through initiatives that reinforce our purpose, values, and commitment to continuous improvement and alignment with the best market practices.

To this end, we are constantly improving our practices and our main governance instruments, such as our Bylaws; the internal regulations of the Board of Directors, the Executive Board and the advisory committees to these bodies; policies and codes, among others.

Our Model

Petrobras ‘corporate governance structure consists of the General Shareholders’ Meeting, Fiscal Council, Board of Directors and their committees, Audits, Ombudsman-General, Executive Board and their committees.


Petrobras Corporate Governance Guidelines (Portuguese Only)

Ethics and Integrity

Ethics and integrity are principles that guide our activities. For this reason, all our operations must be based on the highest principles of ethics, integrity and transparency, which are set out in our Code of Ethical Conduct, in fully compliance with applicable Brazilian and international rules and laws, with no tolerance to any type of misconduct.

Another important corporate integrity instrument is our Compliance Policy, which describes the integrity commitments made by the Company so as to conduct its business.

Petrobras Corruption Prevention Program

The Petrobras Corruption Prevention Program (PCPP) is based on continuous actions of prevention, detection and correction of ethical deviations, including fraud, corruption and money laundering.

The program is targeted at our various stakeholders, including senior management, workforce, clients, suppliers, investors, partners, sponsored entities, government and those who relate to and/or represent Petrobras’ interests in the Company’s business relations.

Together with the Code of Ethical Conduct and the Compliance Policy of Petrobras, the Program contributes to the commitment of everyone to preventing and fighting fraud, corruption and money laundering.

The Executive Compliance Management is responsible for managing the PPPC, which works together with the other areas of our governance structure to reinforce the integrity culture among our employees.

Our program follows Brazilian and international laws to fight corruption, such as the Brazilian Anti-Corruption Law (Law 12,846/13), the U.S. Foreign Corrupt Practices Act – FCPA and the UK Bribery Act. Other anti-corruption laws may apply to our activities, depending on the country where Petrobras’ equity interests are incorporated or where its operations are carried out.

Anti-Corruption Initiatives

We are signatories of Brazilian and international anti-corruption initiatives, such as the United Nations Global Compact, the Partnering Against Corruption Initiative (PACI), which is linked to the World Economic Forum, and the Business Pact for Integrity and Against Corruption of the Ethos Institute.

 

Bylaws, Codes and Policies

Petrobras Creation Law

Through Law No. 2004, of October 3, 1953, Petróleo Brasileiro S / A – Petrobras is created. The new company is responsible for implementing the state oil monopoly for research, exploration, refining domestic and foreign products, maritime transport and pipeline systems.

Law No. 2,004 was repealed by Law No. 9,478, of August 6, 1997, which authorizes the operation of Petrobras.

Click here to access Law No. 9,478, of August 6, 1997 Internal regulations of the Board of Directors (available in Portuguese)


Last updated on February 11, 2021.
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