Petrobras creates director role to mitigate fraud and corruption
Petrobras CEO Graça Foster
Petrobras announced Tuesday (Nov. 25) that a new role of Director of Governance, Risk, and Compliance has been approved by the Board of Directors.
A company statement says the new director will be responsible for ensuring compliance with procedures and mitigate risks – including fraud and corruption – in the company's activities.
Any matters will now have to be approved by the new director as to governance, risk management, and compliance aspects before being submitted to the board.
The company pointed out that the new role will not increase the current number of directors, since it is designed to replace that of International Director. The new executive will be chosen from a shortlist of three appointed names of pre-selected Brazilian professionals. The process will be conducted by an executive recruiting firm specialized in hunting market professionals with outstanding and recognized qualifications in the area.
The creation of a role of Governance Director is one of 66 measures taken to improve management announced last week by Petrobras CEO Graça Foster.
Petrobras is at the center of a Federal Police investigation known as Operation Car Wash over concerns that former company executives and politicians were receiving kickbacks from prospective contractors in exchange for awarding them contracts with the oil company.
Translated by Mayra Borges
Fonte: Petrobras creates director role to mitigate fraud and corruption
