Norwegian fund removes Petrobras from watchlist
![Agência Brasil/Fernando Frazão Petrobras, Logo](/sites/default/files/thumbnails/image/loading_v2.gif)
The Norwegian Bank has removed Petrobras from the list of companies under observation. The company had been included on the list in January 2016 after the corruption cases were unveiled during Operation Car Wash, as per a statement made Tuesday (Dec. 3).
The bank followed the recommendation of the Council on Ethics of the Norwegian Sovereign Fund, which recognized measures implemented by the government-controlled oil giant to fight corruption. The move makes Petrobras once again eligible for investment from the Norwegian fund.
“In the opinion of the council, the measures that Petrobras implemented over the last years show considerable willingness and capacity to prevent, discover, and deal with corruption,” the council reported, adding that Brazil’s Federal Prosecution Service and the Supreme Court have officially declared Petrobras as a victim during the probes under Operation Car Wash.
According to Marcelo Zenkner, director for Governance and Compliance at Petrobras, this is a matter of recognizing the company’s arduous, technical, and committed efforts in the last few years. “Our internal control system, which is robust enough as it is, is growing to become a by-word in both international and domestic landscapes. The measures implemented are transforming the internal environment and can be seen reflected outside, which shows us that Car Wash is a page turned in the history of Petrobras.” he declared.
Since 2014, Petrobras adopted a number of compliance measures, like the creation of an independent channel for those attempting to report wrongdoing and the conduction of Integrity Due Diligence, which assesses anti–fraud and corruption tools at the companies Petrobras makes business with. The company also adopted background integrity checks on their administrators, managers, and employees working on critical processes.
Norwegian Fund
Created after the discovery of oil in the North Sea, the Norwegian Sovereign Fund is a kind of savings account with resources from the oil industry. Today, the fund invests in some 9 thousand companies across 70 countries. In addition to profit, it takes into account integrity, environmental, and social issues in its decisions on investment.
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