Petrobras Hires Governance, Risk and Compliance Officer

Petrobras Hires Governance, Risk and Compliance Officer

Petrobras announces that its Board of Directors, at a meeting held today, approved the appointment of Mr. João Adalberto Elek Junior for the position of Governance, Risk and Compliance Officer.

As announced on November 25, 2014 the new Officer has the duty of ensuring process compliance and risk mitigation, including, fraud and corruption, therefore guaranteeing compliance with laws, norms, standards and regulations, including Comissão de Valores Mobiliários (Securities and Exchange Commission) of Brazil (CVM) and U.S. Securities and Exchange Commission (SEC) rules.

The Board of Directors of Petrobras elected the new Officer from a list of three pre-selected Brazilian executives through a process conducted by a firm specialized in the recruitment and placement of executives, Korn Ferry, which sought well-known market professionals with proven expertise in the subject matter.

The Governance, Risk and Compliance Officer will serve a three-year term, which may be renewable, and will only be removed if determined by the Board of Directors, with quorum including the vote of at least one Board Member elected by the minority or by the preferred shareholders.

Mr. Elek has an undergraduate in electronic engineering from the Pontifical Catholic University of Rio de Janeiro, an MBA in Marketing Planning from COPPEAD/UFRJ and a graduate degree in Mergers and Acquisitions from the Columbia Business School.

Oil and Gas Press