Petrobras create the position of Governance, Risk and Compliance Executive Director

Petrobras create the position of Governance, Risk and Compliance Executive Director

Petrobras announces that its Board of Directors approved, at a meeting held today, to create the position of Executive Director of Governance, Risk and Compliance with 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.

It is important mentioning that besides participating in the decisions of the Executive Board, subjects submitted to the appreciation of the Executive Board should necessarily have a previous positive assessment of this Director regarding governance, risk and compliance.

The creation of this position does not increase the number of Executive Directors in Petrobras Executive Board, as this post is replacing the seat of the International Executive Director.

The Board of Directors will elect the new Executive Director based on a list of three Brazilian professionals previously selected through a processed that will be conducted by a company specialized in recruiting executives, which will seek for well-known competent market professional in this area.

The Governance, Risk and Compliance Executive Director 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.

Over the next 60 days, Petrobras will complete the detailing of final structure and the operating model of the new area, as well as the allocation of the activities of the International area.

Source: petrobras

Oil and Gas Press