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4-Traders Homepage  >  Equities  >  Bolsa de valores de Sao Paulo  >  Petroleo Brasileiro SA Petrobras    PETR4   BRPETRACNPR6

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Petroleo Brasileiro Petrobras : Petrobras achieves top grade in Governance Indicator

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11/10/2017 | 10:14pm CET

Rio de Janeiro, November 10, 2017 - Petróleo Brasileiro S.A. - Petrobras reports that it has achieved top grade in the Governance Indicator ('IG-SEST') prepared by the Secretariat of Coordination and Governance of State-Owned Enterprises - SEST, under the Ministry of Planning, Development and Management - MPDG, with the results gathered in its 1st Assessment Report. The company obtained grade 10.0 and reached Governance Level 1.

IG-SEST is a continuous monitoring tool for purposes of measuring compliance with the requirements set forth by Law No. 13.303/2016, and it aims to track the performance of the quality of governance of Federal state-owned companies. The methodology adopted consists of items divided into three dimensions: 'Management, control and audit'; 'Transparency of information'; and 'Councils, committees and boards.' Based on the outcome of the assessment, the company is ranked among four levels of governance, with Level 1 being the highest, and receives the SEST Certificate with Seal of Governance.

Petrobras received grade 10.0 in the three dimensions assessed, with highlights on: (i) transparency of information; (ii) internal controls system; (iii) segregation of the risk management area from other activities; (iv) training of senior management; and (v) participation of independent members on the Board of Directors and the Audit Committee.

This result demonstrates Petrobras' commitment with the continuous improvement of its governance, as well as its alignment to best market practices.

PETROBRAS - Petróleo Brasileiro SA published this content on 10 November 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 10 November 2017 21:13:01 UTC.

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Spread / Average Target 13%
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Ivan de Souza Monteiro Chief Financial & Investor Relations Officer
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Segen Farid Estefen Director
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