Petrobras' Board of Directors approved at a meeting the appointment of a director of Governance, Risk Management and Compliance, charged with ensuring process compliance and risk mitigation, including the risk of fraud and corruption, and therefore guaranteeing compliance with laws, norms, standards and regulations, including the rules of the Comissão de Valores Mobiliários (CVM - Brazilian Securities and Exchange Commission) and U.S. Securities and Exchange Commission (SEC).

In addition to participating in the decisions of the Executive Board, the director of Governance, Risk Management and Compliance will also be responsible for sanctioning beforehand the governance, risk management and conformity aspects of matters to be submitted to the Board.

The creation of this new position will not increase the number of Board Members, since it will replace that of International Executive director.

The Board of Directors will choose the new director from a shortlist of three Brazilian professionals, pre-selected by an executive recruitment company with an established reputation on the market.

Tags: Petrobras