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Petrobras receives B3 governance certificate

Stock Exchange

Goal of joining the program is to strengthen corporate governance

Petrobras received on Tuesday (8) the certification in the Highlight Program on State Governance, a kind of seal of quality in governance, granted by B3, former BM & FBovespa.

In a statement, the state-owned company said the certification comes as a result of improved management of the company and alignment with "best practices in the market."

The goal of joining the program is to strengthen the company's governance and protect it from practices that may call into question its integrity. 

For certification, the company must comply with the measures provided for in the Program. It is necessary to have, for example, guidelines on the composition of the Board of Directors, Board of Executive Officers and Fiscal Council, such as the diversity of experiences and qualifications and the minimum of 30% of independent members in the Board of Directors.

On Monday (8), Banco do Brasil also received the certification of the stock exchange. According to the bank, obtaining the certificate requires it to disclose in the balance sheet of 2017 the certificate of the internal audit of adequacy of the structure and budget of the area of ​​internal controls and compliance.

Source: Portal Brasil, with information from Petrobras