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Petrobras returns to the anti-corruption initiative of the World Economic Forum

09/10/2020 | 13h32
Petrobras returns to the anti-corruption initiative of the World Economic Forum
Petrobras Agency Petrobras Agency

The World Economic Forum has informed on Monday the return of Petrobras to the institution's anti-corruption initiative, the Partnering Against Corruption Initiative (PACI). This return is an acknowledgement to the company's efforts in promoting transparency and fighting corruption in recent years. In the letter sent to Petrobras informing its return, the PACI has highlighted that the leadership of Petrobras “will make a significant contribution” to the initiative.


The Partnering Against Corruption Initiative is the main international organization for fighting corruption with compliance officers from big multinational companies, international organizations, and governments. The initiative works as a global platform of collective action, working for companies to maximize their collective impact in fighting corruption, ensuring equitable competition conditions, and creating more righteous and transparent markets.


The presence in PACI brings to Petrobras the opportunity of discussing and contributing to market players with the best practices in anti-corruption and transparency, allowing for the improvement of company processes and incorporation of new tools and work methodologies. Petrobras was a member of the organization since 2005. In 2014, after the cases revealed by Operation Car Wash, the company did not renew its participation.


Over the last few years, Petrobras has been implementing several governance, transparency and compliance measures, such as the strengthening of its internal control, the creation of an independent Reporting Channel and performance of Integrity due diligences, a process which evaluates the antifraud and anti-corruption mechanisms with the companies with whom Petrobras does business. The company has also started applying Integrity Background Checks (IBC), referring to checking the integrity of all managers, administrators and employees who operate in critical procedures. Furthermore, Petrobras collaborates with the investigations of Operation Car Wash since 2014 and acts as a co-plaintiff with the Federal Parquet and the Union in 18 ongoing illicit enrichment lawsuits in addition to being the accusation assistant in 71 criminal procedures. Over R$ 4,5 billion were returned by Brazilian authorities to the company's coffers.


Petrobras works vigorously in disseminating the integrity culture among its collaborators and counterparts, including several training actions, in the same vein of the best practices being adopted by the world's biggest companies and reaching quality and excellence levels in preventing fraud and corruption.

Font: Petrobras Agency
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