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• Sustainability Report
  • Mission, Vision, Vision and Values of Attributes
  • Message from the CEO
  • About the Report
    • Sustainability Report
  • Corporate Performance
    • Profile
    • Corporate governance
    • Strategy
    • Intangible assets
    • Our stakeholders
    • Responsibility for products
  • Operational Performance
    • Our activities
  • Results and Contributions to Society
    • Economic and financial results
    • Contributions to society and indirect impacts
  • Employment Practices and Human Rights
    • People management
    • Human rights
  • Environment
    • Environmental management
  • Social Balance According to the IBASE Model
  • GRI Table of Contents
  • Independent Auditors’ Limited Assurance Report
  • Annexes
• Financial Analysis and Financial Statements
  • Financial Analysis
  • Financial Statements
  • Notes to the Financial Statements
  • Annexes

Profile Management Awards Addresses Expedient

Corporate governance

Business drivers

Over the years, Petrobras has developed policies, codes and procedures that reflect the company's commitment to issues such as sustainability, business ethics and valuing its employees, among others.

One such instrument is Petrobras' Social Responsibility Policy, which, aligned to UN Global Compact principles, establishes eight guidelines focused on corporate activities, integrated management, sustainable development, human rights, diversity, working principles, sustainable social investments, and workforce commitment.

To Petrobras, social responsibility is the integrated, ethical, and transparent management of its business and activities and of its relationships with all of its stakeholders, promoting human rights and citizenship, respecting human and cultural diversity, fighting against discrimination, degrading work, child and slave labor, aiming to contribute to sustainable development and to reduce social inequality.

The company's activities are guided by codes and policies such as the Code of Ethics, the Code of Good Practices, the Code of Competitive Conduct, and by policies on HSE, Human Resources, Social Responsibility, Corporate Performance, New Business Development, Capital Discipline, Communications, Tax Management, and Principles of Corporate Security.

Code of Ethics

The Code of Ethics defines the ethical principles that guide Petrobras' actions and its conduct commitments. It was prepared with the participation of company employees and assessed by company areas, investors, communities, suppliers, customers, and competitors.

Code of Good Practices

The Code of Good Practices embraces internal policies that have significant impact on governance and on Petrobras' economic performance: Internal Policy for the Disclosure of Information on Material Acts or Facts; the Internal Policy for Trading in Securities, Internal Policy for the Conduct of Officers and Members of Senior Management of Petrobras, Internal Policy for Appointment for Management Positions at Subsidiaries, Holdings and Affiliates; and the Investor Relations Policy.

Competition Behavior Code

The Competition Behavior Code represents Petrobras' commitment to comply with the Brazilian laws related to the defense of competition or antitrust and with the jurisdictions of the countries where we conduct business. The rule is intended to guide managers, employees and service providers, ensuring a relationship with competitors based on principles of honesty and respect, adopting explicit and stated rules concerning these procedures.

Safety, Environment, and Health Policy

The Safety, Environment and Health Policy (SEH) covers issues such as workforce education, training and commitment; identifying, controlling, and monitoring risks; the impacts and benefits of projects, ventures, and products throughout their life cycles on the economic, environmental and social dimensions; and operation and product eco-efficiency, among others.

Fifteen guidelines support the Policy and contain several requirements in their details. These include risk assessment and management, community relations, accident and incident analyses, product contingency and management.

Human Resource Policy

The Human Resource Policy covers issues such as attracting, developing, training and retaining people; fostering management practices and processes that lead to on-the-job satisfaction; and a negotiation process to build solutions with employee representation on labor unions.

Other policies and guidelines

Some other policies that guide Petrobras' activities are the Corporate Practice, New Business Development, Capital Discipline, Communications, and Tax Management policies, in addition to the Principles of Corporate Security.

Global Compact

Petrobras has been a signatory of the United Nation Global Compact since 2003, an initiative through which businesses commit, voluntarily, to fullfil and report their performance regarding ten principles related to Labor, Human Rights, the Environment, and Transparency.

The company has been a member of the Brazilian Committee of the Global Compact since its inception, and has been represented by its CEO on the Global Compact's International Board since 2006, when it became the only Latin American and oil and gas industry company to be on the Board.

Transparency highlights

For the fifth consecutive year, Petrobras is part of the Dow Jones Sustainability Index (DJSI), the most important global index in this category, which brings together over 300 companies from 57 industry sectors. The company distinguished itself in the Transparency criterion, in which it again got the highest score in the industry.

Other commitments taken on by Petrobras

• Brazilian Pact to Eradicate Slave Labor;
• Abrinq Foundation;
• Pro-Gender Equity Program, of the Special Secretariat for Women's Policies;
• Declaration and Call for Action to Prevent and Stop Sexual Exploitation of Children and Adolescents;
• Statement of G-8 Climate Change Roundtable - Statement through which leaders of the world's largest enterprises formally support efforts to raise awareness on climate change and commit to identify and implement policies and measures to mitigate greenhouse gas emissions.

Entities and forums Petrobras participates in

• Member of the International Petroleum Industry Environmental Conservation Association (Ipieca), a nonprofit organization that brings together oil companies and business associations from around the world and aims to build consensus and the best practices in Health, Safety and Environment (HSE), focusing on issues like climate change, biodiversity, response to oil spills, health and social responsibility;
• Founder of the BioAtlântica Institute (IBIO), a nonprofit organization made up of enterprises and environmental NGOs to promote the sustainable development of the Forest and Atlantic Coast regions;
• Member of the Brazilian Business Council for Sustainable Development (CEBDS), a nonprofit organization linked to the World Business Council for Sustainable Development (WBCSD), of which Petrobras also is part. Both initiatives aim to foster the integration of the principles of sustainability in business;
• Petrobras also participates in the National Confederation of Industry (CNI), the Federation of Industries of the State of Rio de Janeiro (Firjan), the Roundtable on Sustainable Biofuels (RSB), the Roundtable on Sustainable Palm Oil (RSPO), the Brazilian Association for Technical Standards (ABNT), the Regional Council of Engineering, Architecture, and Agronomy (CREA), and the Brazilian Association for Business Communications (Aberje), among others;
• Member of the Brazilian Petroleum, Gas and Biofuels Institute (IBP), the Environmental Chamber for Oil Product Trade and of the Brazilian Environment Council (CONAMA);
• Member of the National Union of Liquefied Petroleum Gas Distributors (Sindigás), of the World LP Gas Association (WLPG) and of the Iberian-American LPG Association (AILGP);
• Petrobras holds the chair position in the Regional Association of Oil, Gas and Biofuels Sector Companies in Latin America and the Caribbean (Arpel) and, respectively, the chair and vice-chair positions of the entity's Communication and Social Responsibility committees.
• The company chairs the Board of Directors of the Brazilian Petroleum, Gas and Biofuels Institute (IBP), the National Association of Investors (INI), and the Regional Board of Rio de Janeiro of the Brazilian Institute of Investor Relations (Ibri), besides participating in the Best Practice Committee of the Brazilian Institute of Corporate Governance (IBGC);
• Member of the Extractive Industries Transparency Initiative (EITI), which brings together governments, international organizations, investors, businesses and civil society groups to foster improved governance of countries rich in mineral resources, through the publication and independent verification of payments made by companies and of government revenues from the oil, gas, and mining industries;
• Partnering Against Corruption Initiative (Paci). Launched at the World Economic Forum, in Davos, Switzerland, in 2003, this initiative aims to harmonize the handling of problematic issues related to corruption;
• Member of the Sponsorship Committee of the Federal Government's Communications Department (Secom), of the Pro-Gender Equity Program, the Gender Committee of the Ministry of Mines and Energy, the National Forum for Ethical Management, the Amnesty Commission of the Ministry of Justice, the Ministry of Planning and of the National Immigration Council;
• Member of the Group of Institutes, Foundations and Enterprises (Gife), a network bringing together organizations that invest in public purpose projects aimed to drive sustainable development in Brazil through private social investments;
• Member of the Globally Responsible Leadership Initiative (GRLI), a community of businesses and educational institutions and an initiative of the European Foundation for Management Development (EFMD) that aims to foster and support the development of globally responsible leaders;
• Member of the Committees on Intellectual Property of International Trademark Association (INTA) and of the Best Branding Practice of the Brazilian Association of Advertisers (ABA);
• Member of the Brazilian platform of the Reputation Institute, a global benchmark in studying and measuring corporate reputation, which gathers more than 80 businesses around the world.

ISO 26000

In December 2010, Petrobras, in partnership with the Brazilian Association of Technical Standards (ABNT), promoted the release of the International Standard ISO 26000: Guidance on Social Responsibility in Brazil. The company was the industry representative of the Brazilian delegation on the international working group responsible for building the standard. In 2011, the company will sponsor, together with ABNT, a nationwide series of seminars promoting the ISO 26000 standard in which the free distribution of the printed standard is provided.

Petrobras' internal actions to implement the ISO 26000 guidelines include qualifying workforce through specific training courses on the issues covered by the standard to be held at Petrobras University, and providing training in social responsibility to suppliers. The standard establishes the definition, principles, and core themes of social responsibility and was drafted on a multistakeholder process encompassing representatives of the industry, government, labor, consumers, NGOs, academia and services, research and consulting organizations.