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Petrobras Creates Risk and Compliance Executive Director Role Amid Bribery Probe

Jaclyn Jaeger | December 12, 2014

Brazilian state-owned oil company Petrobras said last month that it has approved the newly-created position of executive director of governance, risk and compliance—and at a time when the company faces several investigations for its involvement in a widespread money-laundering and bribery scandal.

The new executive director of governance, risk and compliance individual will have responsibility for “ensuring process compliance and risk mitigation, including fraud and corruption—therefore guaranteeing compliance with laws, norms, standards and regulations, including Comissão de Valores Mobiliários (Securities and Exchange Commission) of Brazil (CVM) and U.S. Securities and Exchange Commission (SEC) rules,” the company stated. This individual will also participate in the decisions of the executive board.

Petrobras said the creation of this position does not increase the...

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