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ernance. The second step is the launch of an additional series of measures to improve the company’s internal controls, based on three pillars: replacement of individual decisions with collective decisions; monitoring and transparency; and enhancement of relations with our suppliers. Firstly, we are restricting our executives’ individual decision-making capacity. As a result, the everyday work of managers, executive managers and board members will be overseen by a set of com- mittees and support groups. This model is aimed at ensuring that no projects are ap- proved unless they have undergone proper technical and ? nancial evaluation, and abide Its suppliers must now provide detailed information about by all the company’s compliance rules. Secondly, we are en- their structure, ? nances and mechanisms for compliance and suring that all internal mechanisms for receiving and investi- combating fraud and corruption, among other items, which are gating allegations are completely independent and protected evaluated through a process called “Integrity Due Diligence.” against any kind of interference. We are expanding the pres- The aim is to make the procurement of goods and services ence of committees and external audits at the company, and more secure and mitigate risks regarding fraud and corruption. increasing continuous cooperation with the regulatory and po- The company has been implementing measures to ensure that lice authorities, to share sensitive information that is obtained only suppliers with proven compliance and integrity mecha- in these investigations,” said Bendine. It is clear that Petrobras’ nisms remain in Petrobras’ registry and can participate in new president is aggressively trying to regain some of the com- competitive tenders. These measures were announced in July pany’s credibility, however he faces a steep uphill battle and 31 during a ceremony to formally return funds to the company any new corruption disclosures will heavily tarnish Petrobras’ retrieved by the Federal Prosecution Ministry. Petrobras’ re- already shaken reputation. view of its supplier’s status began with local companies whose activities have been suspended by the courts due to evidence

Supplier Policy uncovered by the “Lava Jato” investigation. Petrobras is eval-

Petrobras has made its supplier management process stricter. uating suppliers whose contracts are in the renewal process or www.marinetechnologynews.com

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