Reestruturação de Programas de Integridade: Caso Petrobras / Restructuring of Compliance Programs - Petrobras Case

Abstract

The Car Wash Operation (Operação Lava Jato) uncovered a strong corruption and money laundering scheme in Petrobras, an important company in the oil and gas sector in Brazil, including the participation of senior management members who acted to nullify the existing internal control mechanisms in the company at the time, eventually pointing out severe weaknesses in the oil company's internal controls and forcing the company to restructure its entire integrity program and improve its internal controls. With the restructuring of Petrobras' integrity program, the drafting of laws aimed at reinforcing the need for integrity programs, and the mandatory implementation of integrity programs by companies controlled by the Federal Government, the oil company managed to recover its market value and its image before investors and contractors.