According to a report by Transparency International, Petrobras was considered to be one of the oil & gas companies with a high level of transparency in regard to its earnings

COMMITMENT to sustainable development

Petrobras’ activities in 2008 continued to be governed by social responsibility and transparency, aligned with the principles of the UN Global Compact. Reaffirming its commitment to sustainable development, the company developed and supported environmental protection projects and initiatives for the reduction of social inequalities. A total of R$ 554.5 million was invested in 2,323 projects in the social, environmental, sporting and cultural areas.

Pesquisador observa tartaruga no ProjetoTamar
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The Social Responsibility Management Committee, linked to the Business Committee and comprising executive managers of the company’s different segments and subsidiaries, reinforced its role as a forum for discussing sustainability issues and monitoring related activities and initiatives. Among the questions dealt with in 2008 were the repercussions of the Petrobras Social Responsibility Policy, introduced in 2007, and inclusion of the subject as a corporate function in the Strategic Plan for 2020. The Petrobras Diversity Census and the arrangements for investment in social and environmental projects were also addressed.

Voluntary participation in the census was 62%, which was considered to be an excellent result for this first edition. The aim of the survey was to obtain information that would provide a basis for developing policies, affirmative action and other initiatives for the continual promotion of fairness and elimination of discrimination.

SOCIAL RESPONSIBILITY POLICY

The Petrobras Social Responsibility Policy brings together all the guidelines regarding corporate activities, integrated management, sustainable development, human rights, diversity, working principles, sustainable social investment and workforce commitment, as well as defining the company’s concept of social responsibility.

INTERNATIONAL REPRESENTATION AND RECOGNITION

In 2008, Petrobras participated in the world’s leading forums and debates on social responsibility. The company was invited to the Private Sector Forum on “The Millennium Development Goals and Food Sustainability”, organized by the UN, and participated in the “Energy and Biofuels” and “Poverty and Hunger” round tables. It was also represented at the debates of the International Organization for Standardization (ISO) on the development of the ISO 26000, the international standard for social responsibility, which is to be launched in 2010.

In the first edition of the GRI Readers’ Choice Awards, presented in May, the company’s Social & Environmental Report 2006 was voted the best report in the categories All Stakeholders and Civil Society, taking into consideration its readers’ opinions on sustainability reports from around the world. Petrobras also participated in the meetings of the Global Reporting Initiative (GRI) Stakeholder Council, as a business sector representative.

In April, Petrobras was considered to be one of the oil & gas companies with a high level of transparency regarding its earnings, in a report issued by Transparency International. The study evaluated 42 companies and emphasized the participation of 17 of them, including Petrobras, in the Extractive Industries Transparency Initiative (EITI).

The company also participated in the meetings of the World Business Council for Sustainable Development (WBCSD), held in Switzerland and South Africa, and the debates held under the Partnering Against Corruption Initiative (PACI), in the United States, which were promoted by the World Economic Forum.

Petrobras’ performance kept the company, for the third consecutive year, in the Dow Jones Sustainability Indexes (DJSI), the world’s most important sustainability indicator.

REDUCED SULPHUR CONTENT - Petrobras publicly reaffirmed its commitment towards social responsibility and gave assurances that at no time had it failed to comply with the prevailing Brazilian environmental legislation, in response to allegations that it was not upholding National Environmental Council (Conama) Resolution 315/2002. What is more, the company made the commitment to supply Diesel S-50, with reduced sulphur content, as from January 2009, in accordance with the timetable agreed with the Public Prosecution Service, IBAMA (Brazilian Institute for the Environment and Renewable Natural Resources), the ANP (National Agency of Petroleum, Natural Gas and Biofuels), vehicle and engine manufacturers, Anfavea (National Association of Vehicle Manufacturers) and Cetesb (São Paulo State Environmental Sanitation Technology Company).