Shares of Petroleo Brasileiro Petrobras SA (ADR) PBR fell Wednesday as the company announced the formation of a Special Committee for an internal investigation into corruption allegations.
According to the the company's press release, the Committee will act independently and will have a direct reporting line with the Board of Directors.
The Special Committee will be composed by three members: two independent individuals from outside the Company, a Brazilian and a foreigner member, with notable technical expertise; and a Chief Compliance, Risk and Governance Officer.
The Brazilian member will be Mrs. Ellen Gracie Northfleet, retired Minister of the Brazilian Supreme Court, and the foreign member will be Mr. Andreas Pohlmann, Chief Compliance Officer of Siemens AG from 2007 to 2010.
In order to expedite the investigations, the Special Committee shall commence its activities with the two independent members. The Chief Compliance, Risk and Governance Officer shall compose the Special Committee as soon as it is designated.
The announcement follows November’s news that the U.S. SEC, U.S. Department of Justice and Brazilian Federal Police had been investigating alleged corrupt practices at the company.
Petroleo Brasileiro Petrobras recently traded at $7.52, down 2.46 percent.
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