This excerpt taken from the PBR 20-F filed May 22, 2009.
Item 16B. Code of Ethics
We have adopted a Code of Ethics applicable to our employees and executive officers and a Code of Good Practices applicable to our directors and executive officers, both of which are also applicable to PifCo. In 2006, we revised and updated our Code of Ethics. No waivers of the provisions of the Code of Ethics or Code of Good Practices are permitted. Both documents are available on our website: www.petrobras.com.br /investor relations/corporate governance. In 2008, Petrobras board of directors created an Ethics Commission to promote ethical behavior and act as a forum for discussion of subjects related to ethics.