This excerpt taken from the PBR 20-F filed May 22, 2009.
Petrobras Audit Committee
We have an Audit Committee that advises our board of directors, composed exclusively of members of our board of directors.
On June 17, 2005, our board of directors approved the appointment of our Audit Committee to satisfy the audit committee requirements of the Sarbanes-Oxley Act of 2002 and Rule 10A-3 under the Securities Exchange Act of 1934.
The Audit Committee is responsible for, among other things:
On December 16, 2005, our Audit Committees charter was amended to meet the audit committee requirements of the Sarbanes-Oxley Act of 2002 and Rule 10A-3 under the Securities Exchange Act of 1934, including the incorporation of the powers mentioned above.
Our Audit Committee is typically composed of three members. The current members of our Audit Committee are Directors Fabio Colletti Barbosa and Francisco Roberto de Albuquerque, both of whom are independent as defined in 17 CFR 240.10A-3. The third member of our Audit Committee will be appointed in 2009.