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PBR » Topics » Petrobras Audit Committee

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:
 
  •     making recommendations to our board of directors with respect to the appointment, compensation and retention of our independent auditor;
 
  •     assisting our board of directors with analysis of our financial statements and the effectiveness of our internal controls over financial reporting in consultation with internal and independent auditors;
 
  •     assisting in the resolution of conflicts between management and the independent auditor with respect to our financial statements;
 
  •     conducting an annual review of related party transactions involving interested members of our board of directors and executive officers and companies that employ any of these people, as well any other material transactions with related parties; and
 
  •     establishing procedures for the receipt, retention and treatment of complaints regarding accounting, internal control and auditing matters, including procedures for the confidential, anonymous submission by employees of concerns regarding questionable accounting or auditing matters.
 
On December 16, 2005, our Audit Committee’s 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.
 
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