The board of Petroleo Brasileiro SA (Petrobras) has approved an executive structure as part of a new administrative structure outlined in January (OGJ Online, Feb. 1, 2016).
The Brazilian state-owned firm’s new governance and organizational management model involves a 43% cut in 5,300 administrative posts in nonoperational areas. That’s well above the initial target of 30%.
Six statutory technical committees will comprise executive managers who will share decision-making responsibility, and be tasked with conducting prior analysis and making recommendations on matters to be decided by executive directors.
Approved executives are:
• Roberto Moro, production and technology development.
• Solange da Silva Guedes, exploration and production.
• Jorge Celestino Ramos, refining and natural gas.
• Ivan de Souza Monteiro, finance and investor relations.
• Hugo Repsold Jr., human resources, HSE, and services.
• Joao Adalberto Elek Jr., governance, risk, and compliance.
Corporate functions and services in the office of the chief executive officer, human resources, HSE and services will be centralized.
Technical skills and project units will also be centralized into production and technology development, while the downstream and gas and energy units will form part of the office of the director of refining and natural gas.
The exploration and production unit will be organized according to asset class, establishing structures for deepwater, ultradeepwater, shallow water, and onshore.
The new governance model will strengthen the firm’s management accountability mechanism, Petrobras says.
The firm says the election was conducted in accordance with criteria of integrity analysis carried out by the company’s compliance unit, and technical and management skills assessed by the remuneration and succession committee prior to board approval.
These committees will be subject to supervision by the Brazilian Securities and Exchange Commission. The modifications in Petrobras bylaws will be submitted for approval at the general meeting of the shareholders scheduled for Apr. 28.