Petrobras: world’s second best in
corporate governance
By Nielmar de Oliveira
Agencia Brasil
RIO
DE JANEIRO
Petroleumworld.com 02 24 06
Brazilian
oil company Petrobras ranked second in a world evaluation made
by the Management & Excellence (M&E) agency. The agency
analyzed activities of the 15 largest oil companies in the world.
Anglo-Dutch Shell got the first place.
In
the last evaluation, Petrobras ranked seventh. Both Petrobras
and Shell had a result around 52.8% higher than the average obtained
by the other companies.
The
government-owned Brazilian company issued a note in which it comments
on the evaluation data. The note says that Petrobras scored 83.3%
- the highest score – in Corporate Governance, an item for
which legal requirements by regulatory agencies for the securities
market are the strictest. In this item, government companies usually
score lower," says the note adding, "The oil industry
average score in corporate governance was 58.61%".
Petrobras
also ranked high in the "Transparency" evaluation: 82.44%,
while industry’s average was 54%. "This excellent performance
is explained by the company’s practice of keeping the market
always informed about everything that happens in it, be it small
or great," says the note.
Translation:
Andréa Alves
Agencia
Brasil 23/02/2006
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