The Compliance Committee of the Brazilian Oil and Gas Institute announced two unprecedented initiatives to support companies in the sector to implement policies to prevent fraud and irregularities in their operations. Yesterday (29), during Rio Oil & Gas 2022, the 2nd. edition of the Good Practices Guide for Corporate Integrity, with the inclusion of new topics such as human rights, diversity, inclusion and equity, and data protection.

The second product announced was the research for the implementation of a compliance system, aimed at companies of all sizes. The document will be available for completion until November 30 on the IBP website.

“We want to listen to small and medium-sized companies in order to understand their needs. This diagnosis will help us create materials to support the implementation of compliance rules for these companies, which are now part of the oil and gas chain”, explained Mary Kuwada, Compliance officer at Siemens Energy Brasil and member of the IBP Compliance Committee.

The two novelties were launched during the panel “Compliance in the oil and gas industry value chain”, held at Arena ESG. On the occasion, the speakers analyzed the evolution of the area in Brazil, which has been growing rapidly, and highlighted the challenge of the big players to comply not only with Brazilian legislation, but also with the policies of their headquarters and those of the countries where they maintain operations, with the involvement of suppliers and partners.

For Andrea Portugal, Senior Compliance Lawyer at TechnipFMC, some practices adopted today, due diligence, monitoring of service provision, inclusion of specific clauses in contracts, review of payments made and specific procedures on conflicts of interest and receipt of gifts, do not will be enough in the future. “Companies will also need to be mindful of ESG practices, human rights, data protection, diversity, inclusion and equity.”

Bruno Montfort, Petrobras' coordinator for the Dissemination of a Culture of Integrity, commented that these requirements come from investors. “We are witnessing the proliferation of green bonds and other financial mechanisms, which demand greater concern from the industry with ESG issues. Increasingly, a reality for our companies,” he said.