Petrobras' experience on Integrated Reporting
April 20th, 2018
Advancing the SDGs: Understanding and Improving the Role of Corporate Transparency
Annual Report
Sustainability
Petrobras Overview—
We are an integrated company operating in the segments of exploration and production, refining,transportation, marketing, distribution, petrochemicals, fertilizers, biofuels and power.
Our main operations are in Brazil and we have activities in Argentina, Bolivia, Colombia, United States,Mexico, Nigeria, Paraguay, and Uruguay.
millions of boed, LGN, condensed and natural gas
120 platforms7,888 producing wells
millions of bpd in products sold to the internal market
13 refineries and 1 shale oil plant
millions of m3 in biodiesel
4 biodiesel plants in operation
millions of m3 in transported oil and products
7,719 km of pipelines55 product vessels47 terminals
millions of m3
fuels
8,277 service stations
thousand MW generated in average
20 thermal power plants
Dec/2012
2013
Developing Petrobras' Integrated Reporting—
Engagement
Join the IIRC Pilot Program for the development of the Integrated
Reporting Model
Integrated Report Brazilian Commission
meetings;Some IIRC principles
and elements incorporated in the
annual reports
May/2017
Integrated Report - 1st step
IIRC concepts and framework incorporated into the 2016
Sustainability Report (materiality, business model,
capitals and connectivity)
Jul/2017
Integrated Report - 2nd
step
Working Group for developing the 2017
Integrated Report, based on IIRC framework
March 15th, 2018
Petrobras 2017 Integrated Report
launched
Dec/2016
IntegratedReporting
ModelDefinition
DevelopingProcess
Disclosure
Integrated Report implementation—
2017/2018
Integrated Report
SEC CVM
2016/ 2017
Defining the Report Model—
Note: ITR (Quarterly Financial Information) and RMF (Financial Market Report) are issued quarterly.
Benchmark/Analysis
Mar
chA
pril
/ M
ay
Mar
chA
pril
May
Formulário de Referência
Formulário de Referência
Annual Report2016
Financial Statements2016
Financial Statements2016
Developing process—
Oct/2017 Mar/2018
Processo de Elaboração do Form 20-F
DraftPreparation
ContentDevelopmentby business
areas
Certificationby Managers and Auditors
BoardApproval Disclosure Dissemination
- Launched to the market- Published on the website
Integrated ReportingProcess
Multidisciplinary Team- 33 areas directly involved- 102 focal points- 30 WG meetings- 20 Governance committes meetings - Workshop
Improvements:- Reliability- Focus on material aspects- Wording (more direct)- Connectivity of information- Capitals and Value creation
- Team and reporting system Integration
- Cultural change
Disclosure—
Annual Reports
Integrated Report
Annual Report
Sustainability
Financial Statements
Form 20-F
Integrated Reporting is a process that promotes a more cohesive, efficient approach to prepare corporate reports, aiming to improve the quality of the information available to financial capital providers, seeking to explain how the company generates value over time, and providing subsidies to capital allocation in a more efficient and productive manner.
Materiality—
Business Model—
2017
Ann
ual R
epor
t—
SAFETY
OVERVIEW AND BUSINESS MODEL
OUR CAPITALEXTERNAL CONTEXT
BUSINESS PERFORMANCESTRATEGIES AND PERSPECTIVES
GOVERNANCE AND COMPLIANCERISKS AND OPPORTUNITIES
OTHER INFORMATION
ANNUAL REPORT 2017PETROBRAS
SAFETY OVERVIEW AND BUSINESS MODEL
OUR CAPITALS EXTERNAL CONTEXT
BUSINESS PERFORMANCE
STRATEGIES AND PERSPECTIVES
GOVERNANCE AND COMPLIANCE
RISKS AND OPPORTUNITIES
OTHER INFORMATION
ABOUT THE REPORT
MATERIALITY
SUMMARY
Message from the Chairman of the Board of Directors 03
Message from the President of Petrobras 05
Who we are 16
Where are we 17
How we generate value 18Business model
Human
Intellectual
Relationship
NaturalProductiveFinancial
Oil and Gas Exploration and ProductionRefining and natural gas 78Financial performance
Strategic planning
Business plan 2018-22
Management systens: Evolution Project
Corporate governance
Ethic
Compliance and internal controls
Risk management
Crisis management 125Opportunities
Sust
aina
bilit
y 20
17—
SUSTAINABILITY 2017PETROBRAS
TRANSITION TO A LOW CARBON ECONOMY
DIGITAL TRANSFORMATION
PEOPLE ENVIRONMENT SOCIETY AND RELATIONSHIP
SUMMARY
TRANSITION TO A LOW CARBON ECONOMY
DIGITAL TRANSFORMATION PEOPLE
ENVIRONMENTSOCIETY AND RELATIONSHIP
AUDITOR'S LIMITED ASSURANCE REPORT
PETROBRAS IN NUMBERS
CONTENT
Message from the President of Petrobras Commitment to life Human capital
Respect for human rights Ethics and transparency
Emissions and air quality Biodiversity Water management
Waste management Spill Response
Relationship with stakeholders
Supplier management
Social Investment
§ Limited Assurance by KPMG§ Global Reporting Initiative – GRI Standards§ United Nations Global Compact principles§ SDGs correlation
We will invest US$ 74.5 billion in our projects, ofwhich 81% in Exploration and Production, from anactive management of our portfolio, focusing onprojects with the best economic and financial returnand preferentially working in partnerships.
In line with our vision to evolve with society, we will pursue the value
creation and promote the development of skills and technologies by adding
two new strategies:
10
Strategies and Perspectives—
Investments
US$ billions Other areasReduce carbonemissions in ourproductiveprocesses
Invest andpromote new Technologies toreduce impact onclimate change
Develop business with high value in renewable energy
Prepare the company to a Low Carbon economy
Capture opportunities created by Digital Transformation
Generate valuefor process andoperations
Digital Solutionsand High Performance Computing
Automation andArtificial Inteligence
Reduce CO2emissions in our
operations
Invest and promotenew tecnologies to
reduce climatechange impacts
Develop high valuebusiness in
renewable energy
Stakeholder Relations—
We engage with stakeholders, continuously to improve our communication by a constructive and transparent dialogue
- 600 thousand investors- Over 500 direct clients in Brazil and abroad- 24 hour Ombudsman channel- 11 thousand suppliers
- Mailing for 40 thousand journalists- US$ 162 million for research with 213 universities and institutes- US$ 42 million in social, environmental and cultural projects
INTERNAL PUBLIC
PUBLICAUTHORITIES
PARTNERS
CIVIL SOCIETYORGANIZATIONS
INVESTORS
PRESS
RETAILERS
CLIENTS
SCIENTIFIC AND ACADEMIC COMMUNITY
COMMUNITIES
COMPETITORS
CONSUMERS
SUPPLIERS
PetrobrasSocial andEnvironmental Program
Integrated reportingOperations:Launched at the World Water Forum - March, Brazil
Civil Society Organizations projetcs Public Selection launched in March
Colaboration and Engagement
Corporate Transparency—
Published on March 15th
ü Disseminating SDGs throughout Petrobras Social and Environmental Program
ü Public Selection will engage around 4,000 Civil Society Organizatios (CSOs) – subscription until May 5th
Education
Children´s Right
Sport
Water
Biodiversity
Forest and Climate
5 Crosscutting issues
• Human Rights and Fighting against Discrimination
• Ethics, Integrity and Transparency
• SDGs promotion, dissemination and implementation
• Science and Technology Development and Diffusion
• Eco-efficiency
PetrobrasSocial andEnvironmental Program
Social and Environmental Lines of actions
Disseminating the SDGs—
SDG Territorialization and Acceleration
United Nations Development Program
110 Municipalities and 2,200 direct participants
ü The project* will promote training and capacity
building for sustainable local development, through
strategies of Agenda 2030 territorialization and
acceleration to achieve SDGs at municipality level,
focusing on institutions that will implement social and
environmental projects sponsored by Petrobras;
ü CapaCities methodology, developed by UNDP, aligned
with the institutional approach MAPS (Mainstreaming,
Acceleration and Policy Support) for local development;
ü The project will encompasses 110 municipalities
(totaling 23,304,262 inhabitants) nearby Petrobras´s
operations;
Partnerships—
Ethical Connections of the Third Sector
UN Educational, Scientific and Cultural Organization
180 CSOs and 1,800 direct participants
ü The project* will contribute to strengthen civil
society organizations (CSOs) management systems
reinforcing ethics, integrity and compliance
practices, enhancing their positive impacts and
results;
ü The project will apply diagnostic research on
compliance practices and global external training
evaluation of 180 Petrobras' partners CSOs;
ü Capacity building for preparation, evaluation,
implementation and monitoring of ethics, integrity
and transparency initiatives and support to the
development of instruments such as code of ethics
and conduct guide for CSOs;
* under development
Mapping the Oil and Gas Industry to the Sustainable Development Goals: An Atlas IPIECA, IFC and UNDP (2017)
2 Petrobras Case studies:
Social Investment Initiatives: Petrobras Social and Environmental Program
Improving the work environment for women: Petrobras engagement at the Brazilian Pro-Gender and Race Equality Program
SDGs and the Oil and Gas Sector—
Ø Brazilian Petroleum Institute SDGs Workshop – Nov 2017 Ø IPIECA SDGs Workshop - March 2018
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