Odebrecht has changed and external monitoring is concluded

Odebrecht has received the confirmation that the independent external monitoring that the U.S. Department of Justice  (DoJ) had been performing inside the company since February 2017 is concluded.

The DoJ monitor certified that Odebrecht’s compliance system, including its policies and procedures, is designed and implemented to prevent and detect potential violations to anti-corruption laws. This system is recognized by all members of the Odebrecht Group as an important part of the day-to-day operations of the Business.

There have been significant improvements in the company’s control environment. Today, Odebrecht is a completely different company. For the Chairman of the Board of Directors of Odebrecht S.A., José Mauro Carneiro da Cunha, “the conclusion of the monitoring and the certification given by the DoJ monitor are the most eloquent attestation that Odebrecht has learned from its own mistakes and has reached the same level as other corporations that operate with ethics, integrity and transparency.

José Mauro added: “This is a path of no return, pursuant to the commitment assumed and reaffirmed by the shareholders and all members of Odebrecht. Now, we can focus on the future”.

EXTENSIVE WORK

Odebrecht S.A.’s Compliance Officer, Olga Pontes, says the monitoring followed closely the changes promoted by the company. According to her the important thing now is to keep a continuous response to the evolution of risks. “Compliance” says Olga, “is everyone’s responsibility. It is the result of engagement and commitment of each of our members. And we already have that”.

The monitoring work, which was foreseen in the leniency agreement signed in December 2016, was thorough and extensive, with global reach. In person and by videoconference, more than 900 members were interviewed, including members of boards of directors, business leaders and project managers.

Approximately 30,000 documents related to the company’s operations and compliance program were reviewed. The monitor’s team traveled to 7 countries, visited 11 construction sites, tested more than 5,000 transactions, recommended improvements in policies and procedures, and surveyed more than 1,300 members to assess the perception and effectiveness of the compliance program and the company’s commitment to keep a robust compliance program.

BACK TO THE FUTURE

Odebrecht has committed to give priority to compliance at all levels, with the implementation of policies and training, in addition to investment in improving internal controls. At the same time, the company is committed to strengthening Corporate Governance, ensuring, among other measures, the appointment of independent directors in the whole the Company.

“Together with the financial restructuring, achieved in July after the court-supervised reorganization was ratified, the end of the monitoring and the certification given by the DoJ monitor help in the recognition of the new company we already are,” says the CEO of Odebrecht S.A., Ruy Sampaio.

Ruy says: “This transformation is not momentary, it is sustainable over time. Today, we are a forward-looking company. We are reinvigorated by the latest advances and the extensive renewal of our teams. At the same time, we feel strengthened by the accumulation of experience and the learning process in more than seven decades. From these bases, we are ready to win new customers and continue to offer high quality products and services”.