Petrobras’ participation in BOVESPA’S Corporate Sustainability Index is renewed
For the second year running, Petrobras has been included in the shortlist of companies whose shares compose Bovespa’s Corporate Sustainability Index (CSI) for their high degree of commitment to sustainability and social responsibility.
Petrobras’ ordinary and preferred shares will have the weights of 11.12% and 13.88%, respectively, totaling 25%, the CSI’s biggest individual weight. The CSI’s new portfolio will go into effect on December 01 2007 and remain valid through November 30 2008. It brings together 40 corporate stocks (ordinary and preferred) issued by 32 companies performing in 13 sectors. These companies were ed for their policies, management practices, performance, and legal obligation fulfillment with regard to economic efficiency, environmental balance, social justice, product nature, and corporate governance. Jointly, the 32 companies’ market value is R$927 billion, or 39.6% of BOVESPA’S total capitalization, currently worth R$2.3 trillion.
The BOVESPA, ABRAPP, ANBID, APIMEC, IBGC, IFC, the ETHOS institute, and the Ministry of the Environment, which are on the index’ Deliberation Board, created the CSI as the benchmark for socially responsible investments in Brazil. The Board later added PNUMA to its composition. FGV-EAESP elaborated the methodology used to assess the companies. The 141-question questionnaire was sent to the 137 outfits that issue the 150 most liquid shares traded at the BOVESPA and, ultimately, answered by 62 companies.
The CSI is a pioneering initiative in Latin America, seeking not only to create an investment environment that is compatible with the sustainable development demands imposed by the contemporaneous society, but to encourage ethical corporate responsibility as well. After undergoing a revision process which involved the participation of several stakeholders, the CSI is now in its third edition.
The renewal of Petrobras’ participation in the CSI is a major victory for the company and is the outcome of its efforts to realize its strategic objectives of growing with profitability and social and environmental responsibility.
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