Many Brazilian companies increasing transparency after Petrobras scandal

Global Business

Many Brazilian companies increasing transparency after Petrobras scandal1

In Brazil, outrage over corruption has led to new anti-corruption laws and recognition by corporate leaders that they must be accountable to clients and the public. The scandal at state oil giant Petrobras has played a big role. CCTV America’s Paulo Cabral reports.

Many Brazilian companies increasing transparency after Petrobras scandal

Many Brazilian companies increasing transparency after Petrobras scandal

In Brazil, outrage over corruption has led to new anti-corruption laws and recognition by corporate leaders that they must be accountable to clients and the public. The scandal at state oil giant Petrobras has played a big role. CCTV America's Paulo Cabral reports.

In the last two years, dozens of executives from some of Brazil’s biggest companies have been arrested, in addition to politicians, for the scandal at Petrobras. It was the largest corruption probe the country has ever seen, and it has raised alarms among the business world.

Companies in Brazil are increasingly showing that there is no room for corruption in their work. Meanwhile businesses caught up in wrong-doing are still struggling to clean up and to rebuild their images.

In a survey of more than 100 companies, the Deloitte consulting firm found in 2013 that 30 percent of them had compliance programs. By 2015, that figures more than doubled to 65 percent.

Latam Airlines which the largest air carrier in Latin America. Last year appointed a new manager dedicated to setting up a compliance program in all areas of the company.