Petroperú clarifies alleged millionaire payment to insurance broker

Petroperú addresses the public opinion to clarify the journalistic report issued by a local television program on the appointment of its current insurance broker:

• In May 2022, the Insurance Broker Appointment Process for the Petroperú S.A. Insurance Program was developed, period 2022-2024, with Willis Corredores de Seguros S.A. winning. This process is not a public bidding as mentioned in the aforementioned program. It is a designation regulated by the rules issued by the Superintendence of Banking, Insurance and AFP (SBS), as well as specific internal rules that do not generate the signing of a contract nor is it related to any payment by Petroperú to the designated insurance brokerage company.
• The designated insurance broker only fulfills the function of providing specialized advice and being an intermediary in the contracting of policies with insurance companies, attention to insurance clauses that corporate contracting requires, technical advice in the recovery of eventual losses due to accidents, as well as management and legal insurance advice.
• The broker has been designated as a result of the technical evaluation, in accordance with the criteria established in the bases of the process. In this sense, it is incorrect to affirm that Petroperú appointed the company that presented the highest commission, since it is not a selection criterion for the appointment of the broker.
• The commissions incorporated in the proposals of the bidders were strictly referential, of an informative nature and were adjusted after a market investigation to know the scope of each broker. The referential commissions did not grant points in the designation process, nor did they generate a payment commitment by Petroperú. Therefore, it denies that it has made millionaire payments for commissions, as erroneously stated in the report.
• Likewise, it is important to clarify that the broker's commissions are defined and determined by the broker and the insurance and/or reinsurance companies, in which Petroperú does not intervene as the insured, as established by the Regulations for the Supervision and Control of the Insurance Brokers and Assistants of the SBS. In this sense, the company regrets that credibility is given to anonymous versions that are unaware of the regulations and standards of this market.
• Regarding the report of the Comptroller General of the Republic (CGR), it was the Petroperú administration itself, in July 2022, which, for the sake of transparency, requested to the Institutional Control Body (OCI) – an entity dependent on the CGR – , the evaluation and corresponding actions regarding the aforementioned designation process.
• The OCI report recommended improvements to optimize the process of appointing insurance brokers, which Petroperú included in an action plan that was reported to the corresponding CGR body. These improvements are being implemented and have had the participation of specialists of recognized prestige.
• Petroperú reiterates its commitment to transparency and the implementation of the best practices of good corporate governance, in line with its Corporate Integrity Policy and the Fight Against Corruption and Fraud.