CITGO Creates Chief Compliance Officer Position to Extend Commitment to Transparency
Feb 23, 2011
HOUSTON, Feb. 23, 2011 – To expand its comittment to the highest level of operational transparency and as part of the ongoing dedication to ethical values, CITGO Petroleum Corporation has named CITGO General Counsel Dean Hasseman as Chief Compliance Officer. The newly created role position was introduced following a deep review of corporate and industry best practices.
“While CITGO has long had a Corporate Compliance Committee, the new position of Chief Compliance Officer will streamline our efforts and underline our commitment to this vital initiative,” said CITGO Chairman, President and CEO Alejandro Granado. “Adherence to the strict codes of conduct, compliance and ethics is extremely important to CITGO and is a central to every business unit, department, manager and individual employee throughout the company. I am proud to take on the leadership in expanding our existing compliance efforts and look forward to building on our best practices.”
As General Counsel, Chief Compliance Officer and leader of the Corporate Compliance Committee, a group of six CITGO officers and employees, Hasseman extends the ongoing efforts of CITGO in the areas of transparency and ethics. Tasked with reviewing and evaluating compliance, ethics and corporate governance issues and concerns across all of the CITGO refining, distribution and marketing business elements, the Corporate Compliance Committee is a vital element of the organization and is fully supported by the CITGO shareholder, Petróleos de Venezuela, S.A. (PDVSA), the national oil company of the Bolivarian Republic of Venezuela.
Introducing the position of Chief Compliance Officer strengthens the company’s business units, departments, management and employees by ensuring that they are in compliance with the rules and regulations of a variety of federal and state agencies such as the Environmental Protection Agency (EPA), the Occupational Safety and Health Administration (OSHA) and the Department of Labor which oversee the array of CITGO business programs. Looking ahead, Hasseman and the Corporate Compliance Committee will ensure that company policies and procedures are being followed, and that behavior in the organization meets the company's standards of conduct and ethics.
For more information on the commitment that CITGO Petroleum has to transparency, strong ethics and corporate and regulatory compliance, visit www.CITGO.com.
CITGO, based in Houston, is a refiner, transporter and marketer of transportation fuels, lubricants, petrochemicals and other industrial products. The company is owned by PDV America, Inc., an indirect wholly owned subsidiary of Petróleos de Venezuela, S.A., the national oil company of the Bolivarian Republic of Venezuela.
For more information visit www.citgo.com.