Learning from mistakes
and growing along with Brazil
Message from the Chairman of the Board

A long
and profound
lies ahead.
We believe
that all
sectors of
must be
in this mission


The year 2015 was critical for the Odebrecht Group.

Although our operations have maintained the performance of previous years, as demonstrated by the indicators published in this report, we experienced an institutional crisis without parallel in our history, the reasons for which are public knowledge.

Our initiatives to overcome this situation, under the leadership of CEO Newton de Souza, are also extensively presented in this publication. It is my duty, here, to explain some of our strategic commitments to restoring our reputation in Brazil.

Founded by my father, Norberto Odebrecht, in 1944, for 72 years Odebrecht has played a decisive role in the construction of Brazil’s infrastructure and other sectors of the national economy. In 1979, it began its international expansion and today it operates in 26 countries. We have built this history on the basis of the trust of all our stakeholders - Clients, communities, investors, partners and many others. Trust gained through the complete fulfillment of our economic commitments, fulfillment of contracts and a social contribution that, in most cases, goes far beyond our contractual obligations.

It must be acknowledged, however, that we were vulnerable, and this became clear in 2015.

Although we had no dominant responsibility for the facts established in Operation Car Wash, we were involved in an illegal and illegitimate system of political-electoral financing. The heavy construction industry, due to the complexity of the projects and the amount of resources involved and the proximity between public and private agents for their execution, is highly targeted by the public sector. This sometimes results in acquiescence with practices that are harmful to one’s self and society as a whole.

We recognize our mistakes and are learning a great deal from them. But this is not enough. It is my duty to apologize to anyone who may have been harmed by our Group’s involvement in such episodes: our Members and their families, Clients, Shareholders, financiers, suppliers and Brazilian society. And I must also put on record our commitment to improving our internal practices, especially regarding relations with the government.

Ethos of integrity

One of the hallmarks of Odebrecht’s history is turning crises into opportunities. We now have the opportunity to reinvent ourselves.The key to this reinvention lies in ethics, integrity and transparency, which will henceforth be staunch traits of our operations in all spheres of activity.

The entrepreneurial culture that brought us this far will be maintained. But it must be strengthened, especially with the ethos of integrity, which must be fully internalized by each of our Members. We are incorporating new support tools: in 2016, the Board of Directors approved a Policy on Compliance in Acting Ethically, with Integrity and Transparency. We are deploying the Compliance System throughout the Odebrecht Group. It is focused primarily on prevention, as well as on the detection of deviations and their remediation, including punitive measures. The state, in turn, will also need to renew itself on multiple fronts to ensure that government investments are adequately managed and consistent with the public’s real needs.

A long and profound transformation lies ahead. We believe that all sectors of society must be actively engaged in this mission. Our experience of more than seven decades in countries in the Americas, Africa, Asia and Europe can help ensure that Brazilian public works projects are carried out in accordance with the best international standards of quality, safety and socio-environmental responsibility.

Odebrecht is renewing itself, intensifying its dialogue with society and moving towards a new stage in its history. Based on our culture, we will evolve towards increasingly qualified performance in all the countries in which we are present. In the specific case of Brazil, we will support our country’s economic recovery, the pursuit of a new political system and the reorganization of the culture of corruption, which is so harmful to us all. Together, we will grow; together, we will continue to promote Brazilian technology and serve our Clients with excellence around the world.

Emílio Odebrecht
Chairman of the Board of Odebrecht S.A.

integrity and
will be
staunch traits
of our operations