EMBRAER IS CHOSEN THE MOST TRANSPARENT COMPANY IN 2009
Click here for more news / Clique aqui para mais notícias
Transparency Trophy honors the high quality of the Company’s financial statements
São José dos Campos, September 28, 2009 – Embraer received the 2009 Transparency
Trophy, last Thursday, September 24, at the 13th Anefac – Fipecafi – Serasa Experian
Awards. The ceremony was held in São Paulo, in public acknowledgement of the best
financial statements published in Brazil in 2008.
“This award is the recognition of a meticulous and top-quality job done by a skilled team
committed to transparency and professional ethics,” said Luiz Carlos Aguiar, Embraer
Executive Vice President, Finance and CFO.
The Anefac – Fipecafi – Serasa Experian Awards were created in 1997 for the purpose of
fostering corporate transparency in the market and stressing the importance of clear and
quality data, by means of its Transparency Trophy. More than an award, this initiative
certifies the competence of the winning companies. Embraer was awarded for 11th year in a
row, ranking first for the second time since 2001.
In order to reach the top in 2009, Embraer’s financial statements were analyzed by Masters
and Doctoral students in Controllership and Accounting from the School of Economics and
Business Administration (Faculdade de Economia e Administração – FEA) of the University
of São Paulo (Universidade de São Paulo – USP). Of 472 Brazilian companies analyzed, only
77 met the established criteria. The top 20 were chosen in three categories: five private
companies; five public companies with income of up to R$ 4 billion; and ten public
companies with income over R$ 4 billion. In the final phase, a committee formed by four
renowned accountants chose the best company in each category, and Embraer was the winner
among the largest public companies.
In 2009, the Awards evaluation was based on seven criteria: (1) quality and level of the data
provided in the financial statements and explanatory notes; (2) transparency of the data
provided; (3) quality of the management report and its consistency with the information
disclosed; (4) compliance with accounting principles; (5) observations in the independent
auditor’s report, considering the nature of the same; (6) balance sheet layout, readability,
conciseness, clarity, etc.; and (7) disclosure of pertinent aspects not legally required, but
relevant to the business, such as EBITDA, accrued economic value, social balance sheet,
inflationary effects, and others.
