The Enron case was one of the important milestones for enhancing the knowledge in the area of corporate governance. Many of the largest global corporations understood once and for all the importance of the issue for good business management and for Brazilian companies was no different. Currently, the various stock exchanges around the world require companies that have shares traded on these exchanges, are some of the recommendations imposed by governance. In the latest case of Brazil, Petrobras has been the company that has gained more prominence in the news. Unfortunately this paper emphasis the Brazilian state, is why one of the biggest corruption scandals in the country already smitten. A police operation of the Brazilian federal police responsibility, discovered the existence of a major corruption scheme that worked in the state with the advent of directors and senior officials of the oil and had the participation of major Brazilian construction companies. It is precisely in this context that this study seeks to identify gaps and propose corrective actions in the area of corporate governance for Petrobras, while respecting the interests of minority shareholders of the company, and aiming to hinder fraud as those mentioned above.