Human Resources Management Policy

Review History

Version: Date of Review: History: 
1 06/03/2013 Document creation
2 06/26/2015 Inclusion of items: Scope (II), Complementary Documentation (III), Concepts and Acronyms (IV), Responsibilities (V), Consequence Management (VII) and Exceptions (VIII).
Update of item 2.2.
3 08/25/2017 Inclusion of items: Scope (II), Complementary Documentation (III) and Consequence Management (VII) and Exceptions (VIII).


I. Purpose
Define the Human Resources Management Principles and Strategy involved in Cielo’s operations and the governance necessary to support this strategy..

II. Scope
All Management (officers, statutory or not, members of the Board of Directors, members of the Fiscal Council, members of the Advisory Committees and other managers) and employees of Cielo S.A.

III. Complementary Documentation

  • Cielo’s Code of Ethical Conduct
  • Labor laws effective within the federal, state and municipal scopes.
  • In-company rules are continuously improved, approved by appropriate authorities and made available to all employees.

IV. Concepts and Acronyms

  • VPE: Executive Vice President

Stakeholders: All relevant public with interests related to the Company, as well as individuals or entities assuming any type of direct or indirect risk towards the company. Amongst others we point out: shareholders, investors, employees, society, customers, suppliers, creditors, governments and regulatory agencies, competitors, press, users of electronic means of payment and non-governmental organizations.

V. Responsibilities

  • Management and Employees: Observe and ensure the compliance with this Policy, and when deemed necessary, prompt the Organizational Development VPE for consultation on situations involving conflict with this Policy, as well as by means of occurrence of the situations described therein.
  • Organizational Development VPE: He is the guardian of this Policy and liable for its improvement, update, communication with related public, publication and its activation and of the rules and procedures supporting it and also in charge of defining the outcome management actions referring to the non-compliance with this Policy.

VI. Guidelines

1. Principles
1.1. Human being’s diversity and dignity are respected, not accepting discriminatory, prejudice, intimidation or harassment acts of any type in any situation. Cielo considers that respect for diversity of ideas is its way of being and this is reflected in the attitude of all its employees.

1.2. Cielo values transparency and open dialogue as instruments to improve the organization.

1.3. Cielo is committed with the International Labor Organization (ILO) conventions, with defense and protection of Human Rights and Children Rights and observes requirements, legal standards and conventions referring to labor relations and environment.

1.4. Cielo values and foments balance between work, health and family through several actions.

1.5. Cielo respects employees’ right to free union association and the right to collective bargaining.

1.6. Talents pertain to Cielo and not to specific areas.

2. Value proposition
The Human Resources Management Strategy is summarized in two value proposals which aim at ensuring the generation of value for shareholders, employees and other persons involved in Cielo’s operations. This value generation occurs through the optimum management of the human capital involved in the Company’s operations.

2.1. The Value Proposal for Shareholder aims at defining how optimum management of the human capital involved in Cielo’s operations may contribute to the business sustainability. This proposal establishes that the main channel of generating this value is the Company’s leadership. It is materialized through actions segmented in five pillars as per figure below.

picture of Shareholder value proposition

2.2. The Value Proposal for Employee aims at fomenting his/her engagement through emotional bond with work and with the Company. Therefore, this proposal has the ambition of offering to employee the conditions he/she needs to daily renew his/her willingness to work at Cielo. This proposal establishes that meritocracy is a non-negotiable assumption over which it is sustained. This proposal is materialized through actions which are segmented in four pillars as per figure below, regardless of gender, age, ethnic group, nationality and academic background.

Picture of Employee value proposition

VII. Consequence Management
Employees, suppliers or other stakeholders who observe any deviations to the guidelines of this Policy, may report the fact to the Ethics Channel ( or 0800 775 0808), and may identify themselves or not.
Internally, the failure to comply with the guidelines of this Policy envisages the application of measures to charge the agents who do not comply with this Policy according to related seriousness of such non-compliance.

VIII. Exceptions
Exceptions to this Policy shall be approved by Chief Executive Officer and by Organizational Development VPE.

IX. General Provisions
It shall be incumbent upon the Company’s Board of Directors to amend this Policy whenever it deems necessary.
This Policy shall take effect on the date of its approval by the Board of Directors and revokes any rules and procedures contrary thereto.