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Code of Best Practice of Corporate Governance (4th edition)

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Summary

This is the fourth edition of the Code of Best Practice of Corporate Governance of IBGC – the Brazilian Institute of Corporate Governance. The first edition, released in 1999, focused on the Board of Directors alone, and was revised in 2001 to include recommendations for other agents of corporate governance – such as shareholders, managers, auditors and the Fiscal Council. The document was revised again in 2004, with updated content geared to the country’s market demands at the time. In the past five years, since the previous edition of the Code, there have been a number of changes in the Brazilian organizational environment, which include the capital market revival, a large number of new companies going public, the arrival of widely dispersed and diffuse ownership companies, mergers and acquisitions ofl large businesses, setbacks of veterans and newcomers, and the global financial downturn. These factors brought to light a few corporate weaknesses and their fragile governance systems, pointing to the need to implement robust corporate governance practices. The revised Code goes precisely in this direction.

Thumbnail image for This is the fourth edition of the Code of Best Practice of Corporate Governance of IBGC – the Brazilian Institute of Corporate Governance. The first edition, released in 1999, focused on the Board of Directors alone, and was revised in 2001 to include recommendations for other agents of corporate governance – such as shareholders, managers, auditors and the Fiscal Council. The document was revised again in 2004, with updated content geared to the country’s market demands at the time. In the past five years, since the previous edition of the Code, there have been a number of changes in the Brazilian organizational environment, which include the capital market revival, a large number of new companies going public, the arrival of widely dispersed and diffuse ownership companies, mergers and acquisitions ofl large businesses, setbacks of veterans and newcomers, and the global financial downturn. These factors brought to light a few corporate weaknesses and their fragile governance systems, pointing to the need to implement robust corporate governance practices. The revised Code goes precisely in this direction.
Issuer

Brazil

Year

2009

Region

South America

Issuer (type)

IBGC (Instituto Brasileiro de Governança Corporativa) (NGO)

Policy Type

Disclosure

Geographical scope

National

Mandatory or voluntary

Voluntary


Global Reporting Initiative (GRI)
  • Voluntary Use
Main industries targeted
  • Administrative, Support, Waste Management
  • Finance & Insurance
  • Professional, Scientific, & Technical Services
  • Information
Restrictiveness

Very High

Sustainable Development Goals (SDGs)
  • SDG 5: Gender Equality

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