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



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.






South America

Issuer (type)

IBGC (Instituto Brasileiro de Governança Corporativa) (NGO)

Instrument type


Disclosure instrument


Geographical scope


Mandatory or voluntary


Text analysis

    • Low 0.43%
    • Moderate 0.11%
    • E focus: environment
    • S focus: discrimination, diversity, human capital, philanthropic activities, compensation
    • G focus: audit, internal control, risk management, accountability
    • Administrative services, Finance, Management