How Boards Work in Brazil (Part 3)

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by Stephanie Brun de Pontet &
John L. Ward

We surveyed 100 large, sophisticated family firms in Brazil, at a recent workshop we led for HSM.  Following is their board experience.

What Type of Board?

  • 40% have a family dominated board.
  • 24% have an independent led board.
  • 20% have a management dominated board.
  • 16% have an advisory board.

Rating the Independent Director

  • 63% said their independent/outside directors are “very valuable.”
  • 30% said they were “satisfactory.”
  • 6% said they were “window dressing.”
  • 1% said they were “not helpful.”

Next Generation Participation?

  • 10% are invited to join at 21-25 years of age.
  • 25% are invited to join at 26-30 years of age.
  • 25% are invited to join at 31-35 years of age.
  • 40% are invited to join at 35 or older.

As Observers?

  • 31% invite next generation “observers.”
  • 69% do not.


  • 30% based on shareholding.
  • 38% based on family representation.
  • 32% based on merit qualifications.

With special thanks to HSM of Brazil for their dedication to family business education.

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