Governance Overview
We work to guide the financial and strategic decision-making of our portfolio companies, by sharing a culture of governance, ethical conduct and appreciation of human capital, as well as discipline in capital allocation and focus on long-term value creation. We seek to simultaneously provide investees with a favorable environment to concentrate their efforts with independence in their activities and be able to define the vision for their business development and management.
Amid this scenario, Itaúsa seeks to constantly improve its governance through a model that combines a professionalized management structure with a decision-making process guided by risk management, compliance and ethics, based on its corporate policies, code of conduct and internal charters. To access Itaúsa’s policies, codes and internal charters, please click here.
Governance Structure
The mission of the Board of Directors, together with the Board of Officers and its advisory bodies, is to protect and enhance Itaúsa’s assets, in accordance with the provisions of the Company’s Bylaws, representing the interests of stockholders and other players with whom Itaúsa interacts.
COMPOSITION OF GOVERNANCE BODIES
Learn more about the composition of Itaúsa’s governance bodies, as well as the professional experience of our managers.
| Member | Position | Date of Possession | Term of Office | |
|---|---|---|---|---|
| Vagner Lacerda Ribeiro | Effective Member | 05/05/2025 | May 2026 | |
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Vagner Lacerda Ribeiro
Effective Member
Date of Possession: 05/05/2025
Term of office: May 2026
He worked for 34 years at Banco do Brasil, holding executive positions in areas such as Finance, Capital Markets, Risk Management, Pension Funds, Microcredit and Government. He was an Officer at the Banco do Brasil Foundation and BB Previdência and a Fiscal Councilor at PREVI, the National Union of Closed Supplementary Pension Entities – SINDAPP and the National Association of Private Supplementary Pension Entities – ABRAPP. He was Chairman of the Board of Directors of the Instituto de Seguridade Social – Economus and a Board Member of the Caixa de Assistência dos Funcionários do Banco do Brasil – CASSI, as well as a member of the Finance Committee of the Banco do Brasil Foundation and a member of the Board of Directors of Invepar and 521 Participações. He is a member of the Council for the Rights of the Elderly of the Federal District, of IBEF Nacional, a guest lecturer at EPPG/FGV Brasília and an Executive at Economus. He has a degree in Business Administration, a post-graduate MBA in Finance from IBMEC, a Master’s degree in Business Economics and a PhD in Gerontology from UCB, CPA 20 Anbima and ICSS Investment Management certificates, and is a researcher in the areas of Finance, Social Security and Longevity Economics. |
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| Michael Gordon Findlay | Effective Member | 05/05/2025 | May 2026 | |
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Michael Gordon Findlay
Effective Member
Date of Possession: 05/05/2025
Term of office: May 2026
An executive with more than 29 years of experience in finance, he is currently Global Vice President of Controllership and Tax at Hunter Douglas Group Limited since December/2022. He has held various leadership positions such as Vice President of Finance (CFO) at Elfa Medicamentos from October/2018 to November/2022, Vice President of Finance, Global PMO and FP&A at Anheuser-Busch Inbev / Ambev between January/2013 and April/2018, having served in other positions between March/2004 and December/2011, and Manager of the Global Capital Markets Group at PricewaterhouseCoopers Auditores Independentes between August/1995 and February/2004. He has a degree in Business Administration from USP (1999) and in Accounting from Unip (2001), and an MBA from BSP School (2007).
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| Elaine Maria de Souza Funo | Effective Member | 05/05/2025 | May 2026 | |
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Elaine Maria de Souza Funo
Effective Member
Date of Possession: 05/05/2025
Term of office: May 2026
She has been an Effective Member of the Fiscal Council of Itaúsa S.A. since May/2024. She is currently Vale’s Officer of Global Controllership, responsible for: (i) consolidation of the Financial Statements in accordance with the IFRS standards published by the Brazilian Securities and Exchange Commission (CVM) and the Security and Exchange Commission US (SEC), as well as its Accounting Policies and Procedures; (ii) National and International Tax Planning, Policies and Procedures; and (iii) Center of Excellence in Management and Digital transformation of finances. She also holds the positions of Alternate Member of the Fiscal Council of Comgás, Rumo S.A. and Cosan S.A. With experience in accounting, controllership, tax and CSC (Shared Services Center), she has worked in industries and companies such as Pilkington (Japanese glass manufacturing company), Philips Brasil (consumer and technology company), Embraer (Brazilian aeronautics company), Vale (Brazilian multinational mining company). Graduated in Accounting from the University of Taubaté with a post-graduate degree in Financial Administration and Auditing, and an MBA in Finance and Controllership. |
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| Guilherme Tadeu Pereira Júnior | Effective Member | 05/05/2025 | May 2026 | |
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Guilherme Tadeu Pereira Júnior
Effective Member
Date of Possession: 05/05/2025
Term of office: May 2026
He has been Chairman of the Fiscal Council of Itaúsa S.A. since October/2023, being an Effective Member since December/2020 and from May/2018 to April/2019, having been an Alternate Member from May/2019 to December/2020. At Dexco S.A. he has been Chairman of the Fiscal Council since April/2022, having been an Effective Member between April/2018 and April/2020 and at Aegea Saneamento e Participações S.A. he has been a Member of the Audit, Risks and Integrity Committee since August/2021. He is currently partner and CEO of Chegolá Corretora de Consórcios e Seguros Ltda, a company incorporated in October/2024. He was an Effective Member of the Fiscal Council of Alpargatas S.A. between November/2017 and April/2018; Vice President of Administration and Finance (CFO) and Investor Relations Officer of Itautec S.A. – Grupo Itautec from April/2013 to April/2015, having been Executive Director of Administration and Finance (CFO) from March/2012 to March/2013 and Director of Corporate Controllership from June/2010 to February/2012. He was a member of the Advisory Board of Athie Wohnrath Associados, Projetos, Construção e Gerenciamento S.A. between January/2023 and April/2024, having served as Chairman of this Board between September/2023 and April/2024. He was Vice President of Operations (COO) at Minuto Corretora de Seguros S.A. from March/2020 to March/2022, having been Administrative and Financial Director (CFO) from August/2017 to February/2020. Previously, he worked for several years as CFO and Controller of multinational companies. He has a degree in Public Administration from Unisul and in Accounting from Unip, an MBA in Finance with an emphasis on Controllership and Auditing from FGV, and has attended several specialization programs in business and corporate governance, including Wharton and Berkeley universities in the USA, as well as Audit Committee training at Harvard University. He is also a Board Member and Audit Board Member certified by the IBGC. |
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| Lucianna Raffaini Carvalho Costa | Effective Member | 05/05/2025 | May 2026 | |
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Lucianna Raffaini Carvalho Costa
Effective Member
Date of Possession: 05/05/2025
Term of office: May 2026
Senior executive with over 25 years of experience in finance, corporate governance and strategic management, having held leadership positions in global companies such as Diageo (October/2022 to August/2024), Johnson & Johnson (October/2020 to October/2022), Whirlpool (May/2000 to July/2019) and Dexco S.A. (November/2019 to September/2020). She is currently Executive Director and Vice-President of Technical Committees at IBEF-SP, leading initiatives focused on financial excellence, regulatory trends and best practices for strategic decision-making. She works on structuring and restructuring financial areas, including Controllership, Taxes, Financial Planning and Treasury, as well as transforming business models and optimizing processes for sustainable growth. She has solid experience in corporate governance, compliance (SOX and IFRS), strategic planning and risk management. Co-founder of W-CFO, she is also a member of the Voting Council of IBEF-SP and a mentor for women in leadership positions – IBEF, W-CFO & EY. She has a degree in Business Administration from the Pontifical University of São Paulo (1993-1997), a postgraduate degree in Management from Radcliffe College, Harvard University (1998-1999) and an MBA in Corporate Management from the Getulio Vargas College in São Paulo (2007-2008). She has complemented her training with executive courses and certifications from renowned international institutions: Board of Directors Course – IBGC, São Paulo, Brazil (2025), Artificial Intelligence Certification: Implications for Business Strategy – MIT, USA (2025), Leadership Communication with Impact Certification – Insead Business School, France (2024), Leadership Program for Sustainable Corporations Certification – Oxford University, United Kingdom (2023), Team Psychological Safety Certification – Team. as.One, Brazil (2022), Senior Executive Program Certification, SEP 98 – London Business School, UK (2019). |
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Raul Calfat
Chairman and Independent MemberAna Lúcia de Mattos Barretto Villela
Vice ChairwomanRoberto Egydio Setubal
Vice ChairmanAlfredo Egydio Setubal
Effective MemberChairman of the Board of Directors (independent director) of Itaúsa S.A. since May/2024 and Member since May/2023; Member of the Governance and People Committee and the Sustainability Committee since May/2024; Coordinator of the Audit Committee and Member of the Related Parties Committee, since May/2023; and Member of the Strategy and New Business Committee since May/2023, which became a Member in May/2024.
He is currently Chairman of the Board of Directors of Embraer and has been an independent member since April 2017, as well as Coordinator of the Strategy and Innovation Committee and member of the People and ESG Committee, in addition to being an Independent Director of China Three Gorges Brasil since January/2021.
He was Chairman of the Board of Directors of Aché Laboratórios Farmacêuticos S.A., from September/2018 to March/2025, Independent Member of the Board of Directors of Dexco S.A. from May/2015 to April/2023 and member of the Board of Hospital Sírio-Libanês from 2015 to 2020.
From January 2014 to April 2019, he was Chairman of the Board of Directors of Votorantim S.A.; from December 2009 to December 2018, he was a member of the Board of Directors of Fibria Celulose S.A.; from January 2010 to December 2013, he served as Chief Executive Officer of Votorantim Industrial and led the Group’s cement, metals and mining, pulp, steel, orange juice and energy areas. Between 2004 and 2010 he was General Director of the holding company’s corporate area. Before that, between 1995 and 2003, he was Chairman of Votorantim Celulose e Papel (now Fibria) and Chairman of Papel Simão from 1987 to 1992, where he began his career as a trainee in 1973.
He was President of the São Paulo Pulp and Paper Association from 1993 to 1995 and Vice-President of the Brazilian Pulp and Paper Association (Bracelpa) from 1996 to 2004.
He graduated in Business Administration in 1974 from the Fundação Getúlio Vargas, with seminars at the IMD (International Institute for Management Development) in Switzerland and Harvard in Boston/USA.
She has been Vice-Chairman of the Board of Directors (non-executive director) of Itaúsa S.A. since 2017, Member of the Sustainability Committee since May/2021, Member of the Sustainability Committee from June/2019 to April/2023, having been a Member of the Finance Committee from May/2017 to August/2018.
She has been a member of the Board of Directors of the Itaú Unibanco Group since 2018, having held various positions, including member of the Board of Directors from 1996 to 2001.
She holds the positions of: Co-founder of MFF&CO, an impact entertainment studio with global reach, operating in São Paulo (Brazil), Los Angeles (USA) and London (UK), since May 2024; Co-founder of the Alana Down Syndrome Center at MIT since 2019; Alternate Member of the Board of Directors of IUPAR – Itaú Unibanco Participações S.A. since 2018; Member of the Itaú People Committee since 2018; Member of the Itaú Nominating and Corporate Governance Committee since 2018; Member of the Itaú Social Guidance Council since 2017; Co-founder of AlanaLab since 2014; Co-founder of Maria Farinha Filmes since 2009; Founding President of the Alana Foundation since 2012; CEO of Instituto Alana since 2002; and Ashoka Fellow since 2010.
She has been a member of the Social, Environmental and Climate Responsibility Committee since 2019 (formerly the Social Responsibility Committee); a member of Itaúsa’s Sustainability and Risks Committee since 2021; and a member of the Stanford Down Syndrome Research Center Advisory Board since January 2022.
Served as board member of Participant, a media and entertainment organization founded by social entrepreneur Jeff Skoll, from March 2022 to July 2024; Member of the UCLA Lab School Board of Advisors from May 2022 to July 2024; Member of the Advisory Board of Instituto Akatu (2013 to 2017); Member of the Advisory Board of the Fairplay organization (2015 to 2017); Member of the Advisory Board of Conectas (2003 to 2018); Member of the Sustainability Committee of Dexco (2015 to 2018) and Alternate Member of the Board of Directors of Dexco (2018 to 2020).
Since 2018, she has been the first Latin American representative on the Innovation Council of XPrize, a non-profit organization created by Peter Diamandis, which conceives and manages worldwide competitions to encourage the development of new technologies that can contribute to solving some of humanity’s main challenges.
From 2019 to 2024, the Alana Foundation, of which she is a co-founder, funded the XPrize Rainforest competition to accelerate the creation of new technologies capable of mapping the biodiversity of tropical forests.
Bachelor’s Degree in Pedagogy with a major in School Administration and Master’s Degree in Educational Psychology, both from the Pontifical Catholic University of São Paulo (PUC-SP), São Paulo, Brazil, with a degree in Business Administration from the Fundação Armando Álvares Penteado (FAAP), São Paulo, Brazil (incomplete) and a postgraduate degree in Administration in the Third Sector from the Fundação Getúlio Vargas (FGV), São Paulo, Brazil (incomplete).
He has been a member of the Board of Directors (non-executive director) of Itaúsa S.A. since May/2021 and has held the position of Vice-Chairman, as well as being a member of the Strategy and New Business Committee since May/2021.
He began his career at Itaú in 1980, holding various positions until he was appointed CEO in 1994, holding this position until April 2008. That year, following the merger between Itaú and Unibanco, he became chairman of Itaú Unibanco Holding S.A. until 2017. He is a member of the Board of Directors of Motiva S.A. He was a member of the Board of Directors of Petrobras S.A. between 2000 and 2002, and was a member of the Board of Directors of Shell Plc between 2017 and 2020. He was a member of the International Monetary Conference (IMC) between 1994 and 2020, chairing the Conference in 2015.
He was President of the Brazilian Federation of Banks (FEBRABAN) between 1997 and 2000 and Chairman of the Board of the institution between 2011 and 2017. He was a member of the Board of Directors of the Institute of International Finance (IIF), serving as vice chairman between 2003 and 2014, and was a member of the International Advisory Committee of the Federal Reserve Bank of New York between 2002 and 2008. In 2011, he was chosen Banker of the Year by Euromoney and, for the second time, he was elected the best executive in Brazil in 2015.
He was CEO of Itaú Unibanco Holding S.A. until 2017 and during this period he carried out risk management at executive level, chairing seven senior risk committees, such as the Senior Audit and Operational Risk Management Committee, the Senior Credit Committee and the Senior Risk Policy Committee. In these forums, he has deliberated on corporate risk policies, risk management, risk appetite and the Organization’s risk culture. He is currently a member of the Risk and Capital Management Committee, helping to define, review and approve the risk appetite, risk strategies and institutional regulations.
He is a member of the Board of Directors of the Center for Public Leadership – CLP (a supra-partisan organization that seeks to engage society and develop public leaders to tackle Brazil’s most pressing problems). In 2003 he was appointed a member of the Brazilian Economic & Social Development Council (CDES), a position he still holds today.
He has a degree in Production Engineering from the Polytechnic School of the University of São Paulo (USP), São Paulo, Brazil, and a Master of Science in Engineering from Stanford University, California, USA.
He has been Chief Executive Officer and Investor Relations Officer of Itaúsa S.A. since 2015 and a Member of the Board of Directors since 2008 (executive director), having been Vice-Chairman until May/2021; Member of the Strategy and New Business, Governance and People, and Sustainability Committees since May/2021; Member of the Capital Markets Committee since May/2009, having been Coordinator since May/2015; Coordinator of the Investment Committee since April/2017; Member of the Corporate Governance Committee since July/2020, being Coordinator since May/2021; Member of the Audit and Risks, Finance, and People and Ethics Committees since April/2017; and was a Member of the Investment Policy Committee from August/2008 to April/2011.
A member of the Board of Directors at Itaú Unibanco since 2007, he is currently Chairman of the Social, Environmental and Climate Responsibility Committee, and a member of the Disclosure and Negotiation Committee, the Nomination and Governance Committee and the People Committee.
He has been Chairman of the Board of Directors of Dexco S.A. since April/2021 and a Member since April/2015, and a Member of the Board of Directors of Alpargatas since 2017 and Copa Energia since 2020, respectively.
He has been a member of the Higher Guidance, Nomination and Ethics Committee of the Brazilian Institute of Investor Relations (IBRI) since 2010, having been Chairman of the Board of Directors from 2000 to 2003.
He has been Chairman of the Board of Trustees of the Itaú Foundation, an institution responsible for social initiatives aimed at education (in partnership with UNICEF and other NGOs) and the democratization and appreciation of Brazilian culture, and Chairman of the Board of Directors of the São Paulo Museum of Art (MASP) since 2015. She has been a member of the Board of Directors of the Fundação Bienal de São Paulo since 2009, the Museu de Arte Moderna de São Paulo (MAM) and the Instituto de Arte Contemporânea (IAC).
He was President of the National Association of Investment Banks (ANBID) from 2003 to 2008 and a member of the Board of Directors of the Brazilian Association of Listed Companies (ABRASCA) from 1999 to 2017.
He holds a bachelor’s degree and a postgraduate degree in Business Administration both from Fundação Getulio Vargas (FGV), São Paulo, Brazil, with a specialization course at INSEAD, Fontainebleau, France.
Rodolfo Villela Marino
Effective MemberEdson Carlos De Marchi
Independent Effective MemberPatrícia de Moraes
Independent Effective MemberVicente Furletti Assis
Independent Effective MemberHe has been a member of the Board of Directors (executive director) of Itaúsa S.A. since May 2011, having been Alternate from April 2009 to May 2011, and has been Executive Vice President since May 2022, having been Vice President from May 2015 to April 2022. He has been Chairman of the Board of the Itaúsa Institute since 2023. He has also been a Member of the Strategy and New Business and Governance and People Committees since May/2021; Member of the Sustainability Committee since May/2021, having been Co-Coordinator from August/2022 to May/2023; Coordinator of the People and Ethics Committee since April/17; Member of the Finance Committee since April/2017, having been Coordinator since May/21; Member of the Audit and Risks, and Investment Committees since April/2017, of the Capital Markets Committee since May/2009, of the Sustainability Committee since June/2019, and of the Corporate Governance Committee since July/2020.
At Dexco S.A., he has been a Member of the Board of Directors since August/2009 (as an alternate since July/2024); Member of the People, Governance and Nomination Committee since May/2020, having been from April/2018 to May/2019 and from November/2009 to May/2017; and Member of the Sustainability Committee since November/2009, having been Chairman from May/2019 to August/2023. He was a member of the Finance Committee from December/2021 to August/2023; a member of the Audit and Risk Management Committee from November/2009 to March/2022, and a member of the Disclosure and Trading Committee (currently the Disclosure and Nomination Committee) from May/2019 to May/2020, having also been from May/2017 to April/2018, from April/2015 to April/2016, from April/2013 to April/2014, from May/2011 to April/2012 and from November/2009 to April/2010.
Member of the Board of Directors of Alpargatas S.A. since September/2017, Member of the Strategy and People Committee since October/2017 and of the Statutory Audit Committee since April/2018. Alternate Member of the Board of Directors of Copa Energia S.A. since May/2021, having been an effective member from December/2020 to April/2021; Member of the Board of Directors of Aegea Saneamento e Participações S.A. since July/2021; and Managing Director of Rudric Ith Participações Ltda. since April/2005.
He has also served as Chairman of the Itaúsa Institute since June/2023; Member of the Board of Trustees of the Itaú Foundation since May/2019; Member of the Board of Directors of the Unibanco Institute since April/2014; Member of the Board of Associação Pró-Dança; Member of the Advisory Board of Sociedade de Cultura Artística since June/2020; Member of the Board of Directors of IEDI – Instituto para Estudos do Desenvolvimento Industrial since August/2015; Member of the Governance Board of Todos pela Educação since April/2019; Member of the Supervisory Board of Instituto Yandeh since August/2017; Member of the Advisory Board of IBÁ – Instituto Brasileiro de Árvores since December/2017; Member of the Young Presidents Organization – YPO/WPO since December/2011; CEO of Associação Comunitária Despertar since April/2020; Member of the Board of Directors of Todavia Livros since March/2018; Member of the Board of Directors of Tempo Livre PTE Ltd (“Cariuma”) since December/2017.
Degree in Business Administration from the Escola de Administração de Empresas de São Paulo – EASP/FGV – Fundação Getulio Vargas – August/1994 to June/1998. Master in Economics and Philosophy from the London School of Economics and Political Science (LSE) – September/2001. Master in Development Studies from the London School of Economics and Political Science (LSE) – September/2002.
He has been a Member of the Board of Directors of Itaúsa S.A. (independent director) since May/2021, having been an Alternate Member from May/2019 to May/2021; Coordinator of the Related Parties Committee since August/2021; Member of the Governance and People Committee since May/2021; Coordinator of the Sustainability Committee since May/23, having been a Member since May/21; and Coordinator of the Audit Committee from August/2022 to May/23.
At Fundação Antônio e Helena Zerrenner Instituição Nacional de Beneficência he has been a Member of the Board of Directors since May/2018, Executive Director since July/2012, Coordinator of the Ethics Committee since May/2020 and Member since December/2016, Coordinator of the Data Protection Governance Committee since November/2020, Coordinator of the Finance and Investment Committee since February/2019, having been a Member of the Advisory Board from December/2004 to August/2012.
He was Vice President of Health and Benefits at AMBEV S.A., from July/2019 to March/2020, Benefits Director from January/2015 to June/2019, Corporate Relations Director from June/2011 to December/2014 and Strategic Planning Manager from May/2000 to December/2003; Vice President Global Finance and Excise Tax at Anheuser-Busch InBev, from 2009 to 2011, and Member of the Fiscal Council of the AmBev Private Pension Institute – IAPP, from January/2004 to July/2007.
He graduated in Economics and Business Administration from Fundação Armando Álvares Penteado (FAAP) in 1985 and 1986, respectively, and holds a Master’s Degree in Business Administration from Universidade de São Paulo (FIA/USP), in 1998.
She has been a Member of the Board of Directors (independent director) of Itaúsa S.A., Coordinator of the Governance and People Committee since May/2021; and a Member of the Strategy and New Business Committee and the Related Parties Committee since May/2021 and August/2021, respectively, having been a Member of the Audit Committee from August/2022 to May/23.
She is a Founding Partner, Manager and Member of the Investment Committee of Unbox Capital, an investment company that supports the growth of companies by partnering with entrepreneurs and managers.
She has over 20 years’ experience in Investment Banking, having worked in the Mergers & Acquisitions team at J.P. Morgan in New York and São Paulo.
She was Head of Investment Banking and Corporate Banking at J.P. Morgan in Brazil and was responsible for all relationships and transactions with Brazilian and multinational companies.
During her career, she has advised companies on strategic mergers, acquisitions and divestments, and on capitalizations through debt raising and IPOs.
She is a director of the “Women of Brazil Group” and has twice been named one of Valor newspaper’s “Women of Value”.
She has a degree in Economics from the Pontifical Catholic University of Rio de Janeiro, Brazil and an MBA from Columbia Business School (class of 1995).
He has been a Member of the Board of Directors (independent director) of Itaúsa S.A. since May/2021, Coordinator of the Strategy and New Business Committee and Member of the Governance and People Committee since May/2021, and Member of the Related Parties Committee since August/2021.
Member of the Board of Directors since May/2021 and Member of the People and Remuneration Committee since November/2023 of Copa Energia S.A., and Vice-Chairman of the Board of Directors from September/2022 to April/2024 and Member of the People and ESG Committee of Motiva S.A. since September/2022 and Member of the Board of Directors of Randon S.A. Implementos e Participações since April/2022.
He was a full member of the Board of Directors of Liquigás Distribuidora S.A. from May/2021 to December/2022. At McKinsey & Company, Inc. he has been Senior Partner Emeritus since February/2022, having been Senior Partner from 2008 to 2022, and Leader and head of the B2B Companies Practice for Latin America from 2018 to 2021.
Member of the Global Committee for the Election of Partners from External Candidates from 2017 to 2022, Member of the Global Committee for Risks Associated with Serving Clients from 2016 to 2022, Partner in charge of the Brazil Office from 2011 to 2018, Leader and Head of the Advanced Industries Practice in Latin America from 2012 to 2017, Member of the global task force in charge of improving the firm’s governance from 2015 to 2016, Member of the Global Partner Evaluation Committee from 2009 to 2014, Member of the global task force in charge of reviewing the firm’s values from 2011 to 2012, Leader and head of the Latin America Operations Practice from 2010 to 2012, Partner from 2002 to 2008, Associate Partner, Project Manager and Associate from 1997 to 2002.
He has been a member of the Board of Trustees of the José Luiz Egydio Setubal Foundation since February 2023; a member of the Advisory Board of Generation Brasil since 2020; a Board Member of MASP – Museu de Arte de São Paulo since 2014; and an Advisory Board Member of the Wharton Alumni Club in Brazil since 2016.
He held various positions up to Head of the Offshore Equipment Development Sector at Petróleo Brasileiro S.A. (Petrobras) from 1985 to 1997 and was a Board Member of the Brazil Portugal Chamber of Commerce between 2015 and 2022.
Graduated in Civil Engineering in 1985 from the Federal University of Minas Gerais; Petroleum Engineer, in 1986, from Petróleo Brasileiro S.A.; and Master in Business Administration, with an emphasis on Finance, in 1997, from The Wharton School, University of Pennsylvania.
Also elected as alternate members are Ricardo Egydio Setubal and Ricardo Villela Marino. For more information, consult the resolutions of the General Shareholders Meetings.
| Member | Position | Date of Possession | Term of Office | |
|---|---|---|---|---|
| Henri Penchas | Coordinator | 05/12/2025 | May 2026 | |
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Henri Penchas
Coordinator
Date of Possession: 05/12/2025
Term of office: May 2026
He has been Coordinator of the Company’s Advisory Board since May/2024, having previously served as (i) Chairman of the Board of Directors from April/2017 to April/2024 and Member of the Board of Directors since May/2015; (ii) Ex officio Member of the Strategy and New Business, Governance and People, and Sustainability Committees from May/2021 to April/2024; (iii) Member of the Audit Committee from August/2022 to May/2023; (iv) Member of the Investment Policy and Accounting Policy Committees from August/2008 to May/2011; (v) Coordinator of the Finance Commission and Member of the Investment, People and Ethics, and Audit and Risk Commissions from April/2017 to May/2021, of the Capital Markets Commission from April/2005 to May/2021, and of the Corporate Governance Commission from July/2020 to May/2021; (vi) Executive Vice President from April/2009 to May/2015, Investor Relations Officer from 2009 to May/2015 and from 1995 to April/2008, and Executive Officer from December/1984 to April/2008. At Itaú Unibanco Holding S.A., he was a Member of the Board of Directors from March/2003 to April/2016, Member of the Strategy and the Nomination and Corporate Governance Committees from June/2009 to April/2016, Member of the International Advisory Board from March/2003 to April/2009, Member of the Disclosure and Trading Committee from May/2005 to April/2009, Senior Vice President from March/2003 to May/2008, and Member of the Risk and Capital Management and Accounting Policy Committees from May/2008 to April/2009. At Dexco S.A., he was a Member of the Board of Directors and of the Audit and Risk Management Committee from April/2013 to April/2016, Member of the Disclosure and Trading Committee from November/2009 to April/2016, Chief Executive Officer from August/2009 to April/2013, and General Manager from April to August/2009. He was a Member of the Board of Directors of Itautec S.A. and of the Disclosure Committee from April/2013 to August/2019, having also served as Chief Executive Officer from April/2013 to April/2014, and Member of the Audit and Risk Management, Strategy, and People and Governance Committees from April/2014 to January/2015. At Elekeiroz S.A., he was a Member of the Board of Directors from April/2013 to May/2018 and of the Audit and Risk Management, People and Governance, and Disclosure Committees from June/2013 to May/2018. He serves in other companies or third-sector organizations, such as Hospital Infantil Sabará (Member of the Advisory Board since February/2023), Instituto Alana (Fiscal Council Member since April/2002), and H.I.G. Brasil Ass. de Invest. Ltda. (Member of the Advisory Board since April/2015), having also served at Fundação José Luiz Setubal (Member of the Board of Directors from October/2005 to February/2023), Nova Transportadora do Sudeste – NTS (Member of the Board of Directors from April/2017 to April/2024), Copa Energia S.A. (Coordinator of the Audit Committee from February/2021 to April/2024), and Alpargatas S.A. (Coordinator of the Finance Committee from October/2017 to February/2023). Holds a degree in Mechanical Engineering from Mackenzie University (1968) and a postgraduate degree in Finance from Fundação Getúlio Vargas. |
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| Fernando de Almeida Nobre Neto | Member | 05/12/2025 | May 2026 | |
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Fernando de Almeida Nobre Neto
Member
Date of Possession: 05/12/2025
Term of office: May 2026
He has been a Member of Itaúsa’s Advisory Board since May/2024 and Director of the Almeida Nobre Law Firm since 1990. He served as Chief Clerk (1979 to 1988) and Interim Notary (1988 to 1990) at the 10th Notary Office of São Paulo, and for over 30 years has provided volunteer services to ESPRO – Estudo Social Profissionalizante (Member of the Board of Directors since 2017, having served as President from 2000 to 2017), Founding Partner and Legal Director of CAMP Metropolitano de SP/ESPRO (1979 to 1999), among others. Lawyer graduated from Mackenzie University (1979), with certificates from the Corporate Governance Program at Fundação Dom Cabral (2010) and the Executive Finance Program at IBMEC/Insper São Paulo (2006). |
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| Victório Carlos de Marchi | Member | 05/12/2025 | May 2026 | |
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Victório Carlos de Marchi
Member
Date of Possession: 05/12/2025
Term of office: May 2026
He has been a Member of the Advisory Board of Itaúsa S.A. since May/2024, having previously served as Full and Alternate Member of the Board of Directors (non-executive director) from February/2018 to May/2021, and from May/2021 to April/2024, respectively. He has been a Member of the Board of Directors of the Fundação Antonio e Helena Zerrenner – Instituição Nacional de Beneficência since 1985, currently serving as its Chairman since September/2021 and as Executive Director since 2006. Co-Chairman of the Board of Directors of AMBEV S.A. from July/1999 until April/2023, when he was elected Member of the Board and granted the title of Honorary Chairman of the Board of Directors. He currently also serves as Chairman of the Operations and Finance Committee, People Committee, and the Board Governance Committee of Ambev. He has been a member of the Board of the Institute for Industrial Development Studies – IEDI since 2004 and Brazil’s representative on the Latin American Business Council – CEAL since October/1994. He was a member of the Board of Trustees of Fundação Getúlio Vargas – FGV from April/2012 to January/2018. Chairman of the Deliberative Council of Instituto Ambev de Previdência Privada – IAPP from December/2001 to March/2022. Member of the Economic Studies Council of FIESP – Federation of Industries of the State of São Paulo from 1992 to 2008 and Member of the Strategic Council from 2008 to 2021. Member of the Executive Committee of ALAFACE – Latin American Association of Beer Manufacturers – Cerveceros Latinoamericanos from 2002 to 2018, having chaired the Committee from 2015 to 2018. Member of the Board of Directors of the Brazilian Institute for Competition Ethics – ETCO from 2003 to October/2019, serving as its Chairman from December/2012 to October/2019, and in October/2019 was elected Member of its Advisory Board. He was Chairman of the Deliberative Council of CISA – Center for Information on Health and Alcohol from April/2004 to September/2021, Chairman of the Board of Directors of CERVBRASIL – Brazilian Beer Industry Association from May/2012 to May/2014 and Vice Chairman from May/2014 to December/2017. He holds a degree in Economics from the School of Economics, Finance and Administration of São Paulo and a Bachelor of Laws from the Law School of São Bernardo do Campo. He holds a certificate with an emphasis in Administration issued by ICSS – Institute for the Certification of Social Security Professionals. |
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We have advisory committees coordinated by independent members whose responsibilities include advising the Board of Directors on the analysis of strategic issues within their remit, with a view to providing greater knowledge and efficiency in collegiate discussions and decisions. For the same purpose, our committees also assist the Board of Directors in carrying out its legal and statutory duties.
Itaúsa currently has five committees with a relevant role in the influence that our Board of Directors and its own members have on the investees, which is why the appointment of members comes from the Board itself.
| Member | Position | Date of Possession | Term of Office | |
|---|---|---|---|---|
| Patrícia de Moraes | Coordinator | 05/12/2025 | May 2026 | |
|
Patrícia de Moraes
Coordinator
Date of Possession: 05/12/2025
Term of office: May 2026
She has been a Member of the Board of Directors (independent director) of Itaúsa S.A., Coordinator of the Governance and People Committee since May/2021; and a Member of the Strategy and New Business Committee and the Related Parties Committee since May/2021 and August/2021, respectively, having been a Member of the Audit Committee from August/2022 to May/23. She is a Founding Partner, Manager and Member of the Investment Committee of Unbox Capital, an investment company that supports the growth of companies by partnering with entrepreneurs and managers. She has over 20 years’ experience in Investment Banking, having worked in the Mergers & Acquisitions team at J.P. Morgan in New York and São Paulo. She was Head of Investment Banking and Corporate Banking at J.P. Morgan in Brazil and was responsible for all relationships and transactions with Brazilian and multinational companies. During her career, she has advised companies on strategic mergers, acquisitions and divestments, and on capitalizations through debt raising and IPOs. She is a director of the “Women of Brazil Group” and has twice been named one of Valor newspaper’s “Women of Value”. She has a degree in Economics from the Pontifical Catholic University of Rio de Janeiro, Brazil and an MBA from Columbia Business School (class of 1995). |
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| Edson Carlos De Marchi | Effective Member | 05/12/2025 | May 2026 | |
|
Edson Carlos De Marchi
Effective Member
Date of Possession: 05/12/2025
Term of office: May 2026
He has been a Member of the Board of Directors of Itaúsa S.A. (independent director) since May/2021, having been an Alternate Member from May/2019 to May/2021; Coordinator of the Related Parties Committee since August/2021; Member of the Governance and People Committee since May/2021; Coordinator of the Sustainability Committee since May/23, having been a Member since May/21; and Coordinator of the Audit Committee from August/2022 to May/23. At Fundação Antônio e Helena Zerrenner Instituição Nacional de Beneficência he has been a Member of the Board of Directors since May/2018, Executive Director since July/2012, Coordinator of the Ethics Committee since May/2020 and Member since December/2016, Coordinator of the Data Protection Governance Committee since November/2020, Coordinator of the Finance and Investment Committee since February/2019, having been a Member of the Advisory Board from December/2004 to August/2012. He was Vice President of Health and Benefits at AMBEV S.A., from July/2019 to March/2020, Benefits Director from January/2015 to June/2019, Corporate Relations Director from June/2011 to December/2014 and Strategic Planning Manager from May/2000 to December/2003; Vice President Global Finance and Excise Tax at Anheuser-Busch InBev, from 2009 to 2011, and Member of the Fiscal Council of the AmBev Private Pension Institute – IAPP, from January/2004 to July/2007. He graduated in Economics and Business Administration from Fundação Armando Álvares Penteado (FAAP) in 1985 and 1986, respectively, and holds a Master’s Degree in Business Administration from Universidade de São Paulo (FIA/USP), in 1998. |
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| Ricardo Egydio Setubal | Effective Member | 05/12/2025 | May 2026 | |
|
Ricardo Egydio Setubal
Effective Member
Date of Possession: 05/12/2025
Term of office: May 2026
He is an Alternate Member of the Board of Directors (executive director) of Itaúsa S.A. since April/2009; Executive Vice-Chairman since May/2021; Member of the Governance and People Committee since May/2021; Member of the Sustainability Committee since May/2021, having been Co-Chairman from August/2022 to May/2023; and Member of the Capital Markets Committee since May/2009, Coordinator of the Audit and Risks Committee and Member of the Finance, Investment, People and Ethics Committees since April/2017, Member of the Corporate Governance Committee since July/2020 and of the Sustainability Committee since June/2019. He was a member of the Audit Committee from August/2022 to May/2023 and of the Investment Policy Committee from August/2008 to May/2010. He has been a Member of the Board of Directors of Dexco S.A. since April/2008, having been Vice-Chairman from April/2009 to April/2017, and Member of the Sustainability Committee since April/2018, and Member of the Finance Committee since August/2023. He was a member of the Disclosure and Trading Committee (currently the Disclosure and Trading Committee) from May/2020 to April/2022, a member of the People, Governance and Nomination Committee from November/2009 to May/2020 and of the Audit and Risk Management Committee from November/2009 to March/2022. Officer of Itautec S.A. since April/2023, he was Chairman of the Board of Directors from February/2010 to August/2019, Alternate Director from April/2009 to January/2010 and Effective Director from April/1999 to April/2008, Member of the Disclosure Committee from September/2010 to August/2019, Member of the Audit and Risk Management Committee, the Strategy Committee and the People and Governance Committee from September/2010 to January/2015, and Executive Vice-President Director from April/1999 to January/2010. He was a member of the Board of Directors of the Brazilian Institute of Corporate Governance (IBGC) from March 2014 to March 2019, serving as Vice-Chairman from March 2016 to March 2018 and Chairman from March 2018 to March 2019. Lawyer graduated from the University of São Paulo (USP) in 1988, business administrator from the Fundação Getúlio Vargas in 1984 and specialized (PMD 69) from Harvard University in 1995. |
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| Vicente Furletti Assis | Effective Member | 05/12/2025 | May 2026 | |
|
Vicente Furletti Assis
Effective Member
Date of Possession: 05/12/2025
Term of office: May 2026
He has been a Member of the Board of Directors (independent director) of Itaúsa S.A. since May/2021, Coordinator of the Strategy and New Business Committee and Member of the Governance and People Committee since May/2021, and Member of the Related Parties Committee since August/2021. Member of the Board of Directors since May/2021 and Member of the People and Remuneration Committee since November/2023 of Copa Energia S.A., and Vice-Chairman of the Board of Directors from September/2022 to April/2024 and Member of the People and ESG Committee of Motiva S.A. since September/2022 and Member of the Board of Directors of Randon S.A. Implementos e Participações since April/2022. He was a full member of the Board of Directors of Liquigás Distribuidora S.A. from May/2021 to December/2022. At McKinsey & Company, Inc. he has been Senior Partner Emeritus since February/2022, having been Senior Partner from 2008 to 2022, and Leader and head of the B2B Companies Practice for Latin America from 2018 to 2021. Member of the Global Committee for the Election of Partners from External Candidates from 2017 to 2022, Member of the Global Committee for Risks Associated with Serving Clients from 2016 to 2022, Partner in charge of the Brazil Office from 2011 to 2018, Leader and Head of the Advanced Industries Practice in Latin America from 2012 to 2017, Member of the global task force in charge of improving the firm’s governance from 2015 to 2016, Member of the Global Partner Evaluation Committee from 2009 to 2014, Member of the global task force in charge of reviewing the firm’s values from 2011 to 2012, Leader and head of the Latin America Operations Practice from 2010 to 2012, Partner from 2002 to 2008, Associate Partner, Project Manager and Associate from 1997 to 2002. He has been a member of the Board of Trustees of the José Luiz Egydio Setubal Foundation since February 2023; a member of the Advisory Board of Generation Brasil since 2020; a Board Member of MASP – Museu de Arte de São Paulo since 2014; and an Advisory Board Member of the Wharton Alumni Club in Brazil since 2016. He held various positions up to Head of the Offshore Equipment Development Sector at Petróleo Brasileiro S.A. (Petrobras) from 1985 to 1997 and was a Board Member of the Brazil Portugal Chamber of Commerce between 2015 and 2022. Graduated in Civil Engineering in 1985 from the Federal University of Minas Gerais; Petroleum Engineer, in 1986, from Petróleo Brasileiro S.A.; and Master in Business Administration, with an emphasis on Finance, in 1997, from The Wharton School, University of Pennsylvania. |
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| Rodolfo Villela Marino | Effective Member | 05/12/2025 | May 2026 | |
|
Rodolfo Villela Marino
Effective Member
Date of Possession: 05/12/2025
Term of office: May 2026
He has been a member of the Board of Directors (executive director) of Itaúsa S.A. since May 2011, having been Alternate from April 2009 to May 2011, and has been Executive Vice President since May 2022, having been Vice President from May 2015 to April 2022. He has been Chairman of the Board of the Itaúsa Institute since 2023. He has also been a Member of the Strategy and New Business and Governance and People Committees since May/2021; Member of the Sustainability Committee since May/2021, having been Co-Coordinator from August/2022 to May/2023; Coordinator of the People and Ethics Committee since April/17; Member of the Finance Committee since April/2017, having been Coordinator since May/21; Member of the Audit and Risks, and Investment Committees since April/2017, of the Capital Markets Committee since May/2009, of the Sustainability Committee since June/2019, and of the Corporate Governance Committee since July/2020. At Dexco S.A., he has been a Member of the Board of Directors since August/2009 (as an alternate since July/2024); Member of the People, Governance and Nomination Committee since May/2020, having been from April/2018 to May/2019 and from November/2009 to May/2017; and Member of the Sustainability Committee since November/2009, having been Chairman from May/2019 to August/2023. He was a member of the Finance Committee from December/2021 to August/2023; a member of the Audit and Risk Management Committee from November/2009 to March/2022, and a member of the Disclosure and Trading Committee (currently the Disclosure and Nomination Committee) from May/2019 to May/2020, having also been from May/2017 to April/2018, from April/2015 to April/2016, from April/2013 to April/2014, from May/2011 to April/2012 and from November/2009 to April/2010. Member of the Board of Directors of Alpargatas S.A. since September/2017, Member of the Strategy and People Committee since October/2017 and of the Statutory Audit Committee since April/2018. Alternate Member of the Board of Directors of Copa Energia S.A. since May/2021, having been an effective member from December/2020 to April/2021; Member of the Board of Directors of Aegea Saneamento e Participações S.A. since July/2021; and Managing Director of Rudric Ith Participações Ltda. since April/2005. He has also served as Chairman of the Itaúsa Institute since June/2023; Member of the Board of Trustees of the Itaú Foundation since May/2019; Member of the Board of Directors of the Unibanco Institute since April/2014; Member of the Board of Associação Pró-Dança; Member of the Advisory Board of Sociedade de Cultura Artística since June/2020; Member of the Board of Directors of IEDI – Instituto para Estudos do Desenvolvimento Industrial since August/2015; Member of the Governance Board of Todos pela Educação since April/2019; Member of the Supervisory Board of Instituto Yandeh since August/2017; Member of the Advisory Board of IBÁ – Instituto Brasileiro de Árvores since December/2017; Member of the Young Presidents Organization – YPO/WPO since December/2011; CEO of Associação Comunitária Despertar since April/2020; Member of the Board of Directors of Todavia Livros since March/2018; Member of the Board of Directors of Tempo Livre PTE Ltd (“Cariuma”) since December/2017. Degree in Business Administration from the Escola de Administração de Empresas de São Paulo – EASP/FGV – Fundação Getulio Vargas – August/1994 to June/1998. Master in Economics and Philosophy from the London School of Economics and Political Science (LSE) – September/2001. Master in Development Studies from the London School of Economics and Political Science (LSE) – September/2002. |
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| Alfredo Egydio Setubal | Natural Member | 05/12/2025 | May 2026 | |
|
Alfredo Egydio Setubal
Natural Member
Date of Possession: 05/12/2025
Term of office: May 2026
He has been Chief Executive Officer and Investor Relations Officer of Itaúsa S.A. since 2015 and a Member of the Board of Directors since 2008 (executive director), having been Vice-Chairman until May/2021; Member of the Strategy and New Business, Governance and People, and Sustainability Committees since May/2021; Member of the Capital Markets Committee since May/2009, having been Coordinator since May/2015; Coordinator of the Investment Committee since April/2017; Member of the Corporate Governance Committee since July/2020, being Coordinator since May/2021; Member of the Audit and Risks, Finance, and People and Ethics Committees since April/2017; and was a Member of the Investment Policy Committee from August/2008 to April/2011. A member of the Board of Directors at Itaú Unibanco since 2007, he is currently Chairman of the Social, Environmental and Climate Responsibility Committee, and a member of the Disclosure and Negotiation Committee, the Nomination and Governance Committee and the People Committee. He has been Chairman of the Board of Directors of Dexco S.A. since April/2021 and a Member since April/2015, and a Member of the Board of Directors of Alpargatas since 2017 and Copa Energia since 2020, respectively. He has been a member of the Higher Guidance, Nomination and Ethics Committee of the Brazilian Institute of Investor Relations (IBRI) since 2010, having been Chairman of the Board of Directors from 2000 to 2003. He has been Chairman of the Board of Trustees of the Itaú Foundation, an institution responsible for social initiatives aimed at education (in partnership with UNICEF and other NGOs) and the democratization and appreciation of Brazilian culture, and Chairman of the Board of Directors of the São Paulo Museum of Art (MASP) since 2015. She has been a member of the Board of Directors of the Fundação Bienal de São Paulo since 2009, the Museu de Arte Moderna de São Paulo (MAM) and the Instituto de Arte Contemporânea (IAC). He was President of the National Association of Investment Banks (ANBID) from 2003 to 2008 and a member of the Board of Directors of the Brazilian Association of Listed Companies (ABRASCA) from 1999 to 2017. He holds a bachelor’s degree and a postgraduate degree in Business Administration both from Fundação Getulio Vargas (FGV), São Paulo, Brazil, with a specialization course at INSEAD, Fontainebleau, France. |
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| Raul Calfat | Natural Member | 05/12/2025 | May 2026 | |
|
Raul Calfat
Natural Member
Date of Possession: 05/12/2025
Term of office: May 2026
Chairman of the Board of Directors (independent director) of Itaúsa S.A. since May/2024 and Member since May/2023; Member of the Governance and People Committee and the Sustainability Committee since May/2024; Coordinator of the Audit Committee and Member of the Related Parties Committee, since May/2023; and Member of the Strategy and New Business Committee since May/2023, which became a Member in May/2024. He is currently Chairman of the Board of Directors of Embraer and has been an independent member since April 2017, as well as Coordinator of the Strategy and Innovation Committee and member of the People and ESG Committee, in addition to being an Independent Director of China Three Gorges Brasil since January/2021. He was Chairman of the Board of Directors of Aché Laboratórios Farmacêuticos S.A., from September/2018 to March/2025, Independent Member of the Board of Directors of Dexco S.A. from May/2015 to April/2023 and member of the Board of Hospital Sírio-Libanês from 2015 to 2020. From January 2014 to April 2019, he was Chairman of the Board of Directors of Votorantim S.A.; from December 2009 to December 2018, he was a member of the Board of Directors of Fibria Celulose S.A.; from January 2010 to December 2013, he served as Chief Executive Officer of Votorantim Industrial and led the Group’s cement, metals and mining, pulp, steel, orange juice and energy areas. Between 2004 and 2010 he was General Director of the holding company’s corporate area. Before that, between 1995 and 2003, he was Chairman of Votorantim Celulose e Papel (now Fibria) and Chairman of Papel Simão from 1987 to 1992, where he began his career as a trainee in 1973. He was President of the São Paulo Pulp and Paper Association from 1993 to 1995 and Vice-President of the Brazilian Pulp and Paper Association (Bracelpa) from 1996 to 2004. He graduated in Business Administration in 1974 from the Fundação Getúlio Vargas, with seminars at the IMD (International Institute for Management Development) in Switzerland and Harvard in Boston/USA. |
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| Member | Position | Date of Possession | Term of Office | |
|---|---|---|---|---|
| Edson Carlos De Marchi | Coordinator | 05/12/2025 | May 2026 | |
|
Edson Carlos De Marchi
Coordinator
Date of Possession: 05/12/2025
Term of office: May 2026
He has been a Member of the Board of Directors of Itaúsa S.A. (independent director) since May/2021, having been an Alternate Member from May/2019 to May/2021; Coordinator of the Related Parties Committee since August/2021; Member of the Governance and People Committee since May/2021; Coordinator of the Sustainability Committee since May/23, having been a Member since May/21; and Coordinator of the Audit Committee from August/2022 to May/23. At Fundação Antônio e Helena Zerrenner Instituição Nacional de Beneficência he has been a Member of the Board of Directors since May/2018, Executive Director since July/2012, Coordinator of the Ethics Committee since May/2020 and Member since December/2016, Coordinator of the Data Protection Governance Committee since November/2020, Coordinator of the Finance and Investment Committee since February/2019, having been a Member of the Advisory Board from December/2004 to August/2012. He was Vice President of Health and Benefits at AMBEV S.A., from July/2019 to March/2020, Benefits Director from January/2015 to June/2019, Corporate Relations Director from June/2011 to December/2014 and Strategic Planning Manager from May/2000 to December/2003; Vice President Global Finance and Excise Tax at Anheuser-Busch InBev, from 2009 to 2011, and Member of the Fiscal Council of the AmBev Private Pension Institute – IAPP, from January/2004 to July/2007. He graduated in Economics and Business Administration from Fundação Armando Álvares Penteado (FAAP) in 1985 and 1986, respectively, and holds a Master’s Degree in Business Administration from Universidade de São Paulo (FIA/USP), in 1998. |
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| Ana Lúcia de Mattos Barretto Villela | Effective Member | 05/12/2025 | May 2026 | |
|
Ana Lúcia de Mattos Barretto Villela
Effective Member
Date of Possession: 05/12/2025
Term of office: May 2026
She has been Vice-Chairman of the Board of Directors (non-executive director) of Itaúsa S.A. since 2017, Member of the Sustainability Committee since May/2021, Member of the Sustainability Committee from June/2019 to April/2023, having been a Member of the Finance Committee from May/2017 to August/2018. She has been a member of the Board of Directors of the Itaú Unibanco Group since 2018, having held various positions, including member of the Board of Directors from 1996 to 2001. She holds the positions of: Co-founder of MFF&CO, an impact entertainment studio with global reach, operating in São Paulo (Brazil), Los Angeles (USA) and London (UK), since May 2024; Co-founder of the Alana Down Syndrome Center at MIT since 2019; Alternate Member of the Board of Directors of IUPAR – Itaú Unibanco Participações S.A. since 2018; Member of the Itaú People Committee since 2018; Member of the Itaú Nominating and Corporate Governance Committee since 2018; Member of the Itaú Social Guidance Council since 2017; Co-founder of AlanaLab since 2014; Co-founder of Maria Farinha Filmes since 2009; Founding President of the Alana Foundation since 2012; CEO of Instituto Alana since 2002; and Ashoka Fellow since 2010. She has been a member of the Social, Environmental and Climate Responsibility Committee since 2019 (formerly the Social Responsibility Committee); a member of Itaúsa’s Sustainability and Risks Committee since 2021; and a member of the Stanford Down Syndrome Research Center Advisory Board since January 2022. Served as board member of Participant, a media and entertainment organization founded by social entrepreneur Jeff Skoll, from March 2022 to July 2024; Member of the UCLA Lab School Board of Advisors from May 2022 to July 2024; Member of the Advisory Board of Instituto Akatu (2013 to 2017); Member of the Advisory Board of the Fairplay organization (2015 to 2017); Member of the Advisory Board of Conectas (2003 to 2018); Member of the Sustainability Committee of Dexco (2015 to 2018) and Alternate Member of the Board of Directors of Dexco (2018 to 2020). Since 2018, she has been the first Latin American representative on the Innovation Council of XPrize, a non-profit organization created by Peter Diamandis, which conceives and manages worldwide competitions to encourage the development of new technologies that can contribute to solving some of humanity’s main challenges. From 2019 to 2024, the Alana Foundation, of which she is a co-founder, funded the XPrize Rainforest competition to accelerate the creation of new technologies capable of mapping the biodiversity of tropical forests. Bachelor’s Degree in Pedagogy with a major in School Administration and Master’s Degree in Educational Psychology, both from the Pontifical Catholic University of São Paulo (PUC-SP), São Paulo, Brazil, with a degree in Business Administration from the Fundação Armando Álvares Penteado (FAAP), São Paulo, Brazil (incomplete) and a postgraduate degree in Administration in the Third Sector from the Fundação Getúlio Vargas (FGV), São Paulo, Brazil (incomplete). |
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| Marcelo de Camargo Furtado | Effective Member | 05/12/2025 | May 2026 | |
|
Marcelo de Camargo Furtado
Effective Member
Date of Possession: 05/12/2025
Term of office: May 2026
Officer of the Itaúsa Institute since June/2023, Member of the Sustainability Committee and Coordinator of the Sustainability Commission of Itaúsa S.A., since May/2023. Specialist Member of the Sustainability Committee of Dexco S.A., since January/2021, and Member of this Committee since May/2018. Member of the Sustainability Committee of Fibria/Suzano, since March/2018. Executive Officer of the Arapyaú Institute, from 2013 to 2017. Chairman of the Board of WRI – World Resource Institute in Brazil. Member of the Board of Conectas Human Rights. Facilitator of the Brazil Climate, Forest and Agriculture Coalition, since 2016. Member of the Long-Term Working Group of the Brazilian Forum on Climate Change, he also co-leads the Agriculture and Forests group. Lemann Fellow and member of the Yale World Fellow Program, appointed in 2011. Executive Director of Greenpeace Brazil from 2008 to 2013, Campaigns Officer at Greenpeace Brazil for Forest, Climaamp; Energy and Pollution from 2005 to 2008 and Greenpeace International from 1990 to 2005. Academic background: Chemical Engineer with a master’s degree from USP/POLI in Renewable Energies. |
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| Ricardo Egydio Setubal | Effective Member | 05/12/2025 | May 2026 | |
|
Ricardo Egydio Setubal
Effective Member
Date of Possession: 05/12/2025
Term of office: May 2026
He is an Alternate Member of the Board of Directors (executive director) of Itaúsa S.A. since April/2009; Executive Vice-Chairman since May/2021; Member of the Governance and People Committee since May/2021; Member of the Sustainability Committee since May/2021, having been Co-Chairman from August/2022 to May/2023; and Member of the Capital Markets Committee since May/2009, Coordinator of the Audit and Risks Committee and Member of the Finance, Investment, People and Ethics Committees since April/2017, Member of the Corporate Governance Committee since July/2020 and of the Sustainability Committee since June/2019. He was a member of the Audit Committee from August/2022 to May/2023 and of the Investment Policy Committee from August/2008 to May/2010. He has been a Member of the Board of Directors of Dexco S.A. since April/2008, having been Vice-Chairman from April/2009 to April/2017, and Member of the Sustainability Committee since April/2018, and Member of the Finance Committee since August/2023. He was a member of the Disclosure and Trading Committee (currently the Disclosure and Trading Committee) from May/2020 to April/2022, a member of the People, Governance and Nomination Committee from November/2009 to May/2020 and of the Audit and Risk Management Committee from November/2009 to March/2022. Officer of Itautec S.A. since April/2023, he was Chairman of the Board of Directors from February/2010 to August/2019, Alternate Director from April/2009 to January/2010 and Effective Director from April/1999 to April/2008, Member of the Disclosure Committee from September/2010 to August/2019, Member of the Audit and Risk Management Committee, the Strategy Committee and the People and Governance Committee from September/2010 to January/2015, and Executive Vice-President Director from April/1999 to January/2010. He was a member of the Board of Directors of the Brazilian Institute of Corporate Governance (IBGC) from March 2014 to March 2019, serving as Vice-Chairman from March 2016 to March 2018 and Chairman from March 2018 to March 2019. Lawyer graduated from the University of São Paulo (USP) in 1988, business administrator from the Fundação Getúlio Vargas in 1984 and specialized (PMD 69) from Harvard University in 1995. |
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| Rodolfo Villela Marino | Effective Member | 05/12/2025 | May 2026 | |
|
Rodolfo Villela Marino
Effective Member
Date of Possession: 05/12/2025
Term of office: May 2026
He has been a member of the Board of Directors (executive director) of Itaúsa S.A. since May 2011, having been Alternate from April 2009 to May 2011, and has been Executive Vice President since May 2022, having been Vice President from May 2015 to April 2022. He has been Chairman of the Board of the Itaúsa Institute since 2023. He has also been a Member of the Strategy and New Business and Governance and People Committees since May/2021; Member of the Sustainability Committee since May/2021, having been Co-Coordinator from August/2022 to May/2023; Coordinator of the People and Ethics Committee since April/17; Member of the Finance Committee since April/2017, having been Coordinator since May/21; Member of the Audit and Risks, and Investment Committees since April/2017, of the Capital Markets Committee since May/2009, of the Sustainability Committee since June/2019, and of the Corporate Governance Committee since July/2020. At Dexco S.A., he has been a Member of the Board of Directors since August/2009 (as an alternate since July/2024); Member of the People, Governance and Nomination Committee since May/2020, having been from April/2018 to May/2019 and from November/2009 to May/2017; and Member of the Sustainability Committee since November/2009, having been Chairman from May/2019 to August/2023. He was a member of the Finance Committee from December/2021 to August/2023; a member of the Audit and Risk Management Committee from November/2009 to March/2022, and a member of the Disclosure and Trading Committee (currently the Disclosure and Nomination Committee) from May/2019 to May/2020, having also been from May/2017 to April/2018, from April/2015 to April/2016, from April/2013 to April/2014, from May/2011 to April/2012 and from November/2009 to April/2010. Member of the Board of Directors of Alpargatas S.A. since September/2017, Member of the Strategy and People Committee since October/2017 and of the Statutory Audit Committee since April/2018. Alternate Member of the Board of Directors of Copa Energia S.A. since May/2021, having been an effective member from December/2020 to April/2021; Member of the Board of Directors of Aegea Saneamento e Participações S.A. since July/2021; and Managing Director of Rudric Ith Participações Ltda. since April/2005. He has also served as Chairman of the Itaúsa Institute since June/2023; Member of the Board of Trustees of the Itaú Foundation since May/2019; Member of the Board of Directors of the Unibanco Institute since April/2014; Member of the Board of Associação Pró-Dança; Member of the Advisory Board of Sociedade de Cultura Artística since June/2020; Member of the Board of Directors of IEDI – Instituto para Estudos do Desenvolvimento Industrial since August/2015; Member of the Governance Board of Todos pela Educação since April/2019; Member of the Supervisory Board of Instituto Yandeh since August/2017; Member of the Advisory Board of IBÁ – Instituto Brasileiro de Árvores since December/2017; Member of the Young Presidents Organization – YPO/WPO since December/2011; CEO of Associação Comunitária Despertar since April/2020; Member of the Board of Directors of Todavia Livros since March/2018; Member of the Board of Directors of Tempo Livre PTE Ltd (“Cariuma”) since December/2017. Degree in Business Administration from the Escola de Administração de Empresas de São Paulo – EASP/FGV – Fundação Getulio Vargas – August/1994 to June/1998. Master in Economics and Philosophy from the London School of Economics and Political Science (LSE) – September/2001. Master in Development Studies from the London School of Economics and Political Science (LSE) – September/2002. |
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| Alfredo Egydio Setubal | Natural Member | 05/12/2025 | May 2026 | |
|
Alfredo Egydio Setubal
Natural Member
Date of Possession: 05/12/2025
Term of office: May 2026
He has been Chief Executive Officer and Investor Relations Officer of Itaúsa S.A. since 2015 and a Member of the Board of Directors since 2008 (executive director), having been Vice-Chairman until May/2021; Member of the Strategy and New Business, Governance and People, and Sustainability Committees since May/2021; Member of the Capital Markets Committee since May/2009, having been Coordinator since May/2015; Coordinator of the Investment Committee since April/2017; Member of the Corporate Governance Committee since July/2020, being Coordinator since May/2021; Member of the Audit and Risks, Finance, and People and Ethics Committees since April/2017; and was a Member of the Investment Policy Committee from August/2008 to April/2011. A member of the Board of Directors at Itaú Unibanco since 2007, he is currently Chairman of the Social, Environmental and Climate Responsibility Committee, and a member of the Disclosure and Negotiation Committee, the Nomination and Governance Committee and the People Committee. He has been Chairman of the Board of Directors of Dexco S.A. since April/2021 and a Member since April/2015, and a Member of the Board of Directors of Alpargatas since 2017 and Copa Energia since 2020, respectively. He has been a member of the Higher Guidance, Nomination and Ethics Committee of the Brazilian Institute of Investor Relations (IBRI) since 2010, having been Chairman of the Board of Directors from 2000 to 2003. He has been Chairman of the Board of Trustees of the Itaú Foundation, an institution responsible for social initiatives aimed at education (in partnership with UNICEF and other NGOs) and the democratization and appreciation of Brazilian culture, and Chairman of the Board of Directors of the São Paulo Museum of Art (MASP) since 2015. She has been a member of the Board of Directors of the Fundação Bienal de São Paulo since 2009, the Museu de Arte Moderna de São Paulo (MAM) and the Instituto de Arte Contemporânea (IAC). He was President of the National Association of Investment Banks (ANBID) from 2003 to 2008 and a member of the Board of Directors of the Brazilian Association of Listed Companies (ABRASCA) from 1999 to 2017. He holds a bachelor’s degree and a postgraduate degree in Business Administration both from Fundação Getulio Vargas (FGV), São Paulo, Brazil, with a specialization course at INSEAD, Fontainebleau, France. |
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| Raul Calfat | Natural Member | 05/12/2025 | May 2026 | |
|
Raul Calfat
Natural Member
Date of Possession: 05/12/2025
Term of office: May 2026
Chairman of the Board of Directors (independent director) of Itaúsa S.A. since May/2024 and Member since May/2023; Member of the Governance and People Committee and the Sustainability Committee since May/2024; Coordinator of the Audit Committee and Member of the Related Parties Committee, since May/2023; and Member of the Strategy and New Business Committee since May/2023, which became a Member in May/2024. He is currently Chairman of the Board of Directors of Embraer and has been an independent member since April 2017, as well as Coordinator of the Strategy and Innovation Committee and member of the People and ESG Committee, in addition to being an Independent Director of China Three Gorges Brasil since January/2021. He was Chairman of the Board of Directors of Aché Laboratórios Farmacêuticos S.A., from September/2018 to March/2025, Independent Member of the Board of Directors of Dexco S.A. from May/2015 to April/2023 and member of the Board of Hospital Sírio-Libanês from 2015 to 2020. From January 2014 to April 2019, he was Chairman of the Board of Directors of Votorantim S.A.; from December 2009 to December 2018, he was a member of the Board of Directors of Fibria Celulose S.A.; from January 2010 to December 2013, he served as Chief Executive Officer of Votorantim Industrial and led the Group’s cement, metals and mining, pulp, steel, orange juice and energy areas. Between 2004 and 2010 he was General Director of the holding company’s corporate area. Before that, between 1995 and 2003, he was Chairman of Votorantim Celulose e Papel (now Fibria) and Chairman of Papel Simão from 1987 to 1992, where he began his career as a trainee in 1973. He was President of the São Paulo Pulp and Paper Association from 1993 to 1995 and Vice-President of the Brazilian Pulp and Paper Association (Bracelpa) from 1996 to 2004. He graduated in Business Administration in 1974 from the Fundação Getúlio Vargas, with seminars at the IMD (International Institute for Management Development) in Switzerland and Harvard in Boston/USA. |
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| Member | Position | Date of Possession | Term of Office | |
|---|---|---|---|---|
| Vicente Furletti Assis | Coordinator | 05/12/2025 | May 2026 | |
|
Vicente Furletti Assis
Coordinator
Date of Possession: 05/12/2025
Term of office: May 2026
He has been a Member of the Board of Directors (independent director) of Itaúsa S.A. since May/2021, Coordinator of the Strategy and New Business Committee and Member of the Governance and People Committee since May/2021, and Member of the Related Parties Committee since August/2021. Member of the Board of Directors since May/2021 and Member of the People and Remuneration Committee since November/2023 of Copa Energia S.A., and Vice-Chairman of the Board of Directors from September/2022 to April/2024 and Member of the People and ESG Committee of Motiva S.A. since September/2022 and Member of the Board of Directors of Randon S.A. Implementos e Participações since April/2022. He was a full member of the Board of Directors of Liquigás Distribuidora S.A. from May/2021 to December/2022. At McKinsey & Company, Inc. he has been Senior Partner Emeritus since February/2022, having been Senior Partner from 2008 to 2022, and Leader and head of the B2B Companies Practice for Latin America from 2018 to 2021. Member of the Global Committee for the Election of Partners from External Candidates from 2017 to 2022, Member of the Global Committee for Risks Associated with Serving Clients from 2016 to 2022, Partner in charge of the Brazil Office from 2011 to 2018, Leader and Head of the Advanced Industries Practice in Latin America from 2012 to 2017, Member of the global task force in charge of improving the firm’s governance from 2015 to 2016, Member of the Global Partner Evaluation Committee from 2009 to 2014, Member of the global task force in charge of reviewing the firm’s values from 2011 to 2012, Leader and head of the Latin America Operations Practice from 2010 to 2012, Partner from 2002 to 2008, Associate Partner, Project Manager and Associate from 1997 to 2002. He has been a member of the Board of Trustees of the José Luiz Egydio Setubal Foundation since February 2023; a member of the Advisory Board of Generation Brasil since 2020; a Board Member of MASP – Museu de Arte de São Paulo since 2014; and an Advisory Board Member of the Wharton Alumni Club in Brazil since 2016. He held various positions up to Head of the Offshore Equipment Development Sector at Petróleo Brasileiro S.A. (Petrobras) from 1985 to 1997 and was a Board Member of the Brazil Portugal Chamber of Commerce between 2015 and 2022. Graduated in Civil Engineering in 1985 from the Federal University of Minas Gerais; Petroleum Engineer, in 1986, from Petróleo Brasileiro S.A.; and Master in Business Administration, with an emphasis on Finance, in 1997, from The Wharton School, University of Pennsylvania. |
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| Patrícia de Moraes | Effective Member | 05/12/2025 | May 2026 | |
|
Patrícia de Moraes
Effective Member
Date of Possession: 05/12/2025
Term of office: May 2026
She has been a Member of the Board of Directors (independent director) of Itaúsa S.A., Coordinator of the Governance and People Committee since May/2021; and a Member of the Strategy and New Business Committee and the Related Parties Committee since May/2021 and August/2021, respectively, having been a Member of the Audit Committee from August/2022 to May/23. She is a Founding Partner, Manager and Member of the Investment Committee of Unbox Capital, an investment company that supports the growth of companies by partnering with entrepreneurs and managers. She has over 20 years’ experience in Investment Banking, having worked in the Mergers & Acquisitions team at J.P. Morgan in New York and São Paulo. She was Head of Investment Banking and Corporate Banking at J.P. Morgan in Brazil and was responsible for all relationships and transactions with Brazilian and multinational companies. During her career, she has advised companies on strategic mergers, acquisitions and divestments, and on capitalizations through debt raising and IPOs. She is a director of the “Women of Brazil Group” and has twice been named one of Valor newspaper’s “Women of Value”. She has a degree in Economics from the Pontifical Catholic University of Rio de Janeiro, Brazil and an MBA from Columbia Business School (class of 1995). |
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| Ricardo Villela Marino | Effective Member | 05/12/2025 | May 2026 | |
|
Ricardo Villela Marino
Effective Member
Date of Possession: 05/12/2025
Term of office: May 2026
He has been an Alternate Member of the Board of Directors (non-executive director) of Itaúsa S.A. since 2011, Member of the Strategy and New Business Committee since May/2021, Member of the Sustainability Committee from 2019 to May/2023, having been a Member of the Investment Policy Committee from 2008 to 2011. He has been Chairman of the Strategic Board for Latin America since 2018, where he leads innovation and the exploration of growth opportunities throughout the region, and Chairman of Banco Itaú Chile. He has held various positions in the Itaú Unibanco Group since 2002, including Vice-President between 2010 and 2018, and CEO of Itaú Latam operations (Argentina, Chile, Paraguay and Uruguay). He began his career at Banco Credit Commercial de France (CCF), worked in fixed income and equities at Banco de Investimentos Garantia (CSFB) and at Goldman Sachs Asset Management in New York and London, where he was portfolio manager for Emerging Markets. He served as President of the Federation of Latin American Banks (FELABAN) and was appointed Young Global Leader by the World Economic Forum (WEF). Responsible for creating business models for the crypto market, contributing to financial inclusion through digital assets. Currently serves as Vice President of Humanitas 360, a non-profit organization that focuses on catalyzing social and civic entrepreneurship among young people. He is President of the PDR Institute, an organization that aims to invest in and prepare new entrepreneurs with a focus on social academic transformation. He is also a member of the Visa Latin America Advisory Board and the of the MIT Sloan School of Management. He holds a Bachelor’s degree in Mechanical Engineering from the Polytechnic School of the University of São Paulo (USP), São Paulo, Brazil and a Master’s degree in Business Administration from the MIT Sloan School of Management, Cambridge, Massachusetts, USA. |
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| Roberto Egydio Setubal | Effective Member | 05/12/2025 | May 2026 | |
|
Roberto Egydio Setubal
Effective Member
Date of Possession: 05/12/2025
Term of office: May 2026
He has been a member of the Board of Directors (non-executive director) of Itaúsa S.A. since May/2021 and has held the position of Vice-Chairman, as well as being a member of the Strategy and New Business Committee since May/2021. He began his career at Itaú in 1980, holding various positions until he was appointed CEO in 1994, holding this position until April 2008. That year, following the merger between Itaú and Unibanco, he became chairman of Itaú Unibanco Holding S.A. until 2017. He is a member of the Board of Directors of Motiva S.A. He was a member of the Board of Directors of Petrobras S.A. between 2000 and 2002, and was a member of the Board of Directors of Shell Plc between 2017 and 2020. He was a member of the International Monetary Conference (IMC) between 1994 and 2020, chairing the Conference in 2015. He was President of the Brazilian Federation of Banks (FEBRABAN) between 1997 and 2000 and Chairman of the Board of the institution between 2011 and 2017. He was a member of the Board of Directors of the Institute of International Finance (IIF), serving as vice chairman between 2003 and 2014, and was a member of the International Advisory Committee of the Federal Reserve Bank of New York between 2002 and 2008. In 2011, he was chosen Banker of the Year by Euromoney and, for the second time, he was elected the best executive in Brazil in 2015. He was CEO of Itaú Unibanco Holding S.A. until 2017 and during this period he carried out risk management at executive level, chairing seven senior risk committees, such as the Senior Audit and Operational Risk Management Committee, the Senior Credit Committee and the Senior Risk Policy Committee. In these forums, he has deliberated on corporate risk policies, risk management, risk appetite and the Organization’s risk culture. He is currently a member of the Risk and Capital Management Committee, helping to define, review and approve the risk appetite, risk strategies and institutional regulations. He is a member of the Board of Directors of the Center for Public Leadership – CLP (a supra-partisan organization that seeks to engage society and develop public leaders to tackle Brazil’s most pressing problems). In 2003 he was appointed a member of the Brazilian Economic & Social Development Council (CDES), a position he still holds today. He has a degree in Production Engineering from the Polytechnic School of the University of São Paulo (USP), São Paulo, Brazil, and a Master of Science in Engineering from Stanford University, California, USA. |
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| Rodolfo Villela Marino | Effective Member | 05/12/2025 | May 2026 | |
|
Rodolfo Villela Marino
Effective Member
Date of Possession: 05/12/2025
Term of office: May 2026
He has been a member of the Board of Directors (executive director) of Itaúsa S.A. since May 2011, having been Alternate from April 2009 to May 2011, and has been Executive Vice President since May 2022, having been Vice President from May 2015 to April 2022. He has been Chairman of the Board of the Itaúsa Institute since 2023. He has also been a Member of the Strategy and New Business and Governance and People Committees since May/2021; Member of the Sustainability Committee since May/2021, having been Co-Coordinator from August/2022 to May/2023; Coordinator of the People and Ethics Committee since April/17; Member of the Finance Committee since April/2017, having been Coordinator since May/21; Member of the Audit and Risks, and Investment Committees since April/2017, of the Capital Markets Committee since May/2009, of the Sustainability Committee since June/2019, and of the Corporate Governance Committee since July/2020. At Dexco S.A., he has been a Member of the Board of Directors since August/2009 (as an alternate since July/2024); Member of the People, Governance and Nomination Committee since May/2020, having been from April/2018 to May/2019 and from November/2009 to May/2017; and Member of the Sustainability Committee since November/2009, having been Chairman from May/2019 to August/2023. He was a member of the Finance Committee from December/2021 to August/2023; a member of the Audit and Risk Management Committee from November/2009 to March/2022, and a member of the Disclosure and Trading Committee (currently the Disclosure and Nomination Committee) from May/2019 to May/2020, having also been from May/2017 to April/2018, from April/2015 to April/2016, from April/2013 to April/2014, from May/2011 to April/2012 and from November/2009 to April/2010. Member of the Board of Directors of Alpargatas S.A. since September/2017, Member of the Strategy and People Committee since October/2017 and of the Statutory Audit Committee since April/2018. Alternate Member of the Board of Directors of Copa Energia S.A. since May/2021, having been an effective member from December/2020 to April/2021; Member of the Board of Directors of Aegea Saneamento e Participações S.A. since July/2021; and Managing Director of Rudric Ith Participações Ltda. since April/2005. He has also served as Chairman of the Itaúsa Institute since June/2023; Member of the Board of Trustees of the Itaú Foundation since May/2019; Member of the Board of Directors of the Unibanco Institute since April/2014; Member of the Board of Associação Pró-Dança; Member of the Advisory Board of Sociedade de Cultura Artística since June/2020; Member of the Board of Directors of IEDI – Instituto para Estudos do Desenvolvimento Industrial since August/2015; Member of the Governance Board of Todos pela Educação since April/2019; Member of the Supervisory Board of Instituto Yandeh since August/2017; Member of the Advisory Board of IBÁ – Instituto Brasileiro de Árvores since December/2017; Member of the Young Presidents Organization – YPO/WPO since December/2011; CEO of Associação Comunitária Despertar since April/2020; Member of the Board of Directors of Todavia Livros since March/2018; Member of the Board of Directors of Tempo Livre PTE Ltd (“Cariuma”) since December/2017. Degree in Business Administration from the Escola de Administração de Empresas de São Paulo – EASP/FGV – Fundação Getulio Vargas – August/1994 to June/1998. Master in Economics and Philosophy from the London School of Economics and Political Science (LSE) – September/2001. Master in Development Studies from the London School of Economics and Political Science (LSE) – September/2002. |
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| Alfredo Egydio Setubal | Natural Member | 05/12/2025 | May 2026 | |
|
Alfredo Egydio Setubal
Natural Member
Date of Possession: 05/12/2025
Term of office: May 2026
He has been Chief Executive Officer and Investor Relations Officer of Itaúsa S.A. since 2015 and a Member of the Board of Directors since 2008 (executive director), having been Vice-Chairman until May/2021; Member of the Strategy and New Business, Governance and People, and Sustainability Committees since May/2021; Member of the Capital Markets Committee since May/2009, having been Coordinator since May/2015; Coordinator of the Investment Committee since April/2017; Member of the Corporate Governance Committee since July/2020, being Coordinator since May/2021; Member of the Audit and Risks, Finance, and People and Ethics Committees since April/2017; and was a Member of the Investment Policy Committee from August/2008 to April/2011. A member of the Board of Directors at Itaú Unibanco since 2007, he is currently Chairman of the Social, Environmental and Climate Responsibility Committee, and a member of the Disclosure and Negotiation Committee, the Nomination and Governance Committee and the People Committee. He has been Chairman of the Board of Directors of Dexco S.A. since April/2021 and a Member since April/2015, and a Member of the Board of Directors of Alpargatas since 2017 and Copa Energia since 2020, respectively. He has been a member of the Higher Guidance, Nomination and Ethics Committee of the Brazilian Institute of Investor Relations (IBRI) since 2010, having been Chairman of the Board of Directors from 2000 to 2003. He has been Chairman of the Board of Trustees of the Itaú Foundation, an institution responsible for social initiatives aimed at education (in partnership with UNICEF and other NGOs) and the democratization and appreciation of Brazilian culture, and Chairman of the Board of Directors of the São Paulo Museum of Art (MASP) since 2015. She has been a member of the Board of Directors of the Fundação Bienal de São Paulo since 2009, the Museu de Arte Moderna de São Paulo (MAM) and the Instituto de Arte Contemporânea (IAC). He was President of the National Association of Investment Banks (ANBID) from 2003 to 2008 and a member of the Board of Directors of the Brazilian Association of Listed Companies (ABRASCA) from 1999 to 2017. He holds a bachelor’s degree and a postgraduate degree in Business Administration both from Fundação Getulio Vargas (FGV), São Paulo, Brazil, with a specialization course at INSEAD, Fontainebleau, France. |
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| Raul Calfat | Natural Member | 05/12/2025 | May 2026 | |
|
Raul Calfat
Natural Member
Date of Possession: 05/12/2025
Term of office: May 2026
Chairman of the Board of Directors (independent director) of Itaúsa S.A. since May/2024 and Member since May/2023; Member of the Governance and People Committee and the Sustainability Committee since May/2024; Coordinator of the Audit Committee and Member of the Related Parties Committee, since May/2023; and Member of the Strategy and New Business Committee since May/2023, which became a Member in May/2024. He is currently Chairman of the Board of Directors of Embraer and has been an independent member since April 2017, as well as Coordinator of the Strategy and Innovation Committee and member of the People and ESG Committee, in addition to being an Independent Director of China Three Gorges Brasil since January/2021. He was Chairman of the Board of Directors of Aché Laboratórios Farmacêuticos S.A., from September/2018 to March/2025, Independent Member of the Board of Directors of Dexco S.A. from May/2015 to April/2023 and member of the Board of Hospital Sírio-Libanês from 2015 to 2020. From January 2014 to April 2019, he was Chairman of the Board of Directors of Votorantim S.A.; from December 2009 to December 2018, he was a member of the Board of Directors of Fibria Celulose S.A.; from January 2010 to December 2013, he served as Chief Executive Officer of Votorantim Industrial and led the Group’s cement, metals and mining, pulp, steel, orange juice and energy areas. Between 2004 and 2010 he was General Director of the holding company’s corporate area. Before that, between 1995 and 2003, he was Chairman of Votorantim Celulose e Papel (now Fibria) and Chairman of Papel Simão from 1987 to 1992, where he began his career as a trainee in 1973. He was President of the São Paulo Pulp and Paper Association from 1993 to 1995 and Vice-President of the Brazilian Pulp and Paper Association (Bracelpa) from 1996 to 2004. He graduated in Business Administration in 1974 from the Fundação Getúlio Vargas, with seminars at the IMD (International Institute for Management Development) in Switzerland and Harvard in Boston/USA. |
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| Member | Position | Date of Possession | Term of Office | |
|---|---|---|---|---|
| Edson Carlos De Marchi | Coordinator | 05/12/2025 | May 2026 | |
|
Edson Carlos De Marchi
Coordinator
Date of Possession: 05/12/2025
Term of office: May 2026
He has been a Member of the Board of Directors of Itaúsa S.A. (independent director) since May/2021, having been an Alternate Member from May/2019 to May/2021; Coordinator of the Related Parties Committee since August/2021; Member of the Governance and People Committee since May/2021; Coordinator of the Sustainability Committee since May/23, having been a Member since May/21; and Coordinator of the Audit Committee from August/2022 to May/23. At Fundação Antônio e Helena Zerrenner Instituição Nacional de Beneficência he has been a Member of the Board of Directors since May/2018, Executive Director since July/2012, Coordinator of the Ethics Committee since May/2020 and Member since December/2016, Coordinator of the Data Protection Governance Committee since November/2020, Coordinator of the Finance and Investment Committee since February/2019, having been a Member of the Advisory Board from December/2004 to August/2012. He was Vice President of Health and Benefits at AMBEV S.A., from July/2019 to March/2020, Benefits Director from January/2015 to June/2019, Corporate Relations Director from June/2011 to December/2014 and Strategic Planning Manager from May/2000 to December/2003; Vice President Global Finance and Excise Tax at Anheuser-Busch InBev, from 2009 to 2011, and Member of the Fiscal Council of the AmBev Private Pension Institute – IAPP, from January/2004 to July/2007. He graduated in Economics and Business Administration from Fundação Armando Álvares Penteado (FAAP) in 1985 and 1986, respectively, and holds a Master’s Degree in Business Administration from Universidade de São Paulo (FIA/USP), in 1998. |
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| Patrícia de Moraes | Effective Member | 05/12/2025 | May 2026 | |
|
Patrícia de Moraes
Effective Member
Date of Possession: 05/12/2025
Term of office: May 2026
She has been a Member of the Board of Directors (independent director) of Itaúsa S.A., Coordinator of the Governance and People Committee since May/2021; and a Member of the Strategy and New Business Committee and the Related Parties Committee since May/2021 and August/2021, respectively, having been a Member of the Audit Committee from August/2022 to May/23. She is a Founding Partner, Manager and Member of the Investment Committee of Unbox Capital, an investment company that supports the growth of companies by partnering with entrepreneurs and managers. She has over 20 years’ experience in Investment Banking, having worked in the Mergers & Acquisitions team at J.P. Morgan in New York and São Paulo. She was Head of Investment Banking and Corporate Banking at J.P. Morgan in Brazil and was responsible for all relationships and transactions with Brazilian and multinational companies. During her career, she has advised companies on strategic mergers, acquisitions and divestments, and on capitalizations through debt raising and IPOs. She is a director of the “Women of Brazil Group” and has twice been named one of Valor newspaper’s “Women of Value”. She has a degree in Economics from the Pontifical Catholic University of Rio de Janeiro, Brazil and an MBA from Columbia Business School (class of 1995). |
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| Vicente Furletti Assis | Effective Member | 05/12/2025 | May 2026 | |
|
Vicente Furletti Assis
Effective Member
Date of Possession: 05/12/2025
Term of office: May 2026
He has been a Member of the Board of Directors (independent director) of Itaúsa S.A. since May/2021, Coordinator of the Strategy and New Business Committee and Member of the Governance and People Committee since May/2021, and Member of the Related Parties Committee since August/2021. Member of the Board of Directors since May/2021 and Member of the People and Remuneration Committee since November/2023 of Copa Energia S.A., and Vice-Chairman of the Board of Directors from September/2022 to April/2024 and Member of the People and ESG Committee of Motiva S.A. since September/2022 and Member of the Board of Directors of Randon S.A. Implementos e Participações since April/2022. He was a full member of the Board of Directors of Liquigás Distribuidora S.A. from May/2021 to December/2022. At McKinsey & Company, Inc. he has been Senior Partner Emeritus since February/2022, having been Senior Partner from 2008 to 2022, and Leader and head of the B2B Companies Practice for Latin America from 2018 to 2021. Member of the Global Committee for the Election of Partners from External Candidates from 2017 to 2022, Member of the Global Committee for Risks Associated with Serving Clients from 2016 to 2022, Partner in charge of the Brazil Office from 2011 to 2018, Leader and Head of the Advanced Industries Practice in Latin America from 2012 to 2017, Member of the global task force in charge of improving the firm’s governance from 2015 to 2016, Member of the Global Partner Evaluation Committee from 2009 to 2014, Member of the global task force in charge of reviewing the firm’s values from 2011 to 2012, Leader and head of the Latin America Operations Practice from 2010 to 2012, Partner from 2002 to 2008, Associate Partner, Project Manager and Associate from 1997 to 2002. He has been a member of the Board of Trustees of the José Luiz Egydio Setubal Foundation since February 2023; a member of the Advisory Board of Generation Brasil since 2020; a Board Member of MASP – Museu de Arte de São Paulo since 2014; and an Advisory Board Member of the Wharton Alumni Club in Brazil since 2016. He held various positions up to Head of the Offshore Equipment Development Sector at Petróleo Brasileiro S.A. (Petrobras) from 1985 to 1997 and was a Board Member of the Brazil Portugal Chamber of Commerce between 2015 and 2022. Graduated in Civil Engineering in 1985 from the Federal University of Minas Gerais; Petroleum Engineer, in 1986, from Petróleo Brasileiro S.A.; and Master in Business Administration, with an emphasis on Finance, in 1997, from The Wharton School, University of Pennsylvania. |
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| Raul Calfat | Natural Member | 05/12/2025 | May 2026 | |
|
Raul Calfat
Natural Member
Date of Possession: 05/12/2025
Term of office: May 2026
Chairman of the Board of Directors (independent director) of Itaúsa S.A. since May/2024 and Member since May/2023; Member of the Governance and People Committee and the Sustainability Committee since May/2024; Coordinator of the Audit Committee and Member of the Related Parties Committee, since May/2023; and Member of the Strategy and New Business Committee since May/2023, which became a Member in May/2024. He is currently Chairman of the Board of Directors of Embraer and has been an independent member since April 2017, as well as Coordinator of the Strategy and Innovation Committee and member of the People and ESG Committee, in addition to being an Independent Director of China Three Gorges Brasil since January/2021. He was Chairman of the Board of Directors of Aché Laboratórios Farmacêuticos S.A., from September/2018 to March/2025, Independent Member of the Board of Directors of Dexco S.A. from May/2015 to April/2023 and member of the Board of Hospital Sírio-Libanês from 2015 to 2020. From January 2014 to April 2019, he was Chairman of the Board of Directors of Votorantim S.A.; from December 2009 to December 2018, he was a member of the Board of Directors of Fibria Celulose S.A.; from January 2010 to December 2013, he served as Chief Executive Officer of Votorantim Industrial and led the Group’s cement, metals and mining, pulp, steel, orange juice and energy areas. Between 2004 and 2010 he was General Director of the holding company’s corporate area. Before that, between 1995 and 2003, he was Chairman of Votorantim Celulose e Papel (now Fibria) and Chairman of Papel Simão from 1987 to 1992, where he began his career as a trainee in 1973. He was President of the São Paulo Pulp and Paper Association from 1993 to 1995 and Vice-President of the Brazilian Pulp and Paper Association (Bracelpa) from 1996 to 2004. He graduated in Business Administration in 1974 from the Fundação Getúlio Vargas, with seminars at the IMD (International Institute for Management Development) in Switzerland and Harvard in Boston/USA. |
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| Member | Position | Date of Possession | Term of Office | |
|---|---|---|---|---|
| Raul Calfat | Coordinator | 05/12/2025 | May 2026 | |
|
Raul Calfat
Coordinator
Date of Possession: 05/12/2025
Term of office: May 2026
Chairman of the Board of Directors (independent director) of Itaúsa S.A. since May/2024 and Member since May/2023; Member of the Governance and People Committee and the Sustainability Committee since May/2024; Coordinator of the Audit Committee and Member of the Related Parties Committee, since May/2023; and Member of the Strategy and New Business Committee since May/2023, which became a Member in May/2024. He is currently Chairman of the Board of Directors of Embraer and has been an independent member since April 2017, as well as Coordinator of the Strategy and Innovation Committee and member of the People and ESG Committee, in addition to being an Independent Director of China Three Gorges Brasil since January/2021. He was Chairman of the Board of Directors of Aché Laboratórios Farmacêuticos S.A., from September/2018 to March/2025, Independent Member of the Board of Directors of Dexco S.A. from May/2015 to April/2023 and member of the Board of Hospital Sírio-Libanês from 2015 to 2020. From January 2014 to April 2019, he was Chairman of the Board of Directors of Votorantim S.A.; from December 2009 to December 2018, he was a member of the Board of Directors of Fibria Celulose S.A.; from January 2010 to December 2013, he served as Chief Executive Officer of Votorantim Industrial and led the Group’s cement, metals and mining, pulp, steel, orange juice and energy areas. Between 2004 and 2010 he was General Director of the holding company’s corporate area. Before that, between 1995 and 2003, he was Chairman of Votorantim Celulose e Papel (now Fibria) and Chairman of Papel Simão from 1987 to 1992, where he began his career as a trainee in 1973. He was President of the São Paulo Pulp and Paper Association from 1993 to 1995 and Vice-President of the Brazilian Pulp and Paper Association (Bracelpa) from 1996 to 2004. He graduated in Business Administration in 1974 from the Fundação Getúlio Vargas, with seminars at the IMD (International Institute for Management Development) in Switzerland and Harvard in Boston/USA. |
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| Marco Antonio Antunes | Effective Member | 05/12/2025 | May 2026 | |
|
Marco Antonio Antunes
Effective Member
Date of Possession: 05/12/2025
Term of office: May 2026
He has been a member of the Audit Committee of Itaúsa S.A. since May 2023. More than 38 years’ experience in finance at a financial institution. He has been a member of the Board of Directors of Banco BMG since November/21, serving as Vice President of Risk and Finance from January/2020 to March/2022 and CEO from September/2017 to December/2019. Officer of Accounting at Itaú Unibanco Holding S.A. from July/1999 to May/2012, Superintendent of Management Information at Banco Itaú S.A. from May/1997 to June/1999, Manager of Costs and Budgets from January/1992 to April/1997, Supervisor from February/1989 to March/1992, Analyst from May/1984 to January/1989. Metallurgical Engineer at Phoenix do Brasil Ltda. from January 1983 to May 1984. He has a degree in Metallurgical Engineering from Mackenzie Presbyterian University and a specialization in Finance and Accounting from the University of São Paulo. |
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| Isabel Cristina Lopes | Effective Member - Specialist | 05/12/2025 | May 2026 | |
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Isabel Cristina Lopes
Effective Member - Specialist
Date of Possession: 05/12/2025
Term of office: May 2026
Specialist Member of the Audit Committee of Itaúsa S.A., since May/2023. Member of the Fiscal Council of Dexco S.A., from April/2022 to April/2023. Statutory Member of the Audit Committee of Banco Original, since September/2019. Professor and Consultant at FIPECAFI, since May/2017, and at FBM Educação. Officer at BIP Brasil – Financial Services, since July/2016. PhD student in Controllership and Accounting at FEA-USP – Master’s degree in Accounting Sciences at FECAP – Executive MBA in Mananging in The Global Economy at Business School São Paulo and the University of Toronto – Postgraduate degree in Financial and Accounting Administration and undergraduate degree in Economics at FAAP. |
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Alfredo Egydio Setubal
CEO and Investor Relations OfficerAlfredo Egydio Arruda Villela Filho
Executive Vice PresidentRicardo Egydio Setubal
Executive Vice PresidentRodolfo Villela Marino
Executive Vice PresidentHe has been Chief Executive Officer and Investor Relations Officer of Itaúsa S.A. since 2015 and a Member of the Board of Directors since 2008 (executive director), having been Vice-Chairman until May/2021; Member of the Strategy and New Business, Governance and People, and Sustainability Committees since May/2021; Member of the Capital Markets Committee since May/2009, having been Coordinator since May/2015; Coordinator of the Investment Committee since April/2017; Member of the Corporate Governance Committee since July/2020, being Coordinator since May/2021; Member of the Audit and Risks, Finance, and People and Ethics Committees since April/2017; and was a Member of the Investment Policy Committee from August/2008 to April/2011.
A member of the Board of Directors at Itaú Unibanco since 2007, he is currently Chairman of the Social, Environmental and Climate Responsibility Committee, and a member of the Disclosure and Negotiation Committee, the Nomination and Governance Committee and the People Committee.
He has been Chairman of the Board of Directors of Dexco S.A. since April/2021 and a Member since April/2015, and a Member of the Board of Directors of Alpargatas since 2017 and Copa Energia since 2020, respectively.
He has been a member of the Higher Guidance, Nomination and Ethics Committee of the Brazilian Institute of Investor Relations (IBRI) since 2010, having been Chairman of the Board of Directors from 2000 to 2003.
He has been Chairman of the Board of Trustees of the Itaú Foundation, an institution responsible for social initiatives aimed at education (in partnership with UNICEF and other NGOs) and the democratization and appreciation of Brazilian culture, and Chairman of the Board of Directors of the São Paulo Museum of Art (MASP) since 2015. She has been a member of the Board of Directors of the Fundação Bienal de São Paulo since 2009, the Museu de Arte Moderna de São Paulo (MAM) and the Instituto de Arte Contemporânea (IAC).
He was President of the National Association of Investment Banks (ANBID) from 2003 to 2008 and a member of the Board of Directors of the Brazilian Association of Listed Companies (ABRASCA) from 1999 to 2017.
He holds a bachelor’s degree and a postgraduate degree in Business Administration both from Fundação Getulio Vargas (FGV), São Paulo, Brazil, with a specialization course at INSEAD, Fontainebleau, France.
He has been Executive Vice-President Officer of Itaúsa S.A. since February 2018, having been Chief Executive Officer from September 2009 to May 2015; Member of the Board of Directors from August 1995 to April 2017, having been Chairman from May 2015 to April 2017 and Vice-President from May 2011 to May 2015; he was Chairman of the Disclosure and Trading Committee from April 2005 to May 2015, and Chairman of the Investment Policies Committee and Member of the Accounting Policies Committee from August 2008 to April 2011.
At Dexco S.A., he has been Vice-Chairman of the Board of Directors since August 2008 and a Member since 1996, Member of the IT and Digital Innovation Committee since May 2017 and Member of the People, Governance and Nomination Committee since November 2009. He was Vice-Chairman of the Board of Directors of Itaú Unibanco Holding S.A. from March/2003 to April/2017; Member of the Disclosure and Trading Committees from May/2005 to July/2015, Nomination and Corporate Governance Committee from June/2009 to April/2017, Remuneration Committee from February/2011 to May/2017 and Accounting Policies Committee from May/2008 to April/2009.
Mechanical Engineer, graduated from the Mauá Engineering School of the Mauá Institute of Technology in 1992 and has a postgraduate degree in Business Administration from the Fundação Getúlio Vargas.
He is an Alternate Member of the Board of Directors (executive director) of Itaúsa S.A. since April/2009; Executive Vice-Chairman since May/2021; Member of the Governance and People Committee since May/2021; Member of the Sustainability Committee since May/2021, having been Co-Chairman from August/2022 to May/2023; and Member of the Capital Markets Committee since May/2009, Coordinator of the Audit and Risks Committee and Member of the Finance, Investment, People and Ethics Committees since April/2017, Member of the Corporate Governance Committee since July/2020 and of the Sustainability Committee since June/2019. He was a member of the Audit Committee from August/2022 to May/2023 and of the Investment Policy Committee from August/2008 to May/2010.
He has been a Member of the Board of Directors of Dexco S.A. since April/2008, having been Vice-Chairman from April/2009 to April/2017, and Member of the Sustainability Committee since April/2018, and Member of the Finance Committee since August/2023. He was a member of the Disclosure and Trading Committee (currently the Disclosure and Trading Committee) from May/2020 to April/2022, a member of the People, Governance and Nomination Committee from November/2009 to May/2020 and of the Audit and Risk Management Committee from November/2009 to March/2022.
Officer of Itautec S.A. since April/2023, he was Chairman of the Board of Directors from February/2010 to August/2019, Alternate Director from April/2009 to January/2010 and Effective Director from April/1999 to April/2008, Member of the Disclosure Committee from September/2010 to August/2019, Member of the Audit and Risk Management Committee, the Strategy Committee and the People and Governance Committee from September/2010 to January/2015, and Executive Vice-President Director from April/1999 to January/2010.
He was a member of the Board of Directors of the Brazilian Institute of Corporate Governance (IBGC) from March 2014 to March 2019, serving as Vice-Chairman from March 2016 to March 2018 and Chairman from March 2018 to March 2019.
Lawyer graduated from the University of São Paulo (USP) in 1988, business administrator from the Fundação Getúlio Vargas in 1984 and specialized (PMD 69) from Harvard University in 1995.
He has been a member of the Board of Directors (executive director) of Itaúsa S.A. since May 2011, having been Alternate from April 2009 to May 2011, and has been Executive Vice President since May 2022, having been Vice President from May 2015 to April 2022. He has been Chairman of the Board of the Itaúsa Institute since 2023. He has also been a Member of the Strategy and New Business and Governance and People Committees since May/2021; Member of the Sustainability Committee since May/2021, having been Co-Coordinator from August/2022 to May/2023; Coordinator of the People and Ethics Committee since April/17; Member of the Finance Committee since April/2017, having been Coordinator since May/21; Member of the Audit and Risks, and Investment Committees since April/2017, of the Capital Markets Committee since May/2009, of the Sustainability Committee since June/2019, and of the Corporate Governance Committee since July/2020.
At Dexco S.A., he has been a Member of the Board of Directors since August/2009 (as an alternate since July/2024); Member of the People, Governance and Nomination Committee since May/2020, having been from April/2018 to May/2019 and from November/2009 to May/2017; and Member of the Sustainability Committee since November/2009, having been Chairman from May/2019 to August/2023. He was a member of the Finance Committee from December/2021 to August/2023; a member of the Audit and Risk Management Committee from November/2009 to March/2022, and a member of the Disclosure and Trading Committee (currently the Disclosure and Nomination Committee) from May/2019 to May/2020, having also been from May/2017 to April/2018, from April/2015 to April/2016, from April/2013 to April/2014, from May/2011 to April/2012 and from November/2009 to April/2010.
Member of the Board of Directors of Alpargatas S.A. since September/2017, Member of the Strategy and People Committee since October/2017 and of the Statutory Audit Committee since April/2018. Alternate Member of the Board of Directors of Copa Energia S.A. since May/2021, having been an effective member from December/2020 to April/2021; Member of the Board of Directors of Aegea Saneamento e Participações S.A. since July/2021; and Managing Director of Rudric Ith Participações Ltda. since April/2005.
He has also served as Chairman of the Itaúsa Institute since June/2023; Member of the Board of Trustees of the Itaú Foundation since May/2019; Member of the Board of Directors of the Unibanco Institute since April/2014; Member of the Board of Associação Pró-Dança; Member of the Advisory Board of Sociedade de Cultura Artística since June/2020; Member of the Board of Directors of IEDI – Instituto para Estudos do Desenvolvimento Industrial since August/2015; Member of the Governance Board of Todos pela Educação since April/2019; Member of the Supervisory Board of Instituto Yandeh since August/2017; Member of the Advisory Board of IBÁ – Instituto Brasileiro de Árvores since December/2017; Member of the Young Presidents Organization – YPO/WPO since December/2011; CEO of Associação Comunitária Despertar since April/2020; Member of the Board of Directors of Todavia Livros since March/2018; Member of the Board of Directors of Tempo Livre PTE Ltd (“Cariuma”) since December/2017.
Degree in Business Administration from the Escola de Administração de Empresas de São Paulo – EASP/FGV – Fundação Getulio Vargas – August/1994 to June/1998. Master in Economics and Philosophy from the London School of Economics and Political Science (LSE) – September/2001. Master in Development Studies from the London School of Economics and Political Science (LSE) – September/2002.
Frederico de Souza Queiroz Pascowitch
New Business OfficerMaria Fernanda Ribas Caramuru
Compliance and Corporate Risks OfficerPriscila Grecco Toledo
Management and Finance OfficerHe has been Managing Officer of Itaúsa S.A., since September/2019, Member of the Audit and Risks, and Investment Committees since April/2017, Corporate Governance since July/2020 and Sustainability since May/2023; and was an Investment Consultant from February/2016 to April/2017.
He has been an Effective Member of the Board of Directors of Nova Transportadora do Sudeste S.A. – NTS since April/2024 and member since April/2017; Member of the Finance Committee of Alpargatas S.A., since September/2017; Member of the Finance and Project Evaluation Committee of AEGEA Saneamento e Participações S.A., since May/2022; and Member of the Finance Committee of Dexco S.A. since May/2024; and Member of the Advisory Board of Wise Plásticos S.A. since August/2019.
He was Managing Officer of Itaúsa Empreendimentos S.A. from May/2017 to August/2019 and Partner at Gávea Investimentos from 2008 to 2015; Member of the Board of Directors of Energisa; and Member of the Board of Directors of Cell Site Solutions.
Degree in Business Administration from Insper (2005).
She has been Managing Officer of Itaúsa S.A. since September 2019, a member of the Capital Markets, Audit and Risks Committees since April 2017, Corporate Governance since July 2020, Investments since May 2021 and Sustainability since May 2023.
She has been an Officer of Itautec S.A. since September 2016 and was Managing Director of Itaúsa Empreendimentos S.A. from September 2016 to August 2019, having been, from August 2013 to August 2016, a consulting lawyer advising the new business area and on all other legal issues involving the company or legal issues of its subsidiaries in the industrial area that were relevant to the company, a role she continued to perform at the company, along with issues related to compliance and corporate risks. At Itaú Unibanco S.A., she was a lawyer from October 2000 to July 2013, advising on contractual and corporate law, especially on contracts and corporate issues related to mergers and acquisitions, strategic partnerships, corporate restructurings, among others.
Graduated in Law from the Pontifical Catholic University of São Paulo (PUC/SP) in 1996, with a Specialization in Business Law from the Pontifical Catholic University of São Paulo (PUC-SP) (1999-2000), LL.M. (Master of Laws) from Columbia University School of Law (New York, NY) in 2004 and MBA from Columbia University Business School (New York, NY) (2008-2009).
She has been Managing Officer of Itaúsa S.A. since September 2019, a member of the Capital Markets Committee since August 2017, the Audit and Risks Committee, the Finance Committee, the Investment Committee since April 2017, the Corporate Governance Committee since July 2020 and the Sustainability Committee since May 2023.
She has been a member of the Finance Committee of Alpargatas S.A. since March/2023 and a member of the Audit Committee of Copa Energia S.A. since February/2021. She has been an Officer at Itautec S.A. since April/2017, having been Investor Relations Officer from April/2017 to August/2019, and a Member of the Disclosure Committee from April/2017 to August/2019.
She was New Business Officer at Itaúsa Empreendimentos S.A. from June/2013 to May/2017 and Administration and Finance Officer from June/2017 to August/2019.
She has more than 20 years’ experience in the areas of Finance, Auditing and Mergers and Acquisitions, working in large companies such as Banco Citibank S.A., KPMG Auditores Independentes and Itaú Unibanco Holding Financeira S.A. She worked in the M&A Proprietary department at Itaú Unibanco Holding Financeira S.A. from December 2003 to May 2013, having last held the position of Mergers and Acquisitions Superintendent.
She holds a bachelor’s degree in Accounting from PUC-SP, an MBA in Financial and Risk Management from FIPECAFI/USP, a postgraduate degree in Business Economics from FGV, a specialization for executives at Harvard Business School (Program for Leadership Levelopment) and an Executive Certificate in Management and Leadership from the MIT Sloan School of Management.
Supervisory Board
A permanent body and a fundamental part of the governance system, its duties, in line with its bylaws, are to supervise the actions of the directors, examine and give an opinion on the financial statements for each financial year, reporting their conclusions to our shareholders and communicating them to our Board of Directors.
The Supervisory Council can be made up of a minimum of three and a maximum of five members, and an equal number of alternates, all elected annually, and may include representatives of minority shareholders and preferred shareholders.
Board of Directors
Advised by the committees and in conjunction with the Board of Officers, the Board of Directors acts with a view to protecting and enhancing our assets, taking into account the interests of shareholders and other stakeholders. In this sense, it has the following duties, among others set out in the Bylaws: to determine the general direction of the business; to monitor the implementation of the Sustainability Strategy; to elect the members of the advisory committees; to elect the Board of Officers and supervise its performance; to approve the Code of Conduct, internal policies, principles and values; to monitor due diligence processes in investees and to monitor the corporate risk management process, including socio-environmental and climate risks.
It can be made up of three to ten full members, with a chairman and one to three vice-chairmen chosen by the board members. The members meet on a monthly basis to deliberate and monitor strategic issues relating to our management and the business of our investees, so there is great proximity and integration of the Board of Directors in the influence we exert on the portfolio. According to the Internal Charter of the Board of Directors, a minimum attendance rate of 75% is required.
Board of Officers
According to its charter, among other duties, it is responsible for supervising management, coordinating the execution of strategic planning and proposing new investments to our Strategy and New Business Committee. In line with good practice and regulations, the positions of Chairman of the Board of Directors and Chief Executive Officer (or our company’s main executive) may not be held by the same person. Nor can directors over the age of 70 be elected.
Advisory Board
An advisory body with technical functions and reporting directly to the Board of Directors, whose recommendations are not binding. The purpose of the Advisory Board is to assist the Board of Directors in matters in which it is asked to express an opinion.
The Advisory Board is responsible for advising or expressing its opinion on any issues and matters submitted to it by the Board of Directors for decision making, whenever requested to do so by said body or by Itaúsa’s Board of Officers.
Governance and Personnel Committee
It monitors and discusses issues related to corporate governance, such as reviewing and updating the Code of Conduct and other internal regulations, the collegiate evaluation of the Board of Directors’ performance and the practice of remuneration and long-term incentives.
Sustainability Committee
It monitors our Sustainability Strategy, including the work of the Itaúsa Institute, recommends actions and initiatives that apply sustainability intelligence and recommends to the Board adjustments to our governance in order to maximize our sustainability strategy and its positive impacts on our business as well as on the agenda of our investees.
Strategy and New Businesses Committee
It monitors and discusses the capital allocation strategy, assessing the attractiveness of possible new investment opportunities, and the evolution of the business plans and investment theses of the investees, analyzing trends that may impact the business.
Related Parties Committee
Evaluates and decides on the feasibility of transactions, in accordance with the criteria set out in our Transactions with Related Parties Policy.
Audit Committee
It advises on matters relating to accounting, risks, auditing and finance, and assists in monitoring and controlling the quality of financial statements, internal controls and risk management, and compliance and integrity.
