Governance in Brazil has undergone major change but still struggles with the dominance of family control and the low number of shareholders with voting rights.
Corporate governance in Brazil has undergone major change in the past 50 years. In the 1950s and 1960s corporate governance was based on the major family shareholder, who were supposed to manage the company and effectively control it on a daily basis. In the 1970s, the first company boards with some sign of autonomy appeared, along with the division of power between shareholders and management professionals. Nowadays, the primary sources of law, regulation and practice in Brazilian corporate governance include the following: Law 6,404, of 15 December 1976, called the Corporations Law, which governs the formation of corporate governan