Corporate governance in banks of different natures: A comparative study between Banco do Brasil S.A. and private banks
DOI:
https://doi.org/10.36517/contextus.2026.96626Keywords:
corporate governance, banks, B3, CVM, ownership controlAbstract
Background: The Brazilian banking sector combines private and state-owned publicly traded banks, articulating market practices and state guidelines, which creates governance challenges. This structural diversity requires understanding how the type of control influences incentives and practices such as board independence, compliance, transparency, and minority representation.
Purpose: This study aimed to identify the differences in corporate governance practices between Banco do Brasil S.A. and the main private banks in the country
Method: The research adopts a multiple case study to analyze governance practices in four Brazilian banks (state-owned and private). Data collection was conducted through documentary analysis of reports and official codes from the last five years, extracted from reliable sources such as B3, CVM (Securities and Exchange Commission), and the Central Bank.
Results: In general, the banks meet the minimum requirements, but differ in how they internalize regulatory pressures, market demands, and social expectations. All converge on essential practices, reflecting strong regulation and the importance of trust. The differences arise in the depth of these practices: Banco do Brasil stands out for Novo Mercado and IGG (Integrated Governance and Management Index), Itaú for its reputation, Bradesco for its professionalized management, and Santander for its global compliance standards.
Conclusions: The study demonstrates that corporate governance in the Brazilian banking sector results from the interaction between ownership, regulation, and institutional objectives, rather than from a single model.
References
Awad, A. B., Gharios, R., Khalaf, B. A., & Seissian, L. A. (2024). Board characteristics and bank stock performance: Empirical evidence from the MENA Region. Risks, 12(5), 81. https://doi.org/10.3390/risks12050081
B3 S.A. – Brasil, Bolsa, Balcão. (2020). Regulamento do Novo Mercado. https://www.b3.com.br/data/files/ED/C4/C1/2D/F99068101BBF1068AC094EA8/Regulamento%20do%20Novo%20Mercado%20_Versao%202023_.pdf
B3 S.A. – Brasil, Bolsa, Balcão. (n.d.). Consulta de informações de empresas listadas. https://bvmf.bmfbovespa.com.br/pt-br/mercados/acoes/empresas/ExecutaAcaoConsultaInfoEmp.asp?CodCVM=1023&ViewDoc=1&AnoDoc=2019
B3. (n.d.). Empresas listadas. https://www.b3.com.br/pt_br/produtos-e-servicos/negociacao/renda-variavel/empresas-listadas.htm
Banco do Brasil S.A. (2024). Estatuto social. Banco do Brasil. https://www.bb.com.br/docs/pub/siteEsp/ri/pt/dce/dwn/EstatutoSocial.pdf
Banco do Brasil. (n.d.). Relações com investidores. https://ri.bb.com.br
Banco Santander (Brasil) S.A. (n.d.). Estatuto social. https://cms.santander.com.br/sites/WRI/documentos/url-estatuto-2020/20-05-12_213016_estatuto%2Bsocial.pdf
Bardin, L. (2011). Análise de conteúdo. São Paulo: Edições 70.
Bellato, L., Schiozer, R. F., & DeMello, R. (2024). Ownership structure, corporate governance and bank risk-taking. SSRN. https://doi.org/10.2139/ssrn.4798910.
Bisetti, E. (2024). The value of regulators as monitors: evidence from banking. Management science. https://doi.org/10.1287/mnsc.2021.03083
Black, B. S., Jang, H., & Kim, W. (2006). Does corporate governance predict firms’ market values? Evidence from Korea. Journal of Law, Economics, and Organization, 22, 366-413.https://doi.org/10.1093/jleo/ewj018.
Bradesco S.A. (n.d.). Estatuto social. https://banco.bradesco/html/pessoajuridica/solucoes-integradas/investimentos-rpps/documentos/bradesco/juridicos/estatuto_social_2024.pdf
Bradesco. (n.d.). Relações com investidores. https://www.bradescori.com.br
Brasil. (1976). Lei nº 6.404, de 15 de dezembro de 1976. Dispõe sobre as sociedades por ações. Diário Oficial da União, Brasília, DF, 17 dez. 1976. Alterada pela Lei nº 10.303, de 31 de outubro de 2001. http://www.planalto.gov.br/ccivil_03/leis/l6404consol.htm
Brasil. (2016). Lei nº 13.303, de 30 de junho de 2016. https://www.planalto.gov.br/ccivil_03/_ato2015-2018/2016/lei/L13303.htm
Cadbury Committee. (1992). Report of the Committee on the Financial Aspects of Corporate Governance. London: Gee and Co.
Carcello, J. V., Hermanson, D. R., Neal, T. L, & Riley JR., R. A. (2002). Board characteristics and audit fees. Contemporary Accounting Research, 19(3), 365–384. https://doi.org/10.1506/CHWK-GMQ0-MLKE-K03V
Catalyst. (2020). Why diversity and inclusion matter: Financial performance and ESG. https://www.catalyst.org/research/why-diversity-and-inclusion-matter-financial-performance-esg/
Celestino, É. J. M., Lima Pereira, M. de, & Camara, R. P. de B. (2023). Avaliação de práticas ESG em bancos listados na [B]3: Verificação do efeito da composição do conselho de administração e características das companhias. Revista Catarinense da Ciência Contábil, 22, e3380. https://doi.org/10.16930/2237-7662202333801
Chang, Y.-c., Lin, L.Y.-H. (2022). Do state-owned enterprises have worse corporate governance? An empirical study of corporate practices in China. European Business Organization Law Review, 23, 711–734. https://doi.org/10.1007/s40804-021-00223-1
Cihak, M., & Hesse, H. (2010). Islamic banks and financial stability: An empirical analysis. Journal of Financial Services Research 38, 95–113. https://doi.org/10.1007/s10693-010-0089-0
Creswell, J. W., & Poth, C. N. (2018). Qualitative inquiry and research design: Choosing among five approaches (4th ed.). Thousand Oaks, CA: SAGE Publications.
Davis, J. H., Schoorman, F. D., & Donaldson, L. (1997). Toward a stewardship theory of management. Academy of Management Review, 22(1), 20–47. https://doi.org/10.2307/259223
Erkens, D. H., Hung, M., & Matos, P. (2012). Corporate governance in the 2007–2008 financial crisis: Evidence from financial institutions worldwide. Journal of Corporate Finance, 18(2), 389–411. https://doi.org/10.1016/j.jcorpfin.2012.01.005
Fombrun, C. J. (1996). Reputation: Realizing value from the corporate image. Boston, MA: Harvard Business School Press.
Fontes-Filho, J. R., & Alves, C. F. (2018). Mecanismos de controle na governança corporativa das empresas estatais: Uma comparação entre Brasil e Portugal. Cadernos EBAPE.BR, 16(1), 1–13. https://doi.org/10.1590/1679-395172454
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Boston, MA: Pitman.
Gil, A. C. (2019). Métodos e técnicas de pesquisa social (7. ed.). São Paulo: Atlas.
Godoy, A. S. (1995). Introdução à pesquisa qualitativa e suas possibilidades. Revista de Administração de Empresas, 35(2), 57–63. Recuperado de https://www.scielo.br/j/rae/a/wf9CgwXVjpLFVgpwNkCgnnC/?format=pdf&lang=pt
Grodt, J. A. S., Degenhart, L., Dal Magro, C. B., Ávila, L. V., & Piccinin, Y. G. (2024). Divulgação ESG e sensibilidade da remuneração executiva ao desempenho de mercado. Revista Contabilidade & Finanças, 35(94), e1811. https://doi.org/10.1590/1808-057x20231811.pt
Hill, C. W. L., & Jones, T. M. (1992). Stakeholder–agency theory. Journal of Management Studies, 29(2), 131–154. https://doi.org/10.1111/j.1467-6486.1992.tb00657.x
Hsu, Y.-L., & Yang, Y.-C. (2022). Corporate governance and financial reporting quality during the COVID-19 Pandemic. Finance Research Letters, 47, 102778. https://doi.org/10.1016/j.frl.2022.102778
Instituto Brasileiro de Governança Corporativa – IBGC. (2023). Código de melhores práticas de governança corporativa (6ª ed.). São Paulo, SP: IBGC.
Itaú Unibanco Holding S.A. (n.d.). Estatuto social. https://www.itau.com.br/download-file/v2/d/42787847-4cf6-4461-94a5-40ed237dca33/a30bf839-509d-5a39-3b87-dd3099770fc1?origin=1
Itaú Unibanco. (n.d.). Relações com investidores. https://www.itau.com.br/relacoes-com-investidores
Jebran, K., & Chen, S. (2021). Can we learn lessons from the past? COVID ‐19 crisis and corporate governance responses. International Journal of Finance & Economics, 28(1). https://doi.org/10.1002/ijfe.2428
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305–360. https://doi.org/10.1016/0304-405X(76)90026-X
Khandelwal, P., Sindh, R., Yadav, C. S. P., & Shyam, R. (2022). A comparative study on corporate governance practices in public and private companies in India. Anveshak – International Journal of Management, 11(2), 9–35. https://doi.org/10.15410/aijm/2022/v11i2/171516
Khémiri, W., & Alsulami, F. (2023). Corporate social responsibility disclosure and Islamic bank stability in GCC countries: Do governance practices matter? Cogent Business & Management, 10(3). https://doi.org/10.1080/23311975.2023.2260559
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1999). Corporate ownership around the world. The Journal of Finance, 54(2), 471–517. https://www.jstor.org/stable/2697717
Merco. (2024). Ranking Merco de responsabilidade ESG Brasil 2024: Governança corporativa. https://www.merco.info/br/ranking-merco-responsabilidad-gobierno-corporativo?edicao=2024
Murè, P., Spallone, M., Mango, F., Marzioni, S., & Bittucci, L. (2021). ESG and reputation: The case of sanctioned Italian banks. Corporate Social Responsibility and Environmental Management, 28(2), 1-13.
Organização para a Cooperação e Desenvolvimento Econômico – OCDE. (2004). Principles of corporate governance. OECD Publishing. https://www.oecd.org/corporate/ca/corporategovernanceprinciples/31557724.pdf
Orso, L. É., Santos, R. C., Raupp, F. M., & Sousa, A. M. R. (2023). Ownership structure and shareholders: perspectives on conflict between state participation in the value of companies on the Brazilian stock exchange - B3. Revista do CEJUR/TJSC: Prestação Jurisdicional, 11(00), e0400. https://doi.org/10.37497/revistacejur.v11i00.400
Pacheco, A., & Branco, M. (2025). Banks’ sustainability reporting in Brazil. International Journal of Financial Studies, 13(3), 114. https://doi.org/10.3390/ijfs13030114
Ribeiro, I. I., Gordiano, C. A. S. G., Machado, H. O., & Ferreira, A. V. O. (2025). The board of directors and law 13,303/2016 in the face of Agency and Resource Dependence Theories: A theoretical essay. Revista de Contabilidade e Organizações, 19, e221448. https://doi.org/10.11606/issn.1982-6486.rco.2025.221448
Romano, O. L. C., Junior. (2023). Práticas de governança e valor social: Estudo de caso sobre a sustentabilidade da inovação social no Norte do Brasil (Dissertação de mestrado). Universidade Federal do Pará.
Santander Brasil. (n.d.). Relações com investidores. https://www.santander.com.br/ri
Scaramussa, F. M., & Bortolon, P. M. (2024). Governança corporativa: os investidores institucionais importam para as empresas brasileiras? Revista de Educação e Pesquisa em Contabilidade (REPeC), 18(3), 384-406. https://doi.org/10.17524/repec.v18i3.3429
Shleifer, A., & Vishny, R. W. (1997). A survey of corporate governance. The Journal of Finance, 52(2), 737–783. https://doi.org/10.1111/j.1540-6261.1997.tb04820.x
Silva, M. M. B., Pinheiro, L. E. T., & Cordeiro, F. A. (2022). A relação entre o risco de expropriação de acionistas minoritários e os níveis diferenciados de governança corporativa. Revista de Ciências da Administração, 23(61), 80–90. https://doi.org/10.5007/2175-8077.2021.e65550
Silva, N. D., Peixoto, F. M., & Tizziotti, C. P. (2021). Características do conselho de administração e earnings management no Brasil: As estatais são diferentes? Revista Gestão.Org, 19(1), 52–71. https://doi.org/10.51359/1679-1827.2021.239657
Silveira, A. D. M. (2015). Governança corporativa no Brasil e no mundo: Teoria e prática. Rio de Janeiro: Elsevier.
Sustainalytics. (n.d.). Company ESG risk rating. https://www.sustainalytics.com/esg-rating
Vives, X. (2016). Competition and stability in banking: The role of regulation and competition policy. Princeton: Princeton University Press. https://doi.org/10.2307/j.ctt1q1xs80
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Journal: only for the 1st publication
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
The authors, while doing the submission, accept the notice below:
We authors hold the copyright related to our paper and transfer Contextus journal the right for the first publication with a Creative Commons’ international license of the modality Attribution – Non-commercial 4.0, which in turn allows the paper to be shared providing that both the authorship and the journal’s right for initial release are acknowledged.
Furthermore, we are aware of our permission to take part in additional contracts independently for non-exclusive distribution of the version of our work published in this journal (e.g. publishing it in an institutional repository or as a book chapter), while acknowledging both the authorship and the journal’s initial publication.
We also certify that the paper is original and up to this date has not been released in any other journal, Brazilian or of another nationality, either in Portuguese or another language, as well as it has not been sent for simultaneous publication in other journals.
Last, we not only know that plagiarism is not tolerated by Contextus but also certify the paper presents the sources of passages from cited works, including those authored by ourselves.
1.jpg)
1.jpg){kind=small}
1.jpg)
1.jpg)
.jpg)
1.jpg)
1.jpg)
1.jpg)
1.jpg)
1.jpg)
2.png)
2.jpg)
1.jpg)
1.jpg)
1.jpg)
1.jpg)
