Dear Institutional Investors,
The 30% Club Brazil, part of the global 30% Club initiative active across G20 markets, works alongside investors, boards and corporate leaders to advance gender balance at board and senior executive levels within publicly listed companies.
As we enter the 2026 AGM season, during which numerous IBrX100 companies will undergo board renewal processes, we call on institutional investors to treat board gender balance as a material governance consideration within their stewardship frameworks.
Board composition is a core element of board effectiveness and long-term value creation. A growing body of empirical evidence and global market practice confirms that diverse boards:
- improve the quality, independence and rigor of board oversight;
- enhance risk governance and resilience;
- strengthen succession planning and board refreshment processes;
- are better positioned to address complex strategic, technological and sustainability-related challenges.
Globally, leading asset managers have made clear that insufficient board diversity may signal governance weaknesses. In this context, we encourage investors to:
- integrate explicit gender balance expectations into stewardship policies and voting guidelines;
- prioritize engagement with nomination committee chairs and board leadership where gender representation remains materially unbalanced;
- implement clear escalation frameworks where progress is not demonstrated over a reasonable timeframe;
- consider voting implications — including votes against the Chair of the Nomination Committee or relevant board members — where board composition does not reflect credible commitment to diversity and refreshment.
The upcoming board renewal cycle presents a concrete opportunity to drive measurable progress. Explicit investor expectations regarding gender balance send a strong accountability signal to
boards and contribute to market-wide governance standards.
The 30% Club Brazil stands ready to support investors and companies through data, research, international benchmarks and access to a broad pipeline of qualified, board-ready women
candidates across sectors relevant to the IBrX100 universe.
We believe that consistent stewardship, aligned expectations and disciplined accountability mechanisms are essential to strengthening governance standards and ensuring the continued competitiveness and credibility of the Brazilian capital markets.
Anna Guimarães
Chair of the Board 30% Club Brazil
