In recent years, Brazil has undergone significant regulatory improvements that have strengthened corporate governance practices. The Companies Act (Law No. 6.404/76) foi atualizada para refletir melhores práticas globais, and new laws, how the Anti-Corruption Law (Law No. 12.846/2013) e a Lei Geral de Proteção de Dados (LGPD) foram introduzidas para aumentar a responsabilidade corporativa e a proteção de dados pessoais
The capital market plays an important role in this evolution, where the Brazilian Stock Exchange (B3) has played a crucial role in promoting corporate governance through the creation of differentiated listing segments, like the New Market, Level 1 and Level 2, the B3 that encourages companies to adopt more rigorous governance practices in exchange for greater visibility and potential appreciation in the market
The publication of the Brazilian Corporate Governance Code still exists, by the Brazilian Institute of Corporate Governance (IBGC), that established clear and comprehensive guidelines for the adoption of good governance practices. This code serves as a guide for companies of all sizes and sectors, helping to align Brazilian practices with international standards
The increase in transparency has made Brazilian companies increasingly committed to accountability and there is a continuous effort to improve the quality of information disclosed to shareholders and the market, including detailed financial reports, risk disclosure practices and the adoption of sustainability reports (ESG – Environmental, Social, and Governance
But everything starts with the commitment of the company's leadership. When leaders demonstrate a strong commitment to compliance, this is reflected throughout the organization. It is one of the most cited points the Tone from the top, where leaders emphasize the importance of compliance and adhere to rules and regulations set an example for all employees
In conjunction, the application of consistent communication, where clear and frequent messages from senior management about the importance of compliance reinforce its value within the organization. Furthermore, companies should value ethics and integrity, as it facilitates the implementation of compliance practices
The effectiveness of compliance practices depends on the engagement of employees at all levels. An inclusive and participatory organizational culture increases this engagement with the practice of continuous training that educates employees about compliance policies and the consequences of non-compliance, the adoption of open feedback with communication channels where employees can report compliance concerns without fear of retaliation
