Global Reporting Initiative

Universal Standards

The Board of Directors conducts an annual and formal evaluation of its performance, following best corporate governance practices and seeking continuous improvement of this governance body. The evaluation is carried out by an external and independent consultancy, and consists of two stages: individual and of the body as a whole. Its methodology includes interviews, online questionnaires and sample monitoring of meetings. Board members’ evaluations are also annual and are conducted by the People Committee, assisted by external consultants. Further to the results obtained in the evaluations, the People Committee holds a preliminary discussion and presents the results and development plans to the Board of Directors. Overall, the results of the last evaluation, carried out in December 2022, showed important and consistent progress, such as the general dynamics of the Board and its interactions. The size and composition of the body were considered effective, especially the mix of skills that was added with the election of new Board members.