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Ministry of Economy publishes list of state-owned companies highlighted in governance

The Ministry of Economy released, this Wednesday (1st), the 5th Certification of the IG-SEST Governance Indicator, an assessment tool for federal state companies that verifies compliance with legal, infra-legal provisions and good corporate governance practices.

In total, 60 state-owned companies were evaluated, 45 of which under direct control and 15 subsidiaries. Among the state-owned companies evaluated, 16 were classified as level 1 governance and another 15 at level 2.

The others did not receive classification. The companies classified in the highest level obtained scores from 9.08 to 10, calculated according to the methodology provided for in the regulation. The general average of all companies evaluated was higher than 8.

governance actions

At the award ceremony, Economy Minister Paulo Guedes praised the work of the managers of state-owned companies and highlighted that state-owned companies converted a loss of BRL 35 billion in 2015 to a surplus of BRL 135 million in the first nine months of 2021 with governance actions. “The challenge is to take good care of the Union’s assets. These state-owned companies are assets, this was done with a lot of work by past generations,” said the minister.

According to Guedes, it was necessary to change the management to reach the good result of today. “This effort is extraordinary. This effort prepares and recovers the state-owned companies so that they can have an ever-better market value, an ever-better management”, he highlighted.

“We are going to work on these terms, how to eradicate poverty, how to reduce debt and lower interest rates in Brazil, how to transform public capital,” said the minister.

“State companies represent just over 5% of the GDP in Brazil. So it is a very high value, it is a very high responsibility”, highlighted the deputy executive secretary of the Ministry of Economy, Miguel Ragone de Mattos. “Today represents the importance of working management in this specific area.”

“The importance of Igsest is really to bring recognition to state-owned companies for the governance and transparency work that has been done in the last year,” said Diogo Mac Cord de Faria, Special Secretary for Privatization, Divestment and Markets

“We know that unfortunately a good part of these state-owned companies in the not-so-distant past were involved in the biggest corruption scandals the world has ever seen and today we have received recognition from the OECD [Organização para a Cooperação e Desenvolvimento Econômico] for the establishment of good governance practices in these same state-owned companies”, says Mac Cord de Faria.


Caixa scored 10 at Governance Level 1 for the second time. In 2019, the company also received the note. In 2020, the assessment was not carried out.

“We received the note 10 and, more than that, Caixa was the only state-owned company that had all its subsidiaries also evaluated in group 1. This demonstrates the difference with Caixa”, said the company’s president, Pedro Guimarães. “Today, Caixa has never had so much profit, has never lent so much, and has excellent grades in all assessment bodies, at the Central Bank, at the CGU [Controladoria Geral da União], no TCU [Tribunal de Contas da União], at the external auditors and now at Sest. This recognition is great for us at Caixa Econômica Federal and we are very happy”, highlights Guimarães.

Level 1

Empresa Brasil de Comunicação (EBC) was one of those awarded the Level 1 recognition of Cycle 5 of the IG-Sest. The company got a grade of 9,332 For the EBC CEO, the good result is the result of the work of the entire company team.

“In fact, it is the recognition of the EBC’s governance, in other words, that we are among the top companies in Brazil. I see this as a reflection of the contribution of all EBC employees who contribute, with their day-to-day work, to show that we are an efficient company and that we have Level 1 governance. This is very important”, highlighted Valente.

According to the CEO, for 2022, the challenges to maintain the company’s good governance in the sixth cycle will be even greater, and EBC will continue working to maintain Level 1. “Our main objective is to communicate with the Brazilian population. And we are doing this in a real way. And besides, they have to have management. Here the sign of proof, a stamp that the management is being very efficient”, he highlights.

For the secretary of Coordination and Governance of State-owned Companies, Ricardo Faria, certification helps companies to identify aspects in which there is room for improvement, in an efficient and transparent manner. “Sest has proactively supported and promoted initiatives so that all companies can fully meet the legal requirements set and the development of best governance practices”.

Reference: CNN Brasil

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