As a public company, the financial operations, balances and management policies of the BNDES are inspected by joint committees that comprise government representatives, external entities and civil society. These joint committees are the Advisory Board, the Auditing Committee and the Fiscal Council.

Advisory Board

The senior body of the BNDES is the Advisory Board, comprising 11 members appointed by the President of the Republic of Brazil. Their term of office lasts full three years, and the President of the Board is among these members. The President of the BNDES performs the duties of Vice-President of the Advisory Board.

The Minister of Planning, Budgeting and Management; the Minister of Labor and Employment; the Minister of Finance; and the Minister of Foreign Affairs each nominate a member. Remaining members are nominated by the Minister of Development, Industry and Foreign Trade (MDIC).

The following are attributions of the Advisory Board:

• to issue opinions, at the request of the Minister of Development, Industry and Foreign Trade, on issues important to the economical and social development of the country which are most directly associated with the BNDES’ operations.
• to counsel the president of the Bank on the general guidelines of his efforts;
• to examine and approve, when proposed by the president of the Bank, the general policies and long-term operation programs.
• to approve the general resources and expenses budget and to monitor its usage, as well as to examine annual audit reports and information on the Bank’s results and effects;
• to approve the institution’s balance sheets and financial statements;
• to authorize the creation of reserve funds;
• to issue opinions on the destination of results;
• to decide on the increase of capital; and
• to appoint the head of the Auditing Division.  

Presently, the following people comprise the BNDES’ Advisory Board: 

• Fernando Damata Pimentel (president)
• Luciano Galvão Coutinho (vice-president)
• Mauro Borges Lemos
• Carlos Roberto Lupi
• Eduardo Eugênio Gouvêa Vieira
• Artur Henrique da Silva Santos
• Roberto Atila Amaral Vieira 
• Miriam Belchior
• Orlando Pessuti
• Márcio Holland de Brito
• Nominated by MDIC (open)
• Nominated by the MRE (open)
   

Auditing Committee

The Auditing Committee is responsible for the following activities:

• to recommend the independent auditing firm to be hired to the Bank Administration;
• to review the biannual financial statements prior to publication;
• to evaluate the effectiveness of independent and internal audits;
• to provide the BNDES’ Board of Directors with recommendations on the correction or improvement of policies, practices and procedures identified within the scope of their attributions; and
• to elaborate a report containing information on their activities and the evaluation of the effectiveness of internal control systems.

As established in the BNDES’ bylaws, the Auditing Committee will be comprised of up to six members appointed by the Advisory Board and to whom the Committee is expected to report, in accordance with the rules adopted by the National Monetary Board.

Presently, the following people comprise the BNDES’ Auditing Committee:

• João Paulo dos Reis Velloso (coordinator)
• Attílio Guaspari
• Paulo Roberto Vales de Souza

Fiscal Council

The Fiscal Council is responsible for examining and issuing opinions on balance sheets and other financial statements, for rendering the annual accounts of the BNDES’ Board of Directors, and for carrying out other attributions established in the Corporations Act.

The Fiscal Council is comprised of three members and three deputy members, all with a two-year term of office, which may be renewed for the same period. Of these members, two effective members and their respective deputy members are nominated by the Minister of Development, Industry and Foreign Trade (MDIC), and one effective member and his/her respective deputy member are nominated by the Minister of Finance, as representatives of the National Treasury. All are appointed by the President of the Republic of Brazil. 

Effective Members:

• Carlos Eduardo Esteves Lima (Ministry of Development, Industry and Foreign Trade)
• Paulo Fontoura Valle (Ministry of Finance)
• Nominated by MDIC (open)

Deputy Members:

• Clayton Campanhola (Ministry of Development, Industry and Foreign Trade)
• Raul Lycurgo Leite (Ministry of Development, Industry and Foreign Trade)
• Eduardo Coutinho Guerra  (Ministry of Finance)