Committee members and duties

As it is a public company, the BNDES’ financial operations, balance sheets and management policies are overseen by committee members comprising government representatives, external entities and civil society. These committee members are the Advisory Board, the Auditing Committee and the Fiscal Council. Below are the duties of each committee member.

Advisory Board

• At the request of the Minister for Development, Industry and Foreign Trade, provide opinions on relevant issues regarding the country’s economic and social development that are more directly related to the BNDES’ actions;
• Advise the Bank’s president on general lines of action;
• Examine and approve, as proposed by the president of the Bank, the long-term general policies and operational programs;
• Approve and follow up on the execution of the global resources and expenditure budget, as well as examine the annual audit reports and information on the results from the Bank’s efforts;
• Approve the institution’s balance sheets and financial statements;
• Authorize the creation of reserves;
• Provide opinions on the allocation of results;
• Deliberate on the capital increase; and
• Designate the head of Auditing.

Auditing Committee

• Recommend the contracting of independent auditing to the Bank’s Administration;
• Prior to publication, review the half-year accounting statements;
• Assess the effectiveness of independent and internal audits;
• Recommend the correction or improvement of policies, practices and procedures identified within the scope of its attributions to the BNDES’ Board of Directors; and
• Draft reports containing information on its activities and the assessment of the effectiveness of the internal control systems.

Fiscal Council

• Examine and issue opinions on balance sheets and other financial statements, as well as the BNDES Board of Director’s half-year rendering of accounts ; and
• Carry out other attributions foreseen in the Joint-Stock Company Laws.