Members of the Panel
Nelson Eizirik (chair)
Member of the Market Arbitration Chamber (CAM) since 2003 and a member of the
Brazilian Lawyer Association (OAB) since 2005. He is a speaker and lecturer at academic
seminars and professional meetings. The author of numerous books and articles in specialized
magazines. He was chairman of the Securities and Exchange Commission of Brazil (CVM)
from 1986 to 1988; of the Board of the Rio de Janeiro Stock Exchange from 1990 to 1996; of
the National Financial System Counsel of Appeal (CRSFN) from 1986 to 1988; and of the
National Privatization Program Steering Committee from 1990 to 1992. He was also a
member of International Faculty for Corporate and Capital Market Law and Securities
Regulation in the United States from 1975 to 1985. A B.A. in Law from the Universidade
Federal do Rio Grande do Sul (UFRGS) and a Master’s in Law from the Law School of the
Pontifical Catholic University of Rio de Janeiro (PUC/RJ).
Alexsandro Broedel Lopes
Financial Control Director at Itaú Unibanco, Member of the Board of CETIP, Member of the
Accounting Standards Advisory Forum of the International Accounting Standards
Accounting Board (IASB) and Accounting Professor at the School of Economics, Business
and Accounting at the University of São Paulo (FEA-USP). He was chairman of the
Securities and Exchange Commission of Brazil (CVM) from 2010 to 2011. He has lectured at
the São Paulo Business School of the Getulio Vargas Foundation (EAESP-FGV), Manchester
Business School and London School of Economics. A degree in Law and Accounting from
the University of São Paulo (USP) and a PhD in Accountancy and Finance from Manchester
Business School/London School of Economics.
Celso Clemente Giacometti
Vice-Chairman of the Board and of Board committees of Banco Santander S A. Chairman of
the Fiscal Council and Audit Committee of AMBEV and a member of the Audit Committee
of Votorantim Industrial S.A. (VID). He was a board member and is a member of the
Governance and Nomination Committee of the Brazilian Institute of Corporate Governance
(IBGC). Former CEO of Arthur Andersen in Brazil and a member of its Global Boards of
Directors and Executive Boards. He was managing director of Souto Vidigal S/A and
participated in other boards and committees of listed and unlisted companies, such as Tarpon,
Marisa S/A, O Estado de São Paulo, Sabó, TIM Participações and CTEEP. He is a business
manager and Accountant who has taken specialization courses in Brazil and abroad (Yale,
INSEAD and IMD).
Erasmo Valladão Azevedo e Novaes França
Faculty member in Commercial Law and Associate Professor of the Commercial Law
Department of
the University of São Paulo (USP) Law School. An activist lawyer in São Paulo, he has
published works such as "Conflitos de Interesse nas Assembleias de S/A." (Malheiros, 1993),
"Invalidade das Deliberações de Assembleia das S/A." (Malheiros, 1999), “Comentários à
Lei de Recuperação de Empresas e Falência” (coauthored, 2nd ed., RT, 2007), “Direito
Societário Contemporâneo I” (Quartier Latin, 2009 – coordinator), as well as several articles
in specialized magazines. Former lecturer at the PUC-SP and Mackenzie University law
schools. Former board member and cultural director of the São Paulo Lawyers Association
(AASP). A former member of the Board of Directors of the Study Center for Law Societies
(CESA).
Jaime Leôncio Singer
Vice-president of Strategic Planning for Grupo Marfrig. Experience in corporate finance, in
particular in structuring mergers and acquisitions and capital market operations. He has held
several positions at local and international investment banks that are leaders in the areas in
which they operate. He began his career at Banco Pactual and also spent time at Santander,
Credit Suisse, Bradesco BBI and Deutsche Bank. He has a degree in Economics from the
Federal University of Rio de Janeiro (UFRJ) and an MBA from Harvard Business School.
Jose Alexandre Tavares Guerreiro
An arbitrator who has worked on many relevants, as BMFBOVESPA, the American
Chamber of Commerce (AmCham), the São Paulo State Industries Association (CIESP) and
others, in Brazil and abroad. Professor of Commercial Law at the Faculty of Law of the
University of São Paulo (USP), B.A. and post-graduate. A lawyer in São Paulo and the
Federal District. The author of several legal books, magazine articles and essays in works in
collaboration. A partner at the Brazilian Bar Association (OAB), the São Paulo Lawyers
Association (AASP), the São Paulo Lawyers Institute (IASP) and the Institute of Brazilian
Lawyers (IAB). B.A., M.A. and PhD from the Faculty of Law of the University of São Paulo
(USP).
José Luiz Osório
Partner at Jardim Botânico Investimentos. Former chairman of the Securities and Exchange
Commission of Brazil (CVM) and former director of the Brazilian Development Bank
(BNDES). Country manager at Lehman Brothers in Brazil and former partner-director at
Banco Icatu. He has held executive positions at Banco Garantia and BankBoston.
Member of the board of Banco Triângulo and Attitude Global. Former member of the board
of Lojas Renner and Invest Tur and of the advisory board of the Millstein Center for CG,
Yale University. He has a civil engineering degree from PUC-Rio with a master’s degree in
engineering from Stanford.
Luiz Orenstein
A partner at Dynamo Administração de Recursos. Holds a Production Engineering degree
from the Federal University of Rio de Janeiro (UFRJ), a master’s degree in Production
Engineering from the Alberto Luiz Coimbra Institute for Graduate Studies and Research in
Engineering (COPPE) and a Doctorate in Political Science from IUPERJ. He was director of
the Brazilian Development Bank (BNDES) and PhD professor at the faculty of economics
and administration of the Universidade Federal do Rio de Janeiro (UFRJ).
Luiz Spínola
Currently a hedge fund manager and a member of the board of directors of the publiclytraded companies Cremer, João Fortes Engenharia and Metalúrgica Gerdau and of the
unlisted company Líder. In addition to this he is vice-president of ABRASCA, for which he
is chair of the Self-Regulation of Publicly-traded companies Council, as well as being a
member of two Brazilian Financial and Capital Markets Association (ANBIMA) SelfRegulation Councils - “Capital Markets” and “FIP and FII” respectively. He has been an
executive in several organizations, such as BankBoston, the BNDESPAR subsidiary of the
Brazilian Development Bank, the Securities and Exchange Commission of Brazil (CVM),
Brasilpar, Sudameris and UBS, and a board member of numerous companies, among which
Varig, Springer, Shebe, Medidata and Corrêa Ribeiro. He has a Civil Engineering
degree (UFRJ) and a master’s degree in production engineering (Coppe), with extension
courses in Business Administration from Insead and the London Business School.
Milton Almicar Silva Vargas
A Member of the Board of Directors of Cielo S/A, Monteiro Aranha S/A, Portugal Telecom
and Helbor Empreendimentos S.A. He worked at Bradesco for more than 30 years, at which
his last position was vice-CEO. He has been a member of the board at publicly-traded
companies and at market bodies, among which Fleury S.A., CPMBraxis, the Brazilian
Investor Relations Institute (IBRI), the Credit Guarantee Fund (FGC) and the Brazilian
Accounting, Actuarial and Financial Research Institute (IPECAFI). He has a degree in
Business Administration from University Center FIEO of Osasco (UNIFIEO).
Reginaldo Ferreira Alexandre
Currently Works at ProxyCon Consultoria Empresarial, a company dedicated to advisory and
service provision activities in the capital markets, finances and corporate governance areas.
He is president of the Association of Capital Markets Analysts and Investment Professionals
(APIMEC). He has been a member of the Brazilian Accounting Pronouncements Committee
(CPC) since it was created in 2005 and is a member of the Working Group set up by the
Federal Accounting Council (CFC) to track and give suggestions about the modifications
proposed to accounting international norms issued by the International Accounting Standards
Board (IASB) and to the proposals of the International Financial Reporting Interpretations
Committee (IFRIC). A member of the fiscal councils of publicly-traded companies such as
Petrobras, Paraná Banco, Unipar, Iochpe Maxion and Grendene. He has 15 years of
experience in investment analysis, as an analyst, organizer and director of analysis teams,
having held these positions successively at
Citibank, Unibanco, BBA (now Itaú-BBA) and Itaú Corretora de Valores. He has also
worked as a corporate credit analyst (Citibank) and as a consultant in the areas of strategy
(Accenture) and corporate finance (Deloitte). He is an economist.