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Caixa to improve transparency, ethics with new corporate governance rules

The board of Brazil's Caixa Econômica Federal on May 10 approved a set of new measures meant to strengthen corporate governance, including rules for the areas of security of information, transparency, ethics code, internal control and audit.

In a statement, the state-run bank said it was creating an executive board to oversee internal controls as well as an audit department and a so-called transparency portal with information on its processes, policies and committees. Caixa also said it revised the structure and functioning of statutory boards and its code of ethics and conduct.

The move follows an overhaul of Caixa's corporate structure that was made in January after a string of corruption scandals led to criminal investigations into several vice presidents of the bank. which shifted powers to an independent board. The new framework also established rules for board committees, risk management procedures and that at least 25% of Caixa's board is made up of independent directors.