Corporate Governance

Board of Directors and Management

• Board of Directors
• Executive Board

Board of Directors

Gilberto Mifano - Chairman
Elected in May 2008. Gilberto Mifano held the position of Chief Executive Officer at BOVESPA from 1994 to 2007. In 2007, he cumulatively held the position of CEO and Investor Relations Officer at BOVESPA Holding S.A. He graduated with a degree in Business Administration from the Getulio Vargas Foundation (FGV). Mr. Mifano is also Vice-Chairman of the Board of the Brazilian Institute for Corporate Governance (IBGC), a Board member of the World Federation of Exchanges (WFE), and an Executive Committee member of the Iberian American Exchange Federation (FIAB).

Ary Oswaldo Mattos Filho - Vice Chairman
Elected in May 2008. Mr. Mattos Filho, 68 years old, is an independent member of BM&FBOVESPA S.A. Board of Directors. Mr. Mattos Filho is a lawyer and holds a bachelor’s and a master’s degree in business law, as well as a PhD degree in tax law from Universidade de São Paulo, in addition to a master’s degree in law from Harvard University. Mr. Mattos Filho is a founding partner of the law firm Mattos Filho, Veiga Filho, Marrey Junior e Quiroga Advogados; an executive officer and a professor at the Law School of Fundação Getúlio Vargas; an arbitrator at the Brazilian Center for Mediation and Arbitration (CBMA - Centro Brasileiro de Mediação e Arbitragem) and at the Market Arbitration Chamber established by São Paulo Stock Exchange; a member of the Institute of Finance Law of the Law School of Universidade de São Paulo; and member of the permanent arbitration panel of the Conciliation and Arbitration Chamber of Fundação Getúlio Vargas, in São Paulo. Mr. Mattos Filho is also a former president of the Brazilian Securities Commission (CVM), and chairman of the board of directors of the Business School of Fundação Getúlio Vargas, in São Paulo, a member of the Brazilian National Monetary Council (CMN) and of the Steering Committee of the Brazilian Government Privatization Program.

Craig Donohue
Elected in May 2008. Mr. Donohue, 46 years old, holds a degree in Law and a Master of Management degree from Northwestern University’s J.L. Kellogg Graduate School of Management, United States. Mr. Donohue is the Chief Executive Officer and a director of the CME Group since July 2007, in the past having held high-level executive positions in CME Holdings Inc. and the Chicago Mercantile Exchange (CME). He is the chairman of the board of the U.S. National Council on Economic Education (NCEE); he is also a member of the Executives’ Club of Chicago board of directors and the Chicagoland Chamber of Commerce,and serves on the Commodity Futures Trading Commission’s Global Markets Advisory Committee.

Gustavo Henrique de Barroso Franco
Elected in May 2008. Mr. Franco, 51 years old, is an independent member of BM&FBOVESPA S.A. Board of Directors. He holds B.S. (1979) and master’s (1982) degrees in Economics from Pontifícia Universidade Católica of Rio de Janeiro, and both an M.A. (1985) and a PhD (1986) from Harvard University. He was a professor, researcher and consultant for economic matters between 1986 and 1993, specializing in inflation, stabilization and international economy. Subsequently, from 1993 though 1999, he was Secretary of Economic Policy, an assistant of the Brazilian Ministry of Finance, Director for International Matters and Governor of the Central Bank. Mr. Franco had an active role in formulating, implementing and administering the Real Plan, among other activities. In 1999, he dedicated his time to academic activities, and in 2000 he founded Rio Bravo Investimentos, a firm engaged in financial services, mergers and acquisitions, investments and securitization, which is currently his primary occupation. He has held and still holds a seat on various boards of directors and advisory boards and participates in corporate events as a lecturer. Simultaneously, he is devoted to academic activities (classes and research studies) and writes articles for newspapers and magazines.

José Roberto Mendonça de Barros
Elected in May 2008. Mr. Barros 63 years old, holds a degree in Economics, a PhD degree from Universidade de São Paulo, and a post-doctorate degree from the Economic Growth Center at Yale University. Mr. Barros is a consultant and a member of the boards of directors of BUNGE Foundation, of GP Investments, of Tecnisa S.A., and of Frigorífico Minerva; he is also amember of the advisory committee of Companhia Brasileira de Distribuição (Pão de Açúcar). In the past, he was a member of the strategic committee of Cia Vale do Rio Doce, a managing partner of Mendonça de Barros Associados S/C Ltda, a Secretary of Economic Policy of the Brazilian Ministry of Finance and executive secretary of the Foreign Trade Chamber attached to the Office of the President of Brazil. In the academic field, he was a visiting professor at the department of rural sociology and farm economics at Ohio State University, and an assistant professor at School of Economics of Universidade de São Paulo. He is also a former director of Companhia Energética de São Paulo (CESP), Eletropaulo, CPFL and Comgás.

Julio de Siqueira Carvalho de Araújo
Elected in May 2008. Mr. Araujo, 53 years old, began his career in March 1978 at Banco BCN S.A., an institution acquired by Banco Bradesco S.A. in 1997, and has held several positions in the banking industry. In October 1989, he was elected executive officer of Banco BCN S.A. in August 2000, he was elected executive vice-president of Banco Bradesco S.A., a position he currently holds, and also participates in the board of directors of various companies belonging to Banco Bradesco. He is a member of the board of trustees and director of Bradesco Foundation, alternate member of the board of directors of the Interbank Chamber of Payments (CIP - Câmara Interbancária de Pagamentos) and an active member of the consulting board of Brazilian Association of Real Estate Credit and Savings Entities (ABECIP - Associação Brasileira das Entidades de Crédito Imobiliário e Poupança). Mr. Araujo was formerly an active member of CBLC Board of Directors.

Luiz Gonzaga de Mello Belluzzo
Elected in May 2008. Mr. Belluzzo, 65 years old, is an independent member of BM&FBOVESPA S.A. Board of Directors. He holds a law degree from Universidade de São Paulo in 1965, and studied social sciences at Faculdade de Filosofia, Ciências e Letras of the same university from 1963 to 1966. He attended a program on economic development held by Latin American and Caribbean Economic Commission (Comissión Económica para America Latina y el Caribe) / Latin American and Caribbean Institute of Economic and Social Planning (Instituto Latino Americano y el Caribe de Planificación Económica y Social) and completed a graduate program in 1969, with specialization in industrial development and programming. He was hired as an assistant professor at the Department of Economics and Economic Planning (DEPE - Departamento de Economia e Planejamento Econômico), of Universidade Estadual de Campinas, where he completed his PhD in 1975. He became a professor at Universidade Estadual de Campinas (Unicamp) in 1986, and between 1985 and 1987 was Secretary of Economic Policy of the Ministry of Finance. Subsequently, between 1988 and 1990, he was Secretary of Science and Technology of the State of São Paulo. Currently, Mr. Belluzzo is a professor at Unicamp and at FACAMP - Faculdades de Campinas, of which he was a founding member. He is also responsible for the Monetary and Financial Theory graduate programs at Universidade de Campinas. In 2001, he was included in the Biographical Dictionary of Dissenting Economists amongst 100 of the most notable dissenting economists of the 20th Century; as the author of Ensaios sobre o Capitalismo no Século XX, he was awarded the 2005 Troféu Juca Pato for best intellectual of the year, by the Brazilian Writers’ Union (União
Brasileira de Escritores).

Manoel Felix Cintra Neto
Elected in May 2008. Mr. Cintra Neto, 59 years old, graduated with a degree in Economics and began his career in the financial markets in 1970, holding leading positions in the following financial institutions: Banco Bozano Simonsen, Banco Multiplic, Multiplic Corretora de Valores Mobiliários, Banco Multistock, Multistock Corretora de Câmbio e Valores, Máxima Promotora de Vendas and Máxima Financeira. In April 2003, as a result of a merger of Multistock with Banco Indusval, he became a shareholder and the chief executive officer of Banco Indusval Multistock, in addition to participating in the Board of Directors or executive boards of various cultural and charitable institutions. In the past, Mr. Cintra Neto held management positions in entities epresenting the financial industry, including Brazilian National Association of Investment Banks (ANBID - Associação Nacional de Bancos de Investimento), the Brazilian Federation of Banks (FEBRABAN - Federação Brasileira de Bancos) and the Board of Directors of the Brazilian Clearing and Depository Corporation (CBLC - Companhia Brasileira de Liquidação e Custódia).

Marcelo Trindade
Elected in May 2008. Mr. Trindade, 43 years old, is an independent member of BM&FBOVESPA S.A. Board of Directors. Mr. Trindade holds a degree in Law from Pontifícia Universidade Católica of Rio de Janeiro. He has been practicing law since 1986, and is a partner at the law firm of Trindade Sociedade de Advogados. He has also been a professor of Corporate Law of the postgraduate program of the Law School of Fundação Getúlio Vargas, in Rio de Janeiro. In the past, he was a partner at the law firm of Cardoso, Rocha, Trindade e Lara Resende Advogados (between 1994 and 1998) and at the law firm of Tozzini, Freire, Teixeira e Silva Advogados (between 1999 and 2000 and then again between 2002 and 2004). Between 2000 and 2002, he was a director of the Brazilian Securities Commission (CVM - Comissão de Valores Mobiliários) and the chairman of its board between 2004 and 2007.

René Marc Kern
Elected in May 2008. Mr. Kern, 44 years old, is a Managing Director of General Atlantic LLC, a global growth equity firm that provides capital and strategic support for growth companies,at which he is also the global lead executive for financial services. He has been with General Atlantic LLC since 1996, after six years with Morgan Stanley and an earlier position as a management consultant with Bain & Company in Boston, MA. Mr. Kern is also a director of Getco Holding Company, LLC, an electronic liquidity provider and trading firm, RiskMetrics Group, Inc., a leading provider of risk management and corporate governance solutions to the financial community, and Intec Telecoms Systems Plc, a provider of business and operations support systems. He has a B.S. from the University of California, Berkeley, and both an M.B.A. and an M.A. from the University of Pennsylvania.

Roberto Rodrigues
Elected in May 2008. Mr. Rodrigues, 65 years old, is an independent member of BM&FBOVESPA S.A. Board of Directors. He is also the coordinator of the Agribusiness Center of Fundação Getúlio Vargas, a professor at the Department of Rural Economy of Universidade Estadual Paulista (UNESP), Jaboticabal unit, and visiting researcher at the Institute of Advanced Studies of Universidade de São Paulo. He is the author of three books and co-author of several www.bmfbovespa.com.br others. He holds a Honoris Causa degree from UNESP and is a former member of Luiz de Queiroz Agricultural Studies Foundation (FEALQ - Fundação de Estudos Agrários Luiz de Queiroz), of the Advisory Board of Brazilian Agricultural Breeding Research Corporation (EMBRAPA - Empresa Brasileira de Pesquisa Agropecuária), of the State Science and Technology Board (Conselho Estadual de Ciencia e Tecnologia), of the Board of Directors of the School of Business Administration of Fundação Getúlio Vargas, and of the Higher Agricultural Council of the State of São Paulo (Alto Conselho Agrícola do Estado de São Paulo), among others. Mr. Rodrigues is the chairman of the Higher Council for Agribusiness of FIESP - Federação das Indústrias do Estado de São Paulo (São Paulo State Industry Federation) and cochairman of the Interamerican Ethanol Commission (Comissão Interamericana do Etanol). He was Ministry of Agriculture, Livestock and Supply from January 2003 through June 2006, and Secretary of Agriculture and Supply of the State of São Paulo. As a representative of the agribusiness sector, Mr. Rodrigues was a member of various councils, such as the Brazilian National Monetary Council (CMN), Council for Rural and Agroindustrial Credit (Conselho de Crédito Rural e Agroindustrial), Brazilian Agribusiness Council (Conselho Nacional do Agronegócio), Brazilian Council for Agricultural Policy (Conselho Nacional de Política Agrícola), Brazilian Foreign Trade Council (Conselho Nacional de Comércio Exterior) and the World Wildlife Foundation (WWF). He is a former president of both the International Organization of Agricultural Cooperatives (Organização Internacional de Cooperativas Agrícolas) and the International Cooperative Alliance (Aliança Cooperativa Internacional) from 1997 through 2001.

Executive Board

Chief Executive Officer
Edemir Pinto
Edemir Pinto held the position of Chief Executive Officer of BM&F from April 1999 to the beginning of May 2008. Economist, Mr. Pinto joined BM&F in January 1986. In July 1987 he was promoted to the position of Derivatives Clearinghouse Officer and was responsible for risk management, settlement, participant registration, collateral, custody and controllership.

Chief Clearinghouse, Depository and Risk Management Officer
Amarílis Prado Sardenberg
Bachelor’s degree in Economics from Universidade de São Paulo (FEA-USP). Joined BOVESPA in 1989 and held the position of Brazilian Clearing and Depository Corporation (CBLC) Officer since 1997. She was responsible for BOVESPA’s Special Projects and International Relations areas; the Center for Economic and Social Research of the State of São Paulo (the SEADE Foundation); Gazeta Mercantil’s Research Center. Ms. Sardenberg was also part of the Executive Committee Member of CCP 12, a global association composed of the major international central counterparties, and of the Executive Committee Member of ACSDA, an association of the central depositories of the Americas. Ms. Sardenberg is now in charge of Settlement, Depository, Risk Management Systems, Bank and Participant Registration Activities.

Chief Financial Officer
Carlos Kawall Leal Ferreira
Bachelor’s degree in Economics from FEA-USP; Master’s degree and PhD in Economics from Universidade Estadual de Campinas (UNICAMP). Held the position of BM&FBOVESPA´s Executive Officer. He was BNDES Financial and Capital Market Director; National Treasury Secretary; Chief Economist of Citigroup in Brazil; Advisor to the President of Eletropaulo; CESP Market Relations Coordinator; Advisor to BANESPA’s President and Vice-President of Investments. Licensed Professor of Public Finance and Financial System at the Pontifícia Universidade Católica de São Paulo (PUC-SP); researcher at the Business Administration Development Foundation’s Institute of Public Sector Economics. Mr. Kawall is now in charge of Investor Relations, Finance, Planning, Cost and Other Controls.

Chief Operating Officer
Cícero Augusto Vieira Neto
Bachelor’s degree in Economics from FEA-USP; PhD in Economics from FEA-USP. He held the position of BM&F Chief Clearinghouse Officer, Head of the Risk Management Department at BM&F and at Matrix Bank, where he was responsible for the risk management of the bank’s treasury department and the investment funds managed by Matrix DTVM. Member of ANBID’s Self-Regulation Board for Qualified Services to the Capital Market. Mr. Vieira Neto is now in charge of Operations, IT/Trading, IT/Post-trading, IT/Infrastructure and architecture and also of IT/External Services.

Chief Corporate Affairs Officer
Helcio Fajardo Henriques
Bachelor’s degree in Economics from Rio de Janeiro’s College of Political Science and Economics. Joined the company in 1988 and held the position of Corporate Affairs Officer of BOVESPA Holding, BOVESPA and CBLC. Company Relations Director, Market Development Director, Advisor to the CEO at BOVESPA; Chief Executive Officer, Company Relations Head, and Securities Registration Manager at CVM; held positions in the commercial and capital market areas at BANERJ, Halle Bank and Bahia Bank. Mr. Henriques is now in charge of Human Resources, Legal Affairs, Administration, Institutional Relations and Communications, Press Office, Internet and Marketing.

Chief Products Officer
Murilo Robotton Filho
Bachelor’s degree in Economics from FAAP-SP; MBA in Finance from the IBMEC School of Economics and Business Administration (SP). Since July of 2004, Managing Director of Treasury at Citibank S.A., responsible for foreign exchange, interest rate, Ibovespa futures and options, in addition to NDF trading in NY. Head of the Treasury and Investment Sales Desk, Dollar Desk Head Trader, Dollar Desk Trader and Local Money Market Trader at Citibank NA; Head of the Open Desk at BMC Bank SA and Controller at Garantia Bank. Chairman of the BM&F Financial Assets Advisory Committee; lecturer at the BM&F Institute of Education. Mr. Robotton Filho is now in charge of Floating Rate, Fixed Rate and FX and Commodities.

Chief Business Development Officer
Paulo de Sousa Oliveira Jr.
Bachelor’s degree in Engineering from Poli-USP. He held the position of Partner of ProFinancial Consulting. Conceived and has provided support, since 2006, for the implementation of the BM&F Operational Qualification Program (PQO). Treasury Officer at Bank of New York, Crédit Lyonnais and Irving Trust. Vice-Chairman of the BM&F Ethics Committee and former Chairman of the BM&F Financial Assets Advisory Committee, President of the Renovo Institute, a philanthropic organization. Mr. Oliveira Jr. is now in charge of Business Development, Company Relations, International Relations and Market Strategy.

Chief Integration Officer
Renato Mercadante Mortari
Law degree from Mackenzie University and LL.M. from Cornell University. He held the position of BM&F Chief Corporate Officer.  Corporate Affairs Director, General Counsel and Secretary of the BM&F Board of Directors and the BM&F Advisory Board; attorney and associate in the law offices of Shearman & Sterling (NY) and Murray, Goulart Penteado, Iervolino and Lefosse Advogados (SP). Mr. Mortari is now in charge of Integration and Strategic Projects.

Atualizado em: 8/22/2008