Diversity in Brazilian corporate leadership shows progress amid challenges

Recent studies indicate a rise in diversity within the leadership of Brazilian listed companies, though significant gaps remain. A survey by B3 and the Locomotiva Institute found that 83% of 290 analyzed companies meet diversity criteria outlined in ESG annexes. While female representation is increasing—with 70% of companies having at least one woman on their board and 51% having at least one in statutory director positions—participation of Black individuals and people with disabilities in decision-making roles remains low.

Data from KPMG highlights that female presence on boards of Brazilian public companies reached 17% in 2026, the highest level in 13 years. However, this figure trails international benchmarks, such as the 29% average in OECD countries and over 34% among S&P companies. Experts suggest that while corporate governance, regulation, and stakeholder pressure are driving change, cultural barriers and the need to move beyond formal compliance toward true organizational inclusion remain key challenges.