Brazil's BNDES moves to reduce reputational risk

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Tuesday, December 11, 2018

The board of Brazil's state-run development bank BNDES approved measures to strengthen the supervision of high level executives in a bid to reduce the risk of scandals.

On an annual basis, the bank will evaluate any potential reputational risks of its executives, board members and also advisers that are hired for specific projects.

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Prior to hiring new executives, the bank will also undertake a background check that will include reviewing media reports about the person in question, BNDES said in a press release.

BNDES is in the midst of a process to strengthen its corporate governance as past administrations of the bank have been accused and criticized for letting politics influence key decisions at the country's largest development lender.