Under Brazilian law, directors can serve for terms of up to 3 years (Level 2 and Novo Mercado firms are limited to 2-year terms). Directors are subject to removal by shareholders at any time. In practice, multiyear terms are common: almost half of the respondents (42/88; 48%) use the maximum 3-year term permitted by the law; another 15 firms (17%) have two year terms. Only 2 respondents use staggered board terms