A common governance recommendation is that the CEO and Chairman positions should be split, to
prevent the CEO from having too much power over the firm. This concern is less important when the CEO
faces oversight from a controlling family or group. Most Brazilian firms have different persons as CEO and
Chairman; 62 of the 88 respondents (71%) separate these roles. The common Brazilian pattern is for the
chairman to represent the controller. We know of no research on whether separating these roles is valuable
for family-controlled firms