Brazilian law requires public companies to have a board of directors, with at least three members. Firms
that list on Bovespa Level 2 or Novo Mercado must have at least 5 member boards.8 In practice, most firms
have relatively small boards. As Table 5 shows, over two-thirds of responding firms have boards with 3–7
board members, with a mean (median) of 6.8 (6) members. Only five firms (6%) have more than 11
directors