A Board is not a showcase. It is the place where the decision the operation keeps postponing has to be forced

A Board is not a showcase. It is the place where the decision the operation keeps postponing has to be forced.

I was at BTG Pactual's CEO Conference and at Exame's ESG Summit, at tables where decisions truly weigh.

I did not go to hear trends. I went to see where deliberation stalls and why.

The conclusion repeats itself: the problem is rarely technical. It is Corporate Governance that approves the diagnosis and does not approve the decision. It is Strategic Advisory that turns into an archived opinion.

Sitting at the table changes nothing. Forcing the deliberation changes everything.

• A Board that only validates does not govern.
• An agenda without deliberation is cost dressed up as prudence.
• A decision pushed to the next quarter never arrives.

As a Board Member, I am not there to agree. I am there to expose what nobody wanted to sign.

To govern is to decide before the market decides for you.