On March 20, the Group of Institutes, Foundations and Companies (GIFE), in partnership with the Brazilian Corporate Governance Institute (IBGC), launched the second edition of Guide on Best Governance Practices for Foundations and Business Institutes. Sponsored by the  Odebrecht Foundation and Banco do Brasil Foundation, together with the Camargo Corrêa Institute, the proposal is to promote best governance practices among the country’s main social investment agents, establishing standards of transparency, equality, accountability and responsibility.

The new material reviews and improves the first edition, launched in 2009. “We felt the need to make improvements,” explained Pamela Ribeiro, Knowledge Coordinator at GIFE. “The topic is extremely important for social organizations, although relatively recent in the sector,” said Ribeiro.

One of the main modifications is related to the topic of the institutions’ relationship with the sponsoring companies, moving forward with the discussion of the service offer and use of the brand. The new edition also addresses themes such as orientations for contracting, evaluation of the main executive and technical team and the contracting of audits, among others.

“Governance is an extremely important topic and the publication seeks to disseminate best practices, valuing the foundations and business institutions,” said Delcy Machado, Vice President of Sustainability at the Odebrecht Foundation, who represented the Odebrecht Foundation at the launch. “With this, it consolidates the lessons learned related to the sound administration of these organizations,” said Machado.

The construction process for this new edition was participative. Initially, members and partners analyzed the material and presented suggestions for review. During the second phase, which took place at the end of 2013, the material was presented for public consultation, receiving new contributions.