Dear Respondent, 

Boards' practices have matured over the years but we still face significant challenges to make a board truly effective. This is a pioneering international survey that investigates behavioral elements that limit the performance of boards around the world and may help address their everyday dilemmas. As only those who sit in boardrooms really understand how boards can be improved, to participate in this survey it is required that you are (or have been no more than 2 years prior to answering the questionnaire):

• a member of one or more boards of directors* and/or
• a member of one or more advisory boards

*This questionnaire does not apply to executive/management boards.

The result of this survey will be used in research papers co-authored by Sandra Guerra, board director and the author of The Black Box of Governance, a book focused on the behavioral aspects of boards, professor Lucas Barros, PhD (USP - University of Sao Paulo) and Rafael Liza, economist and consultant.

This research project is supported by the IFC (International Finance Corporation), a member of the World Bank Group, the University of Sao Paulo (USP) and Better Governance. The average time it takes to answer the survey is 25-30 minutes, according to tests done with board members.

In case you need to pause and resume your answers later, the survey will save your answers up to the last page you have submitted. You can continue later on, from the same or another device, by clicking on the link provided in the invitation email.

Informed consent form:
The survey is voluntary and there are no foreseeable risks associated with it. Your cooperation is very important to the successful completion of this research project. If you decide not to participate there will not be any negative consequences.
Please be aware that if you decide to participate, you may stop participating at any time.

•  The information collected by this survey is subject to the strictest academic confidentiality.
•  Respondents' identities will not be disclosed under any circumstances whatsoever and we will only release the aggregated results of the survey.

We would like to thank you in advance for your assistance and for your time.
We are extremely grateful for your valuable contribution.

Yours sincerely,

Sandra Guerra
Lucas Barros
Rafael Liza
PS.: If you have any doubts about the survey or the procedures, please get in touch with the researchers at the following e-mail: