Dear Respondent,

Although boards' practices have matured over the years, we still face significant challenges to make a board truly effective and create value for organizations.

This is a pioneering international survey that investigates behavioral elements that limit the performance of boards all over the world and may help provide answers to some of the everyday dilemmas of board directors.

Only those who sit in boardrooms really understand how these governing bodies can be improved. Those taking part in the survey are required to be (or should have been no more than 2 years prior to answering the questionnaire):

• members of boards of directors and/or

• members of advisory boards

This questionnaire does not apply to executive/management boards, but only to boards of directors or advisory boards.

Feel free to forward this message to other directors or members of advisory boards.

The result of this survey will be used in a research paper co-authored by Sandra Guerra, board director, consultant and the author of "A Caixa-Preta da Governança" (The Black Box of Governance), a book focused on the behavioral aspects of boards, with Lucas Barros (USP-University of Sao Paulo), Director of the graduate program in Controllership and Accounting at FEA-USP and Rafael Liza Santos, 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 15-20 minutes, according to tests done with board members.

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. You may withdraw your consent to taking part at any time, without any problem whatsoever.


• 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.

If you have any doubts about the survey or the procedures, please get in touch with the researchers at the following e-mail:

We would like to thank you in advance for your assistance and for your time.

If you are interested in receiving the results of this study, please provide us with your e-mail at the end of the survey.

The deadline for answering is October 15th. We are extremely grateful for your valuable contribution.

Yours sincerely,

Sandra Guerra
Lucas Barros
Rafael Liza Santos