Folha and FGV's Center for Financial Studies launched on Wednesday (17) the second edition of the survey on diversity in Brazilian companies, examining gender, race, and age inclusion in publicly traded firms. The study shows subtle improvements in female and Black, Brown, and Indigenous participation but warns of persistent inequalities in top management and diversity washing practices. Drawing from CVM data for 2024, the report highlights 20 leading DEI companies and notes data omissions by 85 firms.
The second edition of the Diversity in Companies study, a partnership between Folha and FGV's Center for Financial Studies, was launched on December 17, 2025. The survey analyzed 403 medium and large publicly traded companies based on 2025 CVM Reference Forms, referring to 2024 data collected on July 31, 2025. Companies with fewer than 100 employees were excluded due to lack of comparability.
Researchers included metrics on gender, race (Black, Brown, and Indigenous people, or PPI), and age (people 50 years or older). There was slight progress in female participation: 13.4% in director positions, 17.8% on the board of directors, 35.4% in leadership roles, and 37.7% in non-leadership roles. For PPI, figures are 33.7% in leadership, 49.9% in non-leadership, but only 4.7% in directorates and 3.7% on boards. "Improvements were very subtle, especially at the top of management," says Henrique Castro, FGV professor and co-author.
The DEI index, calculated with 40% weights for gender and race, and 20% for age, identified the 20 most diverse companies, prioritizing geographic distribution across all Brazilian regions. Banco do Brasil and TIM lead nationally, with retail standing out (Pague Menos, Renner, C&A). However, 50% of companies have no women in directorates and 75% no PPI in top management. Claudia Yoshinaga, FGV professor, warns: "There is a gigantic disparity, considering Brazil's majority of women and Black people".
Additionally, 85 companies (21%) omitted diversity data, especially racial in top management, such as Casas Bahia and Rede D’Or. The CVM, since 2022, requires transparency, but absence limits inclusion policies, according to the commission.
The study also integrates Datafolha research, showing 71% value diversity, but gender and race are seen as career barriers by 23% and 24%, respectively. The US anti-diversity wave had varied impacts, with over 50 companies leaving LGBTI+ forums in Brazil.