Enhancing Corporate Governance: An Exploratory Study on Overcoming Challenges Faced by the Board of Directors in Implementing the Corporate Governance Code in Brazil

Abstract

This study aims to identify the challenges encountered by boards of directors in effectively implementing the corporate governance code within organizations. Adopting a qualitative and exploratory approach, the research employed semi-structured interviews with a select group of eight professionals chosen based on their extensive experience as board members. The gathered data was thematically categorized and subjected to content analysis. The findings reveal the significant difficulties perceived by these professionals in achieving the code's effective application. Overcoming these barriers, which encompass contextual and dissemination factors, board practices, as well as the roles of directors, shareholders, and regulatory bodies in the market, has the potential to enhance the quality of corporate governance in Brazil.