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Munhro Cunha

Mauro R da Cunha, NACD.DC

Job title
Independent Director
Current employer
Vale, Klabin, and brMalls

Mr. Cunha is an independent director, having served on boards of listed companies since 1999. Presently serving on the boards of Embraer (Member of the Audit Committee), Klabin, Hypera Pharma and AES Brasil. Previous engagements include services as Chairman of the Board of Caixa Economica Federal (2019-2020) (the largest Brazilian bank in number of clients), being the first independent director elected by investors at Petrobras (2013-2015), serving as a director of Vale (2021-2023, Chair of the Remuneration Committee, Member of the Sustainability Committee), Totvs (2016-2022), the largest IT company in Brazil, Eletrobras (2018-2021, Chair of the Audit Committee), one of the largest clean energy companies in the world, and brMalls (2016-2023, Chair of the Audit Committee), among others. He has served on the board of 4 NYSE-listed companies. He has also served as Chairman of the Board of IBGC (2007-2009) - one of the largest corporate governance institutes in the world.

He was the CEO of the Associação de Investidores no Mercado de Capitais - AMEC (“the Capital Markets Investors’ Association”).  In the that capacity, he led an organization of 60 institutional investors with app. USD 150 billion under management in Brazilian equities, aiming to improve capital markets and shareholder rights. In 2017, AMEC received the Excellence in Corporate Governance Award, granted by the International Corporate Governance Network (ICGN). He has been a leader in advocacy and influencing policy making related to capital markets and corporate governance in Latin America. Before Amec, he worked for 18 years in several asset management companies, such as Opus, Mauá, Bradesco Templeton, Investidor Profissional, Banco Pactual, Morgan Stanley Asset Management and Deutsche Morgan Grenfell, among others. Mr. Cunha also acts as a consultant and lecturer in corporate governance.

Mr. Cunha holds an MBA from Chicago Booth, as well as a BA in Economics from PUC-Rio. He has been a CFA since 1997. Certified by the NACD, IBGC, Apimec and Anbima.

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