An Interview with Helen Lane

Assessing the Changing Roles of the Brazilian Development Bank

“…However, although there is little evidence that the main bank and/or BNDES‐Par had greater influence on firm behaviour than the market overall, it was likely to take advantage of its position when it had a big enough stake in a company to nominate directors to the company's board. Anecdotal evidence and market perception certainly suggests that BNDES‐Par often took a more activist stance on company direction and management than was typical of international investment banks and funds (Landers, ). BNDES could demand improvements in corporate governance and use its considerable financial clout to push for government policy preferences (e.g.…”