Governança corporativa e a rentabilidade da FUNPRESP: um estudo de caso

Abstract

This study aims to analyze corporate governance practices and the profitability of the Foundation for the Complementary Pension of Federal Public Servants (Funpresp). It focuses on the relationship between corporate governance, financial governance, and observed profitability. Employing a descriptive, explanatory, and mixed-methods (quanti-qualitative) approach, a case study was conducted on this entity. Data and information were collected from the organization’s regulations, policies, and bylaws via its official website and analyzed using the content analysis technique. The research scope included general administration standards, asset formation and investment rules, investment portfolio composition, and portfolio 3 profitability. The results highlight how governance positively influences organizational management and control. Key findings reveal a governance vulnerability, with nearly 9% of capital concentrated under a single third-party manager, and profitability falling below expectations in three of the five years analyzed. The study concludes that the entity has managed its governance effectively, handling risk management with responsibility and transparency, despite failing to meet profitability targets for its participants in certain cycles. Finally, this study provides the board of directors, management, and participants with a deeper understanding of the benefits that robust corporate governance can provide.