By Brazil Stock Guide – The top executives at Brazil’s largest publicly traded companies received an estimated R$1.35 billion in compensation in 2024, about 17% more than in 2023, according to a survey by consulting firm Elos Ayta based on disclosures filed with Brazil’s securities regulator, the Comissão de Valores Mobiliários (CVM).
The data refers to the main executives of 20 companies included in the Ibovespa, Brazil’s benchmark stock index, which represents the most traded and largest publicly listed companies in the country.
The increase in remuneration reflects both stronger corporate performance in several sectors and the growing importance of variable compensation tied to financial targets and share performance.
Ranking of executive pay
The 2024 ranking is led by Itaú Unibanco, Brazil’s largest private bank, whose top executive received an estimated R$81.7 million in compensation.
The second position is held by PRIO, an independent oil producer focused on offshore assets in Brazil, where the main executive earned about R$64.2 million.
Suzano, the world’s largest producer of hardwood pulp used in paper and packaging, ranks third with approximately R$56.5 million.
The top five is completed by Localiza, Latin America’s largest car rental company, with about R$52.6 million, and mining giant Vale, one of the world’s leading iron ore exporters, with around R$51.8 million.
Together, these companies illustrate how globalized Brazilian corporations with large-scale operations tend to offer the largest executive compensation packages.
Banks remain major payers
Banks continue to occupy a prominent place in Brazil’s executive pay landscape.
Beyond Itaú, the ranking includes Santander Brasil and Bradesco, two of the country’s largest financial institutions. The presence of multiple banks among the top executive pay packages reflects the scale and profitability of Brazil’s banking sector, which is among the most concentrated and profitable in the world.
High profitability and recurring earnings in banking often translate into large performance-based bonuses and long-term incentive programs, which can significantly increase total executive compensation.
Commodities and energy sectors dominate
Commodity-linked industries also feature heavily in the ranking.
Companies such as Vale, Suzano, PRIO, Cosan, Ultrapar and Klabin operate in sectors tied to global markets, including mining, oil, fuel distribution and pulp production.
Because these industries require large capital investments and operate on a global scale, executive compensation packages frequently include performance incentives linked to operational results, commodity prices and shareholder returns.
Strong increases at some companies
Several companies recorded notable increases in executive remuneration between 2023 and 2024.
At PRIO, estimated compensation for the main executive rose from about R$40.6 million in 2023 to R$64.2 million in 2024, reflecting the company’s rapid production growth and strong profitability in Brazil’s offshore oil sector.
Embraer, the Brazilian aerospace manufacturer, also saw a sharp increase. Executive compensation rose from about R$15 million in 2023 to roughly R$40 million in 2024, following improved aircraft deliveries and stronger financial results after several difficult years during the pandemic.
Not all companies are thriving
Despite the strong pay levels at the top of the ranking, some companies included in the list are facing financial challenges.
Healthcare group Hapvida, for example, has been under pressure from investors due to high debt levels and weaker-than-expected financial performance, following the integration of acquisitions that significantly expanded the company’s operations.
Retailer GPA (Pão de Açúcar) also faced financial strain and entered extrajudicial restructuring in March, a legal process used in Brazil to renegotiate debts with creditors outside the courts.
Conglomerate Cosan, one of Brazil’s largest energy and infrastructure groups, has also faced market scrutiny and received capital injections from investors amid financial pressures in 2025, highlighting the challenges some highly leveraged corporate groups have encountered.
A broader economic context
The rise in executive compensation is taking place during a period of steady economic expansion in Brazil.
Brazil’s gross domestic product (GDP) grew about 3.4% in 2024, after expanding 3.1% in 2023, extending an economic recovery that began in 2021 after the pandemic shock.
Stronger economic activity, higher commodity prices and improved corporate earnings in several sectors have helped support both company profits and the performance-based compensation systems used for senior executives.
A three-year perspective
Looking at a broader time horizon, the survey shows that the main executives of the 20 Ibovespa companies accumulated about R$2.04 billion in estimated compensation between 2022 and 2024.
In 2022 alone, estimated compensation for the group totaled roughly R$1.10 billion, rising to about R$1.16 billion in 2023 before reaching R$1.35 billion in 2024.
These figures suggest a gradual increase in executive pay in Brazil’s largest companies, broadly tracking the recovery in corporate earnings and economic activity after the pandemic.
How the estimates are calculated
The survey was prepared by Elos Ayta using publicly available information disclosed by Brazilian listed companies in Reference Forms filed with the Comissão de Valores Mobiliários, Brazil’s securities regulator.
Brazilian regulation does not require companies to disclose the exact individual remuneration of executives. Instead, companies report aggregated information about the potential compensation of their statutory executive directors.
For that reason, the figures in the ranking represent estimates based on the maximum potential remuneration disclosed, including fixed salaries, annual bonuses and long-term incentive plans.
In some companies, the top executive is also a major shareholder, which can influence how compensation packages are structured, particularly when a large portion of remuneration comes from equity-based incentives.
As a result, the estimated values do not necessarily correspond to the exact amount effectively received by a specific executive, since final payouts may vary depending on performance targets, contractual provisions, stock-based compensation plans and deferred payment mechanisms, says Elos Ayta.
Top Executive Pay at Ibovespa Companies (2024)
Estimated compensation of main executives – R$ millions
| Rank 2024 | Company | Sector | 2024 (R$ mn) | 2022–2024 Total (R$ mn) |
|---|---|---|---|---|
| 1 | Itaú Unibanco | Banking | 81.73 | 208.62 |
| 2 | PetroRio | Oil & Gas | 64.23 | 129.42 |
| 3 | Suzano | Pulp & Paper | 56.47 | 111.59 |
| 4 | Localiza | Mobility / Car Rental | 52.59 | 129.70 |
| 5 | Vale | Mining | 51.81 | 164.43 |
| 6 | Hapvida | Healthcare | 43.43 | 193.02 |
| 7 | Ambev | Beverages | 42.27 | 98.43 |
| 8 | B3 | Financial Infrastructure | 40.95 | 108.33 |
| 9 | Cosan | Energy / Logistics | 40.70 | 117.44 |
| 10 | Embraer | Aerospace & Defense | 40.07 | 63.53 |
| 11 | Santander Brasil | Banking | 37.26 | 88.94 |
| 12 | Ultrapar | Fuel Distribution | 36.58 | 75.31 |
| 13 | Pão de Açúcar (CBD) | Retail / Food | 30.98 | 60.10 |
| 14 | Bradesco | Banking | 27.87 | 85.74 |
| 15 | Klabin | Pulp & Paper | 26.42 | 56.16 |
| 16 | Cury | Real Estate | 25.51 | 70.35 |
| 17 | Smart Fit | Fitness | 24.51 | 63.03 |
| 18 | Rede D’Or | Healthcare | 23.03 | 67.09 |
| 19 | Assaí | Food Retail | 22.77 | 79.07 |
| 20 | Eneva | Power Generation | 9.23 | 73.82 |
Source: CVM filings Compilation: Elos Ayta
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