Recognized in Brazil and internationally as the main reference in disseminating the best governance practices in Latin America, the Brazilian Institute of Corporate Governance (IBGC) is currently a model for institutes the world over. During the week of February 22, it hosted the International Review by the Global Corporate Governance Forum (GCGF), in which it shared its experience with its governance institution peers from such countries as the United States, Finland, Canada, England, Croatia, Bangladesh, Indonesia and the Philippines. One of the IBGC's highlights was its diversified revenue model.

Unlike most governance centers – which earn a living mainly from their members – the IBGC brings in most of its revenue (51%) from other sources. At the occasion, the institute's general secretary Heloísa Bedicks showed that the annual membership fees account for 21% of earnings; events, 3%; certifications and lists of potential corporate board members, 5%; annual congresses, 13%; and sponsorships, 7%. "The small portion obtained from sponsorships is fundamental to maintain our philosophical independence", Bedicks explains. For that same reason, the IBGC also chooses not to offer consultancy services as do some of its counterparts. "The Brazilian institute stands out in the world for its intellectual honesty", says Phil Armstrong, head of the GCGF.

Diversification of revenue sources has proven to be a good idea. The number of courses and students at the IBGC has been growing year by year. In 2009, 990 people participated in 44 courses. In 2008, the figures were much more modest – respectively, 794 people and 25 courses. That growth is partly due to the importance that the theme has been gaining. But, according to Bedicks, it's also a result of the instructors' expertise and continuous keeping up to date. "The institute gathers professionals of a level that you won't find at any consultancy. No one would be able to afford them", she says proudly.