Message from the Board of Directors

In 2023, Votorantim reaffirmed its commitment to disciplined capital allocation and preserving its financial strength. This reflects a consistent performance, driven by a responsible approach to long-term investments.

Amid global political and economic volatility, impacting international financial markets, we continued implementing our portfolio transformation strategy, prioritizing the diversification of risk factors and geographies. Among the significant moves, I highlight Votorantim’s entry into the healthcare sector with the acquisition of a stake in Hypera, one of the largest pharmaceutical companies in Brazil.

We are a century-old company with clear commitments to society and the communities in which we operate, driven by an entrepreneurial DNA and unwavering values. These characteristics constitute our competitive advantage.

Our supporting pillars are relevant across three aspects: (1) talent attraction, as we identify growing interest in companies with high ethical standards and clear mission and purpose; (2) accessing credit and capital markets under better conditions as the market, both creditors and investors, recognizes Votorantim’s financial discipline; (3) the ability to form strong partnerships and alliances, a result of our solid reputation. In this regard, looking at our international partners, I mention Auren, which we jointly control with CPP Investments, Votorantim Cimentos in North America, where CDPQ is our partner, and 23S Capital, with Temasek. We also maintain a harmonious and rewarding relationship as co-controllers with partners in Brazil (in banco BV, Citrosuco and CCR).

Corporate governance also forms a crucial part of our business model, and we are constantly improving in this area. As privately held company, we follow the best practices of listed companies, with well-established processes and standards such as risk management, transparency and stakeholder communication. In 2023, we updated our Bylaws and Code of Conduct to reflect the social and economic transformations we are undergoing, and to bolster our actions underpinned by the Votorantim DNA.

There was a planned transition in family governance, where the first 5th generation member was appointed to the Votorantim Board, with a second member to follow suit in 2024.

While respecting the independence of each portfolio company, as an engaged investor we urge them to follow these guidelines, creating value and building rewarding relationships with the market, communities and society at large.

We are always closely monitoring the evolution of socio-environmental responsibility in our businesses. As a result, our portfolio companies’ commitments to the climate agenda and decarbonization continues to show substantial progress. Reservas Votorantim introduced a carbon credit methodology for the Atlantic Forest; Nexa accessed the international debt market linked to sustainability metrics for the first time; and CBA released its climate agenda report following the standards of the Task Force on Climate-Related Financial Disclosures (TCFD), among other leading events to be presented in this Report.

The achievements detailed in this document demonstrate our commitment to creating positive value through the actions of Votorantim and our portfolio companies, and show that the steps taken in our more than one hundred years of history have opened and continue to open pathways for Votorantim’s future. We remain committed to our values, acknowledging our employees, working with our partners and cherishing the trust placed in our work by shareholders.


Eduardo Vassimon

Chairman of the Votorantim S.A. Board of Directors