Americanas SA has a Board of Directors made up of seven members and adopts a series of initiatives that go beyond what the Novo Mercado requires, such as the participation of independent directors in the composition of the Board of Directors in a greater number than the minimum required.

The evaluation of directors is based on the financial and operational goals established in the previous year. Every year, the Council meets quarterly or whenever necessary when called by its President.

The Board of Directors, as a collegiate body, is responsible for carrying out the duties that the law, the Bylaws and the Board of Directors grant to it in order to carry out the necessary acts for the regular functioning of the Company.