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Once the technical evaluation has been completed, an independent technical committee oversees and reviews MZ’s findings and final rankings. Companies are analyzed in alphabetical order, and the results of the evaluation are released at the award ceremonies in February and March of the following year.

In conducting the review, technical committee members perform tests of the results and evaluations developed by MZ analysts, and such other procedures, as they consider necessary, to provide a reasonable basis for their review. Technical committee members assess the results and evaluations against the evaluation criteria established by MZ. Please note that the legal members of the independent review committee do not review the Corporate Governance Ranking as the results of this ranking are based on answers provided by participating companies to a specific corporate governance questionnaire.

The independent technical review is performed to obtain reasonable assurance that the results and evaluations are free of material misstatements or omissions, and the parties acknowledge that absolute assurance is not attainable. It is acknowledged that the results and evaluations and the underlying records and supporting documents and procedures are the responsibility of MZ, in which MZ assumes full responsibility for their integrity and fairness.

The current independent technical committee has five members:

	Gregory Harrington: Partner, Arnold & Porter LLP. Gregory Harrington is a partner in the firm‘s corporate and securities practice group. He has extensive experience in major international financial transactions in Latin America, particularly in the area of capital markets. His practice includes corporate and project finance, including equity and debt securities sold pursuant to SEC registration, Rule 144A or Regulation S; and listings on the New York, London, Luxembourg, and Irish Stock Exchanges; Securities Act, Securities Exchange Act and Investment Company Act compliance; and advising sponsors and lenders in connection with project finance transactions. Mr. Harrington is a graduate of the University of Chicago Law School and The George Washington University.
	Paulo Arakaki: is a Director at KPMG in Brazil. He is responsible for the Audit Risk Management and Ethics & Independence departments. He assumed both departments in 2004, after 17 years of experience in audit. His key areas of experience include audit (financial market and listed companies), market programs, risk management and ethics and compliance programs. He has a degree in Accounting from University of São Paulo (FEA - USP) (1994). Additionally, he is a Certified Accountant of the Federal Accounting Council (CFC), the Brazilian Securities and Exchange Commission (CVM) and the Superintendence of Private Insurance (SUSEP). He was an MBA Internal Audit instructor at FIPECAFI.
	Thiago Giantomassi: Obtained a law degree from the University of São Paulo in 2002 and was admitted to the Bar Association (São Paulo chapter) the following year. In 2007, he obtained his master’s degree in economic law from the same university. He is a member of the technical commission at the Brazilian Investor Relations Institute (IBRI). At Demarest e Almeida, his practice areas are capital markets and M&As.
	Alex Schatkin Cukier: Partner, Barbosa, Müssnich & Aragão. Mr. Cukier is a partner at the firm‘s corporate and commercial practice department. He has extensive experience in mergers and acquisitions transactions in Brazil and his practice includes corporate restructuring and reorganization projects, as well as assistance to clients on compliance with regulations issued by Brazilian Securities and Exchange Commission (CVM). Mr. Cukier graduated from the Catholic University of Rio de Janeiro and is admitted to the Brazilian Bar Association (OAB).

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