Ibiuna Partner Criticizes Political Control of Brazilian Regulatory Agencies

Rodrigo Azevedo, a partner at Ibiuna Investimentos, criticized the management of regulatory agencies under the current administration. According to the executive, these bodies have undergone a process of political capture over the last five years.

The delay in filling strategic positions is a central point of concern. The government has left 36 vacancies open within regulatory agencies and pushed decisions until after the elections.

Azevedo emphasized that Brazil has lost institutional strength compared to other emerging markets. The energy sector is cited as an example of inefficient rules that appear to serve specific interests rather than the common good.

Legal uncertainty also affects the judiciary in the manager's view. He argues that the institutional environment must operate fairly to maintain the confidence of foreign capital.

The debate took place during the MBA Brasil 2026 Conference held in Chicago. The event brought together business leaders to discuss the direction of the economy and the challenges of entrepreneurship in the country.