Investor Relations

Fiscal Council


Pursuant to Law 6.404/76 (the “Brazilian Corporations Act”), the Supervisory Board is a corporate body that acts independently of the Company’s management. The key responsibilities of the Supervisory Board are to supervise the management members’ activities and review the Company’s financial statements, reporting its opinion to the shareholders.

At TOTVS, the Supervisory Board is a non-permanent body and can be established in any fiscal year if so required by shareholders representing at least 2% of common shares, pursuant to CVM Instruction No. 324/00.

The Annual General Meeting held on April 20, 2021 decided to establish the Supervisory Board, for which three sitting members and three alternates were elected for a term of office of one (1) year, ending at the 2022 Annual General Meeting.

Fernando Heitor Batista Vaccari April 20, 2021 Tiago Curi Isaac April 20, 2021
Luiz Carlos Nannini April 20, 2021 Sergio Citeroni April 20, 2021
Luiz Gotardo Furlan April 20, 2021 Monica Hojaij Carvalho April 20, 2021
Fernando Heitor Batista Vaccari

Mr. Fernando Heitor B. Vaccari holds a degree in Business Administration from Pontificia Universidade Católica de São Paulo, with a post-graduate degree in Finance and Management from Insper Business School. He is currently CFO at Mar Capital, compliance Director at Mar Gestão de Recursos, Advisor at GJP Hotéis and member of AFESU Advisory Board. Between 2010 to 2018, he worked as a member of the Finance Committee and Board of Directors at CVC Brasil. Prior to that, he worked as head of the planning department at TOTVS, executive manager at LC-EH and CFO of GJP Hotéis and da GJP Participações.

Luiz Carlos Nannini

Mr. Luiz Carlos Nannini has a Bachelor of Science degree in Accounting, having taken several specialization courses in Brazil and abroad, including a leadership course at Harvard. He is a member of the Audit Committee of a number of companies, such as Santander Bank and its subsidiaries and Eletrobrás Group. With over 30 years of experience in conducting independent audit and due diligence, he served, until december of 2019, as chairman of the Supervisory Boards (aka Fiscal Councils) of Comgás, Cosan S/A, and Cosan Logística. Previously, for 32 years he served as a partner at Ernst & Young, working on independent audit projects in large companies of the financial, industrial, service, and retail segments, as well as banks and investment funds.

Luiz Gotardo Furlan

Mr. Luiz Gotardo Furlan has a degree in Business Administration from Fundação Getúlio Vargas (FGV), in addition to MBAs from the London Business School and Columbia University. He has also taken courses for financial markets and systems, such as CEA and Power BI, with the corresponding certificates. He is currently the CFO of Trinus Co. From 2017 to 2021, he has served as Vice President of the Board of Directors of Necton, where he also acted as partner since 2009, focusing on the areas of wealth management, home broker, marketing, and fund management. Previously, he had also worked at Bain & Company and Maersk Line.

Tiago Curi Isaac

Tiago Curi Isaac has a degree in Business Administration from Faculdade Trevisan, in addition to specialization courses on competitive strategy and on board of directors. He is currently a member of the Board of Directors of Banco BANESE, DGH Foods, and BBM Logística. He is also a professor in the Brazilian Institute of Corporate Governance – IBGC. From 2018 to 2019 he served on the Board of Directors of the Brazilian Association of Listed Companies – ABRASCA, as an advisory board member of the Brazilian Association of Venture Capital and Private Equity – ABVCAP. In the last decade, he was the person in charge of the stock exchange market area at B3, where he led the areas of listed companies, IPOs, and investment banks and coordinated the approval of the standards of the current regulation in force governing the Novo Mercado stock exchange. Previously, he had worked as an executive in the Strategy and M&A area at Bunge, in addition to being a consultant at Deloitte.

Sergio Citeroni

Mr. Sergio Citeroni has a bachelor’s degree in Business Administration and Accounting Sciences, both from Universidade Presbiteriana Mackenzie, with a Master’s degree in Accounting and Actuarial Sciences from the Pontifical Catholic University (PUC) of Sao Paulo. Academically, he also participated in the Leadership Development Program from Harvard University. Mr. Citeroni is currently a member of audit committees and supervisory boards of several companies, such as CVC, Cia do Governo do Estado de Sao Paulo (CPSEC), Banco da Amazonia (BASA) and Cia Brasileira de Aluminio (CBA). He also teaches at FGV and FIPECAFI, on financial management, controllership, and auditing courses. From 1995 to 2018, Mr. Sergio Citeroni acted as audit partner at Ernst & Young Auditores Independentes S/S, where he collaborated with management and technical responsibilities, taking part in several projects envolving relevant domestic and international companies, along with executive committees.

Mônica Hojaij Carvalho

Ms. Monica Hojaij Carvalho has a degree in Business Administration from FEA/USP, in addition to a postgraduate degree in Marketing from ESPM. She is also a co-author and professor at Insper. Having two certificates from IBGC, she has been a member of the Omni Group’s Advisory Board since May 2018, and since 2013 she has been serving as a managing partner at Condere, focusing on the areas of strategy and M&A. She also held the position of alternate member of the Supervisory Committee of the following publicly-traded companies: BRF, Sonae Sierra, Mahle Metal Leve, SLC Agricola, Lojas Americanas, and Tegma Logistica. With over 20 years of professional experience, she has a history of holding the position of statutory executive officer in medium- and large-sized companies of different segments, such as agribusiness (Louis Dreyfus Group, Bertin), telecom, and technology (BellSouth Intl, Datasul, Bematech, CSU) and white goods (Whirlpool).