Our relationship with the investors and the market is based on transparency. We meet all the legal and regulatory requirements applying to the publicly held companies with securities traded in Brazil and abroad.
The structure of Ambev’s Governance is integrated by the Board of Directors, the Executive Board of Officers and the Fiscal Council. The Board of Directors counts on the support from the Operations and Finance Committee, Governance Committee and People Committee.
Our Reference Form, filed with the CVM under Brazilian Corporate Law, contains complementary information regarding Management, such as qualification and remuneration.
Board of Directors
The Board of Directors oversees Ambev’s executive officers. The Board of Directors is currently comprised of nine effective members and two alternate members, and provides the overall strategic direction of Ambev. Directors are elected at general shareholders’ meetings for a three-year term, re-election being permitted. Day-to-day management is delegated to the executive officers of Ambev. The Board of Directors appoints executive officers for a three-year term, re-election being permitted, ensuring that the company’s values, ethics and culture are practiced and spread among the employees.
They use their extensive knowledge of the business to ensure that Ambev reaches its long-term goals and maintains its short-term competitiveness. Moreover, the Board of Directors ensures that Ambev pursues its short-term business goals without compromising our long-term growth, while at the same time ensuring that Ambev’s corporate values are practiced.
Aiming at ensuring a greater independence and autonomy among the main Governance bodies, no director exercises an executive office in the Company, despite all of them being shareholders. The Company’s Chairmen of the Board of Directors and the Chief Executive Officer are separate positions held by different people.
The Board of Directors evaluates constantly their performance and internal procedures. The Board of Directors and Executive Officers are evaluated annually based on objective results targets associated to the Company’s performance, and this evaluation is used to verify their right to variable compensation.
Find below the members of our Board of Directors:
| Name |
Office |
End of Term |
| Michel Dimitrios Doukeris |
Chairman and Director |
2029 |
Holds the positions of Chairman of the Company’s Board of Directors and Chief Executive Officer of AB InBev. Mr. Doukeris joined AB InBev in 1996 and held several business operations roles in Latin America before moving to Asia, where he led AB InBev’s operations in China and the Asia Pacific region for seven years. In 2016, he moved to the United States to hold the position of Global Sales Officer and, prior to his appointment as Chief Executive Officer, led Anheuser Busch and the Company’s business in North America. In 2024, Mr. Doukeris was awarded by the Belgian Brewers, and in 2025 received an award from the Order of Leopoldo, in recognition of his leadership in promoting and strengthening the Belgian culture. Mr. Doukeris holds a bachelor’s degree in Chemical Engineering from Universidade Federal de Santa Catarina, in Brazil, and a master’s degree in Marketing from the Getulio Vargas Foundation, also in Brazil, having completed graduate programs in Marketing and Marketing Strategy from the Kellogg School of Management and The Wharton School in the United States.
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| Victorio Carlos De Marchi |
Member of the Board of Directors |
2029 |
Holds the position of member of the Company’s Board of Directors and serves as President of the Company’s Operations and Finance Committee, Governance Committee and People Committee. Mr. De Marchi joined Companhia Antarctica Paulista in 1961, having served in various positions during his tenure, including as CEO in the period between 1998 and April 2000. He is currently the President of the Antônio e Helena Zerrenner Foundation – FAHZ and a member of the Advisory Board of Itausa S.A. In 2023, Mr. De Marchi was awarded the honorary degree of Chairman Emeritus of the Board in recognition of his invaluable contribution and respected role as former co-chairman of our Board of Directors (noting that such title grants no specific power on the beneficiary). Mr. De Marchi was a member of Conselho do Instituto de Estudos para o Desenvolvimento Industrial (Board of the Studies for Industrial Development Institute, a member of the Board of Directors of Itausa S.A., and member of the Deliberative Council of Instituto Brasileiro de Ética Concorrencial (the Brazilian Institute of Competition Ethics) (“ETCO”). He holds degrees in Economics from Faculdade de Economia, Finanças e Administração de São Paulo and in Law from Faculdade de Direito de São Bernardo do Campo.
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| Lia Machado de Matos |
Member of the Board of Directors |
2029 |
Holds the position of member of the Board of Directors of the Company. She is also currently a consultant to Stone Co, having served between 2016 and 2025 as Chief Strategy and Marketing Officer. Previously, between 2012 and 2016, Ms. Matos was Officer of Family Office at Varbra. Previously, from 2006 to 2012, she held various positions with McKinsey Consulting Company, including Associate Partner. Mrs. Matos holds a degree in Physics from Universidade Federal do Rio de Janeiro (the Federal University of Rio de Janeiro) and a PhD in Physics from the Massachusetts Institute of Technology.
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| Fernando Mommensohn Tennenbaum |
Member of the Board of Directors |
2029 |
Holds the position of member of the Board of Directors and Operations and Finance Committee of the Company. Mr. Tennenbaum serves as ABI’s Chief Financial Officer since 2020. He joined the Company in 2004 and held various financial functions, including Treasury, Investor Relations and Mergers and Acquisitions. Most recently, he served as Chief Financial and Investor Relations Officer for Ambev. Mr. Tennenbaum has dual citizenship, Brazilian and German, and has a degree in Production Engineering from Escola Politécnica da Universidade de São Paulo (the Polytechnic School of the University of São Paulo).
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| Fabio Colletti Barbosa |
Member of the Board of Directors |
2029 |
Holds the position of member of the Board of Directors and the People Committee of the Company. Mr. Barbosa is currently the Chairman of Natura Cosméticos and a member of the Board of Directors of Votorantim S.A., Cia Brasileira de Metalurgia e Mineração (CBMM), the United Nations Foundation and Centro de Liderança Pública in Brazil (CLP). Mr. Barbosa was CEO of Banco ABN Amro Real, Banco Santander (Brazil) S.A., Abril Media and Febraban. He graduated in Business Management from the Getúlio Vargas Foundation and holds an MBA from the Institute for Management Development (Switzerland).
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| Milton Seligman |
Member of the Board of Directors |
2029 |
Holds the position of member of the Board of Directors of the Company. He previously served as Chief Corporate Affairs Officer for the Company, from 2001 to 2013. He also served as a member of the Board of Directors of Tenedora CND S.A., from 2013 to 2016, and BRMalls Participações S.A., from 2022 to 2023, before its merger. Mr. Seligman held several senior positions in the Brazilian public sector, including during the governments of José Sarney and Fernando Henrique Cardoso, when he served, among other positions, as Executive Secretary and Minister of Justice, and Executive Secretary of the Ministry of Development, Industry and International Trade. He is currently a managing partner of Milton Seligman e Associados Consultoria e Participações Ltda. He also served as a consulting member of the Lemann Foundation – a philanthropic organization, a member of the Board of Directors of FAHZ, and a partner of INSPER Centro de Gestão e Políticas Públicas. He previously served as Chairman of the Board of Directors of the Sonho Grande Institute, a Brazilian nonprofit organization, until December 2025, and as Global Partner of the Brazil Institute at the Woodrow Wilson International Center for Academics, in Washington D.C. He holds a degree in electrical engineering from Universidade Federal de Santa Maria (the Federal University of Santa Maria).
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| Ricardo Manuel Frangatos Pires Moreira |
Member of the Board of Directors |
2029 |
Holds the position of member of the Board of Directors and People Committee of the Company. He is currently the Chie Supply Officer for ABI. Mr. Moreira joined the Company in 1995 and held various positions in the areas of Sales and Finance, before becoming Chief Regional Sales Officer in 2001. He later held the positions of Executive Vice President of Logistics and Procurement for Latin America, President of Business Unit for Hispanic Latin America (HILA) and Soft Drinks Vice President for Latin America. In 2013, Mr. Moreira moved to Mexico to lead the areas of Sales, Marketing and Distribution at AB InBev, as well as to lead the business integration of the Model Group. Most recently, Mr. Moreira served as CEO of the Africa Zone until 2023, and previously as President of the COPEC Latin America Zone until 2018. Mr. Moreira is a Portuguese citizen and holds a degree in Mechanical Engineering from Universidade Federal do Rio de Janeiro (the Federal University of Rio de Janeiro), in Brazil, in addition to having an Executive Master of Business Administration from Ambev. She completed the Advanced Marketing Program at the Kellogg School of Management and the Global Senior Management Program at the University of Chicago Booth School of Business.
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| Luciana Pires Dias |
Member of the Board of Directors (Independent) |
2029 |
Holds the position of independent member of the Board of Directors, People Committee and Governance Committee of the Company. Mrs. Dias is a professor at Faculdade de Direito da Fundação Getúlio Vargas and partner of L|Dias Advogados, and she is also a member of the audit committee of Itaú Unibanco Holding S.A. She was market development superintendent for the Brazilian Securities and Exchange Commission – CVM, and was the representative of the CVM on the Corporate Governance Committee of the OECD (Organization for Economic Cooperation and Development) and the Latin American Corporate Governance Roundtable organized by the OECD. Mrs. Luciana Pires Dias holds a PhD and master’s degree in commercial law from Faculdade de Direito da Universidade de São Paulo (USP) (School of Law of the University of São Paulo), and also holds a master’s degree in law sciences (J.S.M.) from the Stanford University and a bachelor’s degree in law from USP.
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| Fernanda Gemael Hoefel |
Member of the Board of Directors (Independent) |
2029 |
Holds the position of independent member of the Board of Directors of the Company. Mrs. Hoefel has held several senior positions in recent years, including: partner of McKinsey & Company Brazil, where she led the Growth Marketing and Sales practices in Latin America, and the Consumer Insights practice in Brazil; associate and Engagement Manager at McKinsey, with a focus on growth and business performance in the consumer goods and retail industries; Marketing Planning manager at Natura, being responsible for innovation strategies and product portfolio management; and consultant at McKinsey early in her career, working with multi-industries clients. Mrs. Hoefel holds a degree in Oceanology from Fundação Universidade do Rio Grande (the University of Rio Grande Foundation), a Master’s degree in science in Ocean Engineering from COPPE/UFRJ, and a PhD degree in Oceanography from the Massachusetts Institute of Technology and Woods Hole Oceanographic Institution.
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| David Henrique Galatro de Almeida |
Member of the Board of Directors (Alternate) |
2029 |
Holds the position of alternate member of the Company’s Board of Directors and, since April 2022, holds the position of Chief Strategy and Technology Officer of Anheuser-Busch InBev SA/NV. For the past 5 years, he has served as (i) Chief Strategy and Transformation Officer, (ii) Chief Integration Officer and ad interim Chief Sales Officer, and (iii) Vice President of Sales and Vice President of Finance for the North America Zone.
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| Ricardo Tadeu Almeida Cabral de Soares |
Member of the Board of Directors (Alternate) |
2029 |
He holds the position of alternate member of the Company’s Board of Directors and, since April 2022, holds the position of Chief Growth Officer of Anheuser-Busch InBev SA/NV. In the last 5 years, he served as (i) Chief B2B Officer assisting in the dissemination of BEES for the period 2020 to 2022, (ii) Chief Sales Officer for the period 2019 to 2020, and (iii) was President of the Africa Zone for the period 2016 to 2018. Previously, he served as President of the Mexico Zone from 2013 to 2018, and President of BU Brazil from 2008 to 2012.
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(1) Annual General Meeting to be held in 2029.
Fiscal Council
The responsibilities of the ‘Conselho Fiscal’ include supervision of Management, performing analyses and rendering opinions regarding Ambev’s financial statements and performing other duties in accordance with Brazilian Corporate Law and our By-Laws. None of the members of the ‘Conselho Fiscal’ is also a member of the Board of Directors or of any Committee thereof. The members are elected in the General Shareholders’ Meeting and their term of office will be of one year, reelection being permitted. One ‘Conselho Fiscal’ effective member and one alternate are elected by minority shareholders under the terms of the law.
In addition, we have relied on the exemption provided for under Rule 10A-3(c)(3) of the Sarbanes-Oxley Act of 2002, which enables us to have the ‘Conselho Fiscal’ perform the duties of an audit committee for the purposes of such Act, to the extent permitted by Brazilian law. We do not believe that reliance on this exemption would materially adversely affect the ability of our ‘Conselho Fiscal’ to act independently and to satisfy the other requirements of such Act.
| Name |
Office |
End of Term(¹) |
| José Ronaldo Vilela Rezende |
Effective Member |
2027 |
Holds the position of member of the Company’s Fiscal Council, and currently is the President of such body. In the past 5 years, he hold the following positions, in the periods informed, at the following companies/institutions: Coordinator of the Audit Committees of ALVOAR Lácteos S/A and INTELBRAS S/A, member of the audit committees of Banco Carrefour and Bank of America. In addition, he was a partner of PricewaterhouseCoopers Brasil, from 1997 to 2016, where he worked for 29 years. He holds a bachelor’s degree in accounting sciences, a graduate degree in financial management, and a master’s degree (Stricto Sensu) in agroenergy from FGV/Embrapa/Esalq. He has Certifications of Board of Directors, Fiscal Advisor and member of audit committee from the Brazilian Institute of Governance – IBGC.
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| Elidie Palma Bifano |
Effective Member |
2027 |
Holds the position of member of the Company’s Fiscal Council. In the past 5 years, she hold the following positions at the following companies/institutions: (i) partner of the law firm Mariz de Oliveira e Siqueira Campos; (ii) professor of the Professional Master’s Course of Escola de Direito de São Paulo da Fundação Getúlio Vargas (the São Paulo School of Law of the Getúlio Vargas Foundation – FGV, in the subject Business Structuring; and (iii) professor of the IBDT, IBET, CEU, COGEAE/PUC strictu sensu graduate courses. In addition, she was a member of the Audit Committee of Banco Santander (Brazil) S.A. from 2012 to 2018, and a partner auditor of tax consulting area at PricewaterhouseCoopers, from 1974 to 2012.
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| Fabio de Oliveira Moser |
Effective Member |
2027 |
Holds the position of member of the Company’s Fiscal Council. For the past 5 years, he holds the following positions in the following companies/institutions: (i) managing partner at Moser Consultoria; (ii) member of the Advisory Council of Open Insurance Brasil; (iii) member of the Audit Committee of Pagseguro Internet Instituição de Pagamento S.A. Over the years, he has also held positions as (i) officer and senior adviser at RK Partners (2015 and 2018); (ii) CEO of Fator Administração de Recurso (FAR) between 2013 and 2015; (iii) head of Investment Banking at Banco Factor between 2011 and 2013; (iv) member of the Board of Directors of Oi S.A., Telemar Participações, Central Elétricas de Santa Catarina (CELESC), iG – Internet Group and Brasil Telecom Participações; (v) coordinator of (a) the Institutional Investors Committee (IBGC) between 2010 and 2012, and (b) the Technical Investment Commission of ABRAPP between 2008 and 2010; and (vi) Chief Investments Officer of Caixa de Previdência dos Funcionários do Banco do Brasil – Previ between 2008 to 2010. He has a certification in Fiscal Advisory (CCF) issued by IBGC.
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| Luiz Alfredo Vieira Sales |
Alternate Member |
2027 |
Holds the position of alternate member of the Company’s Audit Committee. An Executive with over 35 years of experience in Technology. For the past eight years, he has served as a Partner at Ernst & Young (EY), focusing on technology strategy and governance, cyber risks, ERP environments, information integrity and technological impacts on controls and business processes. He previously, for 21 years, served as Chief Executive Officer and Technology Consulting Specialist at PricewaterhouseCoopers (PwC), and began his IT career in the financial industry. He has an MBA in Information Technology from Universidade de São Paulo (the University of São Paulo) (USP) and a bachelor’s degree in Mathematics from Universidade Federal de Rondônia (the Federal University of Rondônia) (UNIR). He completed an executive training in Fiscal Committee from IBGC and in Board of Directors from the Dom Cabral Foundation (FDC). He complements his education with specialization in Agribusiness from Insper, and a Project Management Professional (PMP) certification from the Project Management Institute (PMI). He is member of the IBGC Dialoga’s discussion group on Information Technology.
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| Eduardo Rogatto Luque |
Alternate Member |
2027 |
Holds the position of alternate member of the Company’s Audit Committee. In the past 5 years, he hold the following positions at the following companies/institutions: (i) member of the Irko Group Board since 2017; (ii) member of the Focus Energia’s Audit Committee; (iii) president of the Fiscal Councils of Qualicorp, Natura, Helbor and the Antonio e Helena Zerrenner Foundation (FAHZ); (iv) member of the Itaúsa’s Audit Committee; (v) member of the Board of Directors and president of the Audit Committee of Cantu Store; (vi) member of the Audit Committees of Porto Seguro, Natura, Embraer and the SBF Centauro Group; (vii) vice president of Associação Brasileira dos Provedores de Serviços Administrativos (the Brazilian Association of Administrative Service Providers) (ABRAPSA); (viii) member of the Institute of Independent Auditors of Brazil (IBRACON), the American Institute of Certified Public Accountants (AICPA), the Corporate Risk Committee of the Brazilian Institute of Corporate Governance (IBGC), and the federal and regional accounting councils (CRC and CFC); (ix) accountant certified as CPA in the U.S. by the State of California; (x) partner in PricewaterhouseCoopers, from 2004 to 2016, a company where he remained for 27 years; with 3-year student exchange in the U.S.).
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| Nilson Martiniano Moreira |
Alternate Member |
2027 |
Holds the position of alternate member of the Company’s Fiscal Council and, since February 2026, holds the position of full member of the BNDES Risk Committee. In the past 5 years, he hold the following positions at the following companies/institutions: (i) Chief Risk, Compliance and Legal Officer at Cateno Gestão de Contas e Pagamentos in 2021; (ii) full member of the Audit Committee at Banco BV between 2020 and 2021; (iii) full member of the Audit Committee at BrasilSeg between 2019 and 2020; and (iv) full member of the Audit Committee at BrasilCap between 2018 and 2020.
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(1) Annual General Meeting to be held in 2027.
Operations and Finance Committee
The Operations and Finance Committee is one of the main links between the policies and decisions made by the Board of Directors and Ambev’s management team. The Operations and Finance Committee’s responsibilities are:
– Monitoring the Company´s long-term plan;
– Monitoring the evolution of the Company´s actuarial liabilities and investments in pension plans;
– Issuing its opinion on any technical feasibility study prepared by the board in relation to the expectation of generating future taxable income discounted to present value that will enable the realization of deferred tax assets;
– Monitoring investor relations strategy and the evolution of the Company´s ratings placed by risk rating agencies;
– Issuing its opinion on the Company´s annual investment planning (capex);
– Issuing its opinion on the board´s proposals in relation to opportunities for corporate restructuring, mergers, acquisitions, spin-offs, consolidations or disposals of equity interests involving the Company;
– Monitoring the Company´s capital structure and cash flow;
– Verifying compliance with the Company´s financial Policy on Risk Management; and
– Other matters the Board of Directors may consider relevant and in the interest of the Company.
Current members of the Committee are:
– Victório Carlos De Marchi (Chairman)
– Fernando Mommensohn Tennenbaum
– Leticia Rudge Barbosa Kina
Throughout the year, the Operations and Finance Committee holds at least four meetings. The members of the Committee are elected by the Board of Directors.
Governance Committee
The responsibilities of the Governance Committee are to assist the Board of Directors in the following matters:
– Situations of conflict of interests in general between the Company and related parties;
– Compliance, by the Company, with legal, regulatory and statutory provisions concerning related party transactions and antitrust matters;
– Following the initiatives of the Company, as well as evaluate and issue opinions on matters related to cyber security and data privacy;
– Issuing its opinion on strategies of the Company related to environmental, climate, social and governance matters (ESG); and
– Other matters the Board of Directors may consider relevant and in the interest of the Company.
Current members of the Governance Committee are:
– Victório Carlos De Marchi (Chairman)
– Fabio Colletti Barbosa
– Luciana Pires Dias (independent member)
– Carlos Emmanuel Joppert Ragazzo (external and independent member)
– Everardo de Almeida Maciel (external member)
Throughout the year, the Governance Committee holds at least four meetings. The members of the Committee are elected by the Board of Directors.
People Committee
The People Committee is responsible for assisting the Board of Directors with the following matters:
– Issuing its opinion on decisions taken by the Board of Directors on compensation policy for Company directors and high-performance employees, including their individual compensation packages in order to ensure alignment of interests between shareholders and beneficiaries of compensation packages;
– Defining the targets and compensation of managers of the Company, within the limit approved by the annual shareholders’ meeting;
– Monitoring the evaluation of board members, key executives and talents;
– Assisting the Board of Directors with the succession planning of the managers of the Company;
– Approving policies and/or minimal rules to be observed in the nomination process of managers of the Company;
– Selecting and proposing for Board of Directors’ approval candidates to the positions of: (i) members of Executive Board of Officers; and (ii) members of the Board of Directors of the Company, taking into consideration the requirements for independent members election as set forth in applicable law and regulations;
– Assisting the Board of Directors with the monitoring and discussions related to diversity, inclusion and human capital management;
– Approving the transfer of employees of the high-leadership;
– Coordinate the management of incentive plans and compensation of the Company and approving their relevant programs, grants, exceptions and other obligations involving employees in general of the Company, as permitted by applicable rules; and
– Other matters the Board of Directors may consider relevant and in the interest of the Company.
Current members of the People Committee are:
– Victório Carlos De Marchi (Chairman)
– Ricardo Manuel Frangatos Pires Moreira
– Luciana Pires Dias (independent member)
Throughout the year, the People Committee holds at least four meetings. The members of the Committee are elected by the Board of Directors.
