But the changes could go in the other direction: back to Chernomyrdin-style governance, with (even more) rampant corruption, state meddling and red-hot printing presses at the central bank.
After a rocky start, a new market launched in 2000 the Novo Mercado has led to greater shareholder democracy, ending an era of old-style corporate governance in which investors with small financial stakes monopolised voting rights in companies.