Politics · Brazil · 6 hrs ago
Ibiuna partner says Lula government weakened Brazil’s regulatory agencies
Ibiuna Investments partner Rodrigo Azevedo criticized Brazil’s regulatory agencies at the MBA Brasil 2026 conference in Chicago.
He said Brazil had been seen by emerging-market investors as a country with strong institutions and reliable rule of law.
Azevedo said the agencies had been weakened in recent years, especially under Lula’s current government.
He said Lula had left 36 appointments to regulatory agencies until after the elections.
Azevedo also argued that outdated, inefficient energy rules and concerns about the judiciary were adding to investment uncertainty.
He said weaker institutions could undermine investor confidence in Brazil.
He called for the country’s institutions to operate fairly, but the account did not say what happens next with the appointments.
Ibiuna Investimentos partner Rodrigo Azevedo said Brazil’s regulatory agencies had been weakened in recent years, particularly under President Luiz Inácio Lula da Silva’s government.
He said Lula had left 36 positions at the agencies unfilled until after the elections.
Azevedo said the vacancies and what he called the agencies’ “capture” were a major concern for investors.
He also said outdated energy-sector rules and questions about the judiciary were adding to investment uncertainty.
He made the comments at the MBA Brasil 2026 conference in Chicago.
- Who
- Rodrigo Azevedo, a partner at Ibiuna Investimentos.
- What
- He said Brazil’s regulatory agencies had been weakened and that Lula had left 36 agency positions unfilled.
- When
- At the MBA Brasil 2026 conference, held on November 6 and 7, 2026.
- Where
- Chicago, United States.
- Why
- Azevedo said the agencies’ weakened state, alongside inefficient energy rules and concerns about the judiciary, created investment uncertainty.
This story does not have two clearly opposing sides.
The MBA Brasil 2026 conference took place in Chicago.
InfoMoney published Azevedo’s comments about Brazil’s regulatory agencies.
- Speaker
- Rodrigo Azevedo
- Firm
- Ibiuna Investimentos
- Agency vacancies
- 36 positions, according to Azevedo
- Conference
- MBA Brasil 2026
- Conference location
- Chicago, United States
What people are saying
Lula left 36 names to appoint to the agencies; it was left until after the elections. This is a source of great concern.
Brazil was seen as a place where the rule of law works.
The institutional environment has to function fairly.
Brazil is still considered a place with strong institutions, but they are being tested and weakened.