Revista Brasileira de Finanças, v. 13, n. 1, pp. 134–161. Abstract: This study presents theevolution of certaincorporate governance practices of listed Brazilian companies from 2004 to 2013 gathered in anindex(CGI).Results indicate that the overall quality of these practices improved, notablyafter the creation of voluntary membership exchange trading lists that require better corporategovernanceand disclosurepractices. The average CGI score of 5.8 (out of 10.0) in 2013 may be considered lowand points to the need for further improvement. Moreover, firms score very low intheethics andconflicts of interest aspects of the CGI, whencompared toitsdisclosure, board composition andfunctioning, and shareholders rightscomponents. The very small number of firms that ban loans to related partiesand that facilitate participation in the shareholder meetings is a concern. The decreasein the use of control enhancement mechanisms, such as non-voting shares and indirect control structures,was a remarkable achievement. Even so,shareholder agreements are increasingly used as instruments tointerfere with director independence andleverage the controlling bloc power.