VCP´s board of directors consists of five members, including a chairman and a vice-chairman, elected at shareholder's meetings by shareholders who hold common shares. The board of directors is responsible for implementing strategic plans, electing the company's Executive Board and monitoring its performance and activities. It has a two-year mandate and may be reelected. The current Board was elected in April, 2005. The Chief Executive Officer is a member of the Board of Directors, but the Board's chairman position is held by another member. Other than the current CEO of the company, the Board is composed by members of the family who control the Votorantim Group and hold 100% of the common shares. For this reason, there are no independent members on the Board. The directors are not compensated for their activities.

Executive Board

VCP´s executive board is composed of a chairman and eight directors (Pulp, Paper, Forestry, Technical and Growth, Finance and Investor Relations, Supply Chain, Engineering and Human and Organization Development). The members are elected by the Board of Directors for a one-year mandate with the possibility of re-election, and they are main responsible for the daily activities of the business.