The Itaúsa Conglomerate seeks to develop and promote ethical and responsible growth, building long term relationships with all of its stakeholders.

With these principles as the guidelines for its operations and based on the respective codes of conduct that govern the organizations and their relationships respecting human rights, Itaúsa did not record any case of violation of the rights of indigenous peoples. There were also no cases of discrimination recorded at the industrial companies during the year of 2010.

At Itaú Unibanco, there was the report of a case of discrimination due to age involving a former employee during the selection process conducted by the outsourced company contracted by the bank. The case was analyzed and the Ombudsman recommended the revision of the process and reorientation for the service provider company. The results of the resolution plan implemented were analyzed using routine internal management analysis processes, where the case is no longer subject to lawsuit and has been fully resolved.
There were also no occurrences recorded related to the significant risks for child labor or even risk situations related to the occurrence of forced labor or that analogous to slave labor at the Itaúsa Conglomerate companies.

Also one of the fundamental guidelines of its business, the risk for corruption is under constant surveillance using control mechanisms at each company and is clearly cited in the respective codes of conduct. Based on this guideline, the companies did not record any case of corruption during the year 2010, nor did they suffer any lawsuits related to unfair competition, trust practices or monopoly. In the same sense, there were no significant fines or non-monetary sanctions resulting from non-compliance with laws and regulations.
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The holding adopts specific communication procedures, as expressed in the respective codes of conduct based on the nature of each business.

Within this context, the Itaúsa subsidiaries did not record any cases of non-compliance with regulations or voluntary codes associated with market communications, including advertising and sponsorship.

Because it is a company operating in the industrial segment that produces intermediary chemicals for other industries, Elekeiroz does not serve the final consumer. Accordingly, its communication practices are not required to have programs compliant with the laws, standards and codes applicable to marketing communication, including advertising, promotion and sponsorship. Itautec does not maintain programs to ensure compliance with the voluntary codes related to promotion, advertising and marketing policies. At Duratex, the way in which the company addresses its customers and consumers is also governed by the principles established in its Code of Ethics and Conduct, which includes a commitment to the truthfulness of the information disclosed in its advertising.


The holding recognizes topics that are important for all stakeholders and companies by following the respective codes of conduct that govern each business segment.

As a voluntary standard related to its communication and marketing, Itaú Unibanco follows the Code of Corporate Ethics, "Our Way" (Corporate Culture), the Corporate Information Security Guide, Corporate Crisis Guide and the Guide for Business Continuity. It also complies with the Self-Regulation Codes of the Brazilian entities BACEN, SUSEP, CONAR, FEBRABAN, ABECS and CDC, among others, which also regulate the communication and marketing of financial services.

To obtain more information on the topic and on the donations made by the Itaúsa Conglomerate companies, visit:
In 2010, the Itaúsa Conglomerate companies participated in a Brazilian election process as a voluntary contributor to political campaigns.
In order to guarantee appropriate conduct during this process, the company created the Political Contribution Committee, which consists of board members and executives from the companies, in addition to a specific policy for election campaign donations.

The work involved an analysis of the history of candidates and their political platforms and selected the candidates whose proposals most add value to the competitive market, meritocracy and social development.

The financial and cash contributions to political parties, politicians or related institutions by the company were as follows:

• Duratex – R$463,600 to 24 candidates who ran for the positions of state legislator and congress, eight of whom were from the State of
São Paulo, 14 from Minas Gerais, one from Rio Grande do Sul and one from Paraná.
• Elekeiroz – R$45,000 distributed between the political parties DEM/PT/PSDB.
• Itautec – R$250,000 to eight candidates, seven of whom were from the State of São Paulo and one from Minas Gerais.
• Itaú Unibanco – R$23.7 million, an amount distributed to candidates in all regions of the country.

All of the funds are accounted for, rigorously following the Brazilian legislation that regulates donations to election campaigns.

As part of the merger and acquisition processes that come to occur at the Itaúsa
companies, and similarly to any other operation, there is due diligence with a focus
on tax, legal, environmental, labor, social and financial issues. This work is
designed to identify the future liabilities or risks, quantify them and include them in
the business valuation calculation matrix for the definition of the price to be paid.
Finally, if the business transaction is finalized, there is a transition process to
adapt to the criteria and principles adopted by the Itaúsa Conglomerate.
Accordingly, in 2010 there were no significant investment contracts at the Itaúsa
Conglomerate companies that include clauses associated with human rights or
which were submitted to evaluations.