Internal Public

Itaúsa and its companies had more than 123,000 employees in 2010. During this period, the Conglomerate invested R$148.5 million in education, training and development programs. The amount invested in the fixed salaries of the teams, together with the related charges and benefits, totaled R$5.8 billion. The social benefits for employees and their dependents totaled R$137.7 million.

Number of Employees 2010 2009 2008 2007(1)
Duratex S.A. 9,368 8,681 7,886 6,785
Elekeiroz S.A. 700 683 753 767
Itautec S.A. 5,726 5,758 5,237 4,673
Itaú Unibanco Holding S.A. 102,316 96,240 102,649 60,480
Total for Brazil (*) 118,110 111,362 116,525 72,705
Unidades Externas (2) 5,889 5,949 5,967 5,167
Overall Total 123,999 117,311 122,492 77,872
(1) The number of employees for the year 2007 does not include those from Unibanco.
(2) The employees of the international units include the subsidiaries Itaú Unibanco Holding S.A. and Itautec S.A.
(*) All employees in Brazil follow the rules of the country's Consolidation of Labor Laws (CLT).

Number of Employees per Region – Brazil(*) 2010 2009 (1) 2008 (1) 2007(1)
South 10,637 9,579 9,784 6,086
Southeast 94,310 84,814 89,329 56,029
Central-West 4,200 3,656 3,911 2,440
Northeast 7,645 6,579 6,726 2,867
North 1,318 976 1,188 610
(1) The number of employees for the year 2007 does not include those from Unibanco. The division per region during the years 2009, 2008 and 2007 does not include the activities of Itautec S.A.
(*) Duratex S.A. is present in the country's Southern, Southeastern and Northeastern regions. Itaú Unibanco Holding S.A. and Itautec S.A. are present in five regions. Elekeiroz S.A. operates in Brazil's Southeast and Northeast regions.

The companies of the Itaúsa Conglomerate also apply the principle of fair pay for work of the same value, without any distinctions between the salaries paid to men and women. Starting with the new performance-based evaluation model, employee salaries at Itautec will be directly tied to the presentation of results. The company also maintains a salary policy that is compatible with the market average. In 2010, the lowest salary paid was two times higher than the current minimum monthly wage in Brazil, which demonstrates the company's level of competitiveness.

Proportion of Base Salaries between Men and Women


Duratex S.A


Elekeiroz S.A.

(*) Number of members of the Management Department =
Employee Directors + Managers + Bosses + Supervisors.
(1) Superintendence + Management Department + Supervision + Foreman + Engineer
(2) Senior + Full + Junior + Clerk + Assistant + Others
(3) Other positions below the Junior level + Maintenance + Laboratory


Itaú Unibanco Holding S.A.


All employees of the Conglomerate work under contracts that comply with CLT rules and are covered by collective bargaining agreements in their respective areas of operation. In 2010, there was no identification of operations that placed at risk workers' rights to exercise their freedom of association and to collective bargaining at any one of the Conglomerate's companies.
The indicators of the Itaúsa Conglomerate companies with relation to the total number and the employee turnover rate by age group, gender and region were recorded in the people management processes, as follows:
Duratex S.A.
Turnover Rates 2010 2009 2008
Men 22.1% 19.6% 20.9%
Women 21.2% 17.6% 18.1%
Age Group      
Up to Age 20 85.1% 71.5% 71.8%
From 21-25 36.3% 28.7% 35.0%
From 26-30 24.6% 20.1% 23.0%
From 31-35 18.1% 15.3% 13.4%
From 36-40 13.2% 11.1% 11.2%
From 41-45 8.6% 9.4% 6.9%
From 46-50 5.2% 9.8% 5.9%
From 51-55 6.0% 9.9% 4.8%
56 and Older 8.1% 11.1% 7.5%
Northeast 38.3% 30.3% 0.0%
Southeast 20.8% 17.8% 20.6%
South 23.5% 26.4% 31.2%
Note: the 2008 percentages were recalculated due to a change in the concept, and include the number of dismissed employees, the number of hired employees and were divided by two.
This result is then divided by the average number of permanent employees and multiplied by 100.

Elekeiroz S.A. – Number of Employees (turnover in 2010)  
  Várzea Paulista Camaçari Total
Age Female Male Total Female Male Total
Under Age 18 1 3 4 0 0 0 4
18 a 35 8 20 28 4 10 14 42
36 a 45 2 14 16 1 2 3 19
46 a 60 1 7 8 0 4 4 12
Over Age 60 0 1 1 0 0 0 1
Total 12 45 57 5 16 21 78

  Itautec S.A.
Turnover Rates 2010 2009 2008
Men 11.92% 11.60% 15.60%
Women 2.88% 2.43% 5.30%
Age Group      
Up to Age 25 3.34% 3.82% 6.44%
From 25-35 7.79% 7.15% 9.97%
From 35-45 2.41% 2.23% 3.54%
From 45-55 1.07% 0.40% 0.82%
Over Age 55 0.17% 0.43% 0.12%
Southeast 12.37% 11.58% 18.44%
North 0.31% 0.34% 0.29%
South 0.85% 0.94% 0.78%
Northeast 0.73% 0.68% 0.78%
Central-West 0.54% 0.49% 0.60%

Itaú Unibanco S.A. – Turnover Rate in 2010
Gender   Women Men
Total   3,149 3,537
Turnover Rate   7% 10%
Age Group Under Age 30 From 30-50 Over Age 50
Total 2.713 2.728 1.245
Turnover Rate 10% 6% 20%
The indicator collection tool at Itaú Unibanco did not include this opening. Until 2015, the bank plans to extend the collection of indicators with aims of complying with the protocol.
Overall Total 6,686    
* Companies considered for this report (limit): Itaú Unibanco, Hipercard, Itauleasing, Itaú UBB Hold, Megabonus, Dibens Leasing, Banco Fiat S.A., Orbitall, Kinea, Banco Itaucard, Icarros Ltda., Dtvm, Pro-Imóvel, SFR Software e Análise de Sistemas Ltda., Previtec – Previdência e Tecnologia Ltda., Redecard, Banco Itaú BBA and Itaú Corretora.

At Elekeiroz, the main challenge related to people management refers to safety-related issues. In 2010, the company achieved two important records: 1,164 days at the Camaçari site and 1,048 days at the Várzea Paulista site without time loss accidents, equal to slightly more than three years of continuous work.

With a work force of 700 employees, Elekeiroz maintains a personnel policy with a series of market benefits, but invests primarily in training and qualification, completing 46,358 hours of training in 2010.

As external recognition of its personnel policy, Elekeiroz received the award for placing among the 35 Top Companies in the Private Sector in the state of São Paulo that are "Best Places for Interns", promoted by the Company-School Integration Center (CIEE).

The benefits of education assistance and the vacation bonus are exclusive to the Camaçari unit through the Collective Employment Agreement. The benefits are offered to all employees, even those who work only half-time, where the Profit Sharing Plan and retirement plans play an important role.


In 2010, the company invested R$137.7 million in social benefits for employees and their dependents

At Itautec, the governance restructurization process was followed by a renewal of the internal management model, with an impact on the organization as a whole. In order to ensure balance, the company undertook intense communication work led by the top management. It created direct communication channels with the employees. Actions such as "Talk to the CEO," an interactive e-mail channel answered by the executive himself, and "A Message from the CEO" were used as tools to strengthen the relationship between employees and the new Management.

"A Message from the CEO" is a bi-monthly letter sent to the entire company that openly discusses the company's short and medium-term perspectives.

Another action, the "Open Doors" program, is a monthly meeting with groups of employees who engage in a direct conversation with the CEO of Itautec. According to the Executive Director, many decisions have been made based on such conversations.

Another action was created to promote employee development and align it with the company's strategic positioning. The Itautec Leadership Academy gathers executives for training modules aiming at increasing manager qualification.

The Itautec Leadership Academy offers the knowledge and skills necessary for ensuring constant development and for improving the performance and results of each one of the business segments.

Aiming at offering young talents the tools they need to develop their skills and complement their educations, the company launched the internship program "Young Talents, New Solutions," offering 55 new job openings throughout Brazil.

The program had over 9,000 interested candidates from different regions of the country, demonstrating the market's recognition of the company's capacity to contribute toward the personal and professional growth and development of these youth.

Itautec offers its employees direct benefits, such as medical and dental plants, meal tickets and transportation vouchers, a basic food basket, day care assistance and group life insurance plans. It also offers them memberships to country clubs and helps pay for summer camps. The professionals who work as temporary employees also receive meal tickets and transportation vouchers.

At Duratex, employee training and updating activities consumed 222,771 hours, demanding a R$1.4 million investment per year and benefitting 53,026 people.

The company created a Human Resources Board, an important entity considering the complexity of the mergers that took place over the past two years and demanded personnel management that could meet the expectations of the factory units in the different regions of Brazil.

The benefits that Duratex offers are aligned with the market level. In addition to the traditional benefits such as health insurance, life insurance and meal tickets, it also offers a private retirement plan, resulting from the creation of a complementary retirement fund that is offered at all levels. The company matches every R$1.00 of individual contribution with its own R$1.00 contribution. As for bonuses, the company pays for 50%, up to the value of a salary. Those individuals who participate in the fund have access to loans at more competitive rates than those offered by the market.

There were two leader meetings that were part of a process of corporate culture integration and consolidation, involving the participation of all directors and the entire management level at the company. It was a time dedicated to discussing Duratex and bringing to light some of the topics that people were interested in discussing and for which they wanted to share their contributions.

From these themes, there was the creation of 33 projects focused on sustainability with environmental issues, people management, climate improvements, and the expansion of business or revenue through the search of new opportunities in the market. Some thematic groups gathered for this work reached the conclusion that some of the themes covered were not aligned with the company's reality. Others evolved a great deal and brought some positive results for the management area. There is work undertaken in the Supply area that involves the search for alternative suppliers and the renegotiation of contracts that are already producing some effective gains.

During the second meeting, the theme was an evaluation of the year 2010 and the important actions that should be continued. The two events were important milestones and resulted in integration that represented a major achievement in 2010.

For 2011, the year in which Duratex celebrates six decades of existence, there are plans for a climate survey that includes all units of the companies. The survey will be used to elaborate action plans for each indicator that involve people management at the company. There is yet another initiative focused on revising the Code of Ethics and Conduct, one which can integrate all of the human capital from the companies that are now part of Duratex.

Itaú Unibanco Holding S.A. had 108,000 employees during the year and directed a major portion of its people management efforts at promoting the integration of the organizational cultures of the two major corporations.

The new Itaú Unibanco Vision, which is "to be a leading bank in sustainable performance and customer satisfaction," disclosed at the start of 2010, has been disseminated to employees in order to align the bank's values and principles.

The developed strategy has been to improve the engagement of the leaders to ensure that the organizational culture is disseminated among all teams and brings benefits both for the bank as well as for customers.

Supported by "Our Way," the employee finds a set of 10 attitudes to orient him/her during this integration and in the development of values at the company. The principles were announced during the Meeting between Leaders, a four-day event that gathered more than 14,000 managers in the city of São Paulo. After this announcement, the leaders became responsible for applying and disseminating the principles among their teams.

As a support tool for disseminating the program, the company created the "Our Way Workshop," directed specifically at directors and supervisors and which involved approximately 96% of these leaders. The new organizational culture was also disseminated to 100% of the employees who work at Itaú Unibanco units abroad.

The recognition of the value of human capital is one of the priorities of the Itaú Unibanco sustainable management and performance strategy. In 2010, the company consolidated the Partner and Associate Program.

The nomination of the partners and associates considers the performance measured by the Strategic People Planning (SPP) and the way in which these professional disseminate the Itaú Unibanco values and principles to their teams.

These professionals will be able to invest a percent of their annual bonus and, by doing so, will receive a matched contribution from the company. Accordingly, their commitment to sustainable results over the long term and the alignment with shareholder interests will be constantly reinforced. Participating in the program means continuously constructing and improving the Conglomerate's culture and performance.

All of the company employees based in Brazil benefit from the performance evaluation models. Of all these employees, we highlight that:

• Approximately 35,000 are in the Performance Management Program;

• The others are inserted into programs such as AGIR (branch and commercial area network) or company-based performance evaluation programs, considering the specific characteristics of the business.

Professional Development

The companies of the Itaúsa Conglomerate have different programs to promote the professional development of their employees.

Another program focused on people development is "Young Talents." This initiative seeks to recognize those young professionals who demonstrate capacity and willingness to develop their professional career at the bank.

In 2010, the Trainee Program achieved a 95% retention rate – granted that the market average is 70% – and approximately 35,000 new candidates signed up for the program. A total of 87 young graduates were selected and hired from 2007-2009 as part of a selection process that included the direct involvement of 70 company leaders.

The Trainees Program for 2011, whose selection process was completed in 2010, had a record number of 43,593 people sign up, representing a 28% growth with relation to the previous year. Of the 285 finalists, the company hired 104 trainees.

At Itaú Unibanco, the benefits offered to the employees extend in certain cases to the commissioned employees and their families. These include a family medical and dental insurance plan, complementary retirement plans, group life insurance, collective personal accident insurance, meal assistance, grocery assistance, daycare/nanny assistance, social loans, the waiving of bank fees and subsidized home financing credit. Other benefits are focused on employee health, such as, for example, flu shots, memberships to gyms, quick massage and reflexology rooms, health promotion programs, Workplace Exercise Program, Women's Health Program and the Breastfeeding Support Room, "I Want to Stop Smoking" Program, Vocal Health Program, Hypertension Prevention Week, Maternity and Paternity Licenses, Home Care, Chronic Patient Management and Treatment Program, Drug Dependence Orientation and Treatment Program, Senior Citizen Life Program and the Itaú Walk.