Ligia Maura Costa

Managing Director, Research Center on Ethics, Transparency, Integrity and Compliance

Ligia Maura Costa is tenured professor of law and diretor of the research center FGVethics at Escola de Administração de Empresas de São Paulo - Fundação Getulio Vargas (FGV EAESP). She received her habilitation degree in international law (“Livre-Docência”) and her bachelor’s degree from Faculdade de Direito da Universidade de São Paulo (FDUSP). Ligia holds a Ph.D. and a LL.M in international law from the University of Paris-X. She was Visiting Scholar at the University of Michigan Law School and a postdoctoral fellow at Sciences Po.. From almost ten years, she was affiliated professor at Sciences Po. and at Universität St. Gallen. She held visiting professor positions at several universities (HEC Paris, Tsinghua – School of Economics and Management, GSOM St. Petersburg State University). She is author of several books and articles in Brazil and abroad. Some of her papers in English related to anticorruption are:
Anticorruption policies in Brazil and the operation car wash: institutional and economic analysis (2020). Lessons of operation car wash: a legal, institutional and economic analysis. Washington, DC: Wilson Center, p. 22-51.
Rebuilding an empire: the Odebrecht challenge after the corruption scandal. (2020). Journal of Business Ethics Education, vol. 17, p. 255-272.
The dynamics of corruption in Brazil: From trivial bribes to a corruption scandal. (2018). Corruption scandals and their global impact. Routledge, p. 189-203.
Battling corruption through CSR codes in emerging markets: oil and gas industry. (2008). RAE. vol. 7, n. 1, jan/jun.

Besides, the most recent short papers in English on ESG and corporate governance are:
A brazilian enron? The inconsistencies of americanas and the role of esg. (2023). COBS Insights. Available at
Esg and the wine sector: turning viniculture grapes from sour to sweet. (2023). COBS Insights. Available at
Can csr codes unlock sustainable development in developing countries? (2021). COBS Insights. Available at

In addition to her professorship, she has been practicing law for more than thirty years advising companies, individuals, governments and international organizations. She is a Spanish and Brazilian national.

Ligia’s experiences:

She has participated in several privatizations representing underwriters and acquirers and has been involved with:
The sale of the equity interest in the assets being privatized
The granting of a public bid in PPPs agreements
The granting of a concession for the assets being privatized

Representative Matters
Representing a major telecommunications consortium during the privatization process in Brazil
Drafting regulatory legislation and concession agreements for privatizations in Brazil
Drafting and negotiating EPC agreements
Drafting legal opinions on bank’s letter of credit and stand-by letters of credit
Drafting Codes of Conduct
Mapping, drafting and implementing compliance and integrity programs in companies

Compliance4Health. FGVethics. Available at
UNODC. Education4Justice.
UNODC. Mapping Academic Approaches Used to Teach Courses and Programs at the University Level of Education Related to UNODC Mandates.
UNODC. Localization Project Business Integrity and Ethics.
World Bank. CSR Codes of Conduct and Angola National Legislation. Comparative analysis with the international legal framework.
World Bank. Legal Review and Opinion on the Merits of a Litigation before the Supreme Court of Brazil involving the Constitutionality of State Law.
World Bank. Legal Review and Opinion of the Application of Brazilian Domestic Law to certain international agreements.

Board Member (current)
ABIMED. (Associação Brasileira da Indústria de Tecnologia para Saúde – Brazilian Association of the Health Technology Industry). President of the Ethics and Integrity Board
ABRACOM. (Associação Brasileira das Agências de Comunicação – Brazilian Association of Communication Agencies). Member of the Ethics Board.
IBRIC. (Instituto Brasileiro de Autorregulação no Setor de Infraestrutura – Brazilian Institute of Self-Regulation in the Infrastructure Sector). President of the Ethics and Integrity Board.
Global Compact Brazil. Collective Actions.
World Economic Forum – Global Future Council on the Future of Good Governance
State of Sao Paulo Controller General – Transparency Council

Professional Organizations
Arbitrator. FGV Mediation and Arbitration Chamber, Rio de Janeiro, Brazil.
Arbitrator. Brazilian Rural Society Mediation and Arbitration Chamber, São Paulo, Brazil.

ACAD (Anti-corruption Academic Initiative). UNODC. Vienna.
Women, Business and the Law Group (WBL). World Bank, Washington D.C..
Global Forum on Law, Justice, and Development (GLFJD). The World Bank Group, Washington D.C.
ArbitralWomen. The International Network of Women in Dispute Resolution. Paris.
ICC Commission on Corporate Responsibility and Anti-corruption. Chamber of Commerce Brazil-Canada. Sao Paulo.
Brazilian BAR Association.
Portuguese BAR Association.

She is elected state counselor and nominated President of the Governance and Integrity Permanent Commission of Sao Paulo BAR Association (OAB-SP).

She speaks Portuguese, English, French, Spanish and Italian (basic skills).

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