Luiz Serafim Spinola Santos – Civil Engineer awarded from UFRJ, master in Production Engineering from COPPE/UFRJ, enrolled himself for Ph.D. in Business Administration at INSEAD (France), as well as Financial and Investment subjects at London Business School. He currently serves as Independent Board Member at Gerdau, Cremer and João Fortes Engenharia. He is also Vice President of ABRASCA (Brazilian Association of Publicly Held Companies), and a member of IBGC (Brazilian Institute of Corporate Governance). In 2014 Spinola was awarded a member of the Mergers and Acquisitions Committee (CAF). He was an Associate at UBS Capital Americas (1998/2002), at Brasilpar (1981/97), and a Fitch Ratings' Board Member from 1994 to 2002. From 1977 to 1981 he served as Superintendent at CVM (Securities and Exchange Commission of Brazil ), and served from 1974 to 1977 at the Brazilian Development Bank (BNDES) as Superintendent of Operations; from 1972 to 1974 he worked for Bank of Boston as External Operation Manager. He served the following companies Board of Directors: Líder Taxi Aéreo, Varig, Springer, Medidata Informática, FPI-Food Processing International and Banco Sudameris. He is a partner of Flex Parque SPE Ltd as well as Cullen Developmet Inc. (BVI).