A tribute to Olavo Setúbal
Highlights 2008
Main Indicators
Vision, Mission and Values
Profile
Message from the President
Presentation of the Report
Corporate Governance
Strategic Management
Wood Division
Deca Division
Analysis of Results
Risk Management
People Management
Commitment to External Initiatives
Social Management
Environmental Management
Awards, Certifications
and Other Recognition
Annual Social Balance Sheet 2008
GRI Summary
Corporate Information
Financial Statements

A tribute to Olavo Setúbal

August 27, 2008 was marked by the inestimable loss of Dr. Olavo Egydio Setúbal, the president of Duratex’s Board, as well as other companies in Grupo Itaúsa, and who was one of the company’s originators and founders. Entrepreneur, businessman and a person of notable public success, Dr. Olavo left a legacy of a vast array of ethical principles and standards of conduct that he sought to implement throughout his life, and which contributed to the development of the companies in Grupo Itaúsa.

Dr. Olavo was already putting into practice the concepts of sustainability well before the current discussions about the issue began. One example was the decision to preserve the native vegetation on the Rio Claro farm in the interior of São Paulo state, since its acquisition in 1970, even with the possibility of it being used for economically profitable purposes. This area officially became a Private State Natural Heritage Reserve in 2008. In the business field, together with Renato Refinetti, Dr. Olavo founded Deca in 1947, which was later incorporated into Duratex, currently the largest manufacturer of industrialized wood panels in Brazil. In the 1950s, he went to work for Banco Federal de Crédito and, along with Dr. Eudoro Villela, reestructured that institution turning it into the base that was used to set up Banco Itaú Holding Financeira, which has since become one of the largest financial conglomerates in the world. Itautec was founded in 1979, and has been a pioneer in the automation of the banking sector in Brazil. During the 1990s, Grupo Itaúsa took over the management of Elekeiroz, making it one of largest producers of oxy-alcohols and plastificants in Latin America.

In his public life, Dr. Olavo Setúbal was a member of the National Monetary Council in 1974; led the local council of the city of São Paulo between 1975 and 1979; and was chancellor at the Ministry of Foreign Affairs between 1985 and 1986. His teachings are now found embedded in our culture, and inspire us to overcome the challenges we face.