Business Leaders Mobilize for New Manifesto Demanding STF Code of Conduct

Business leaders in Brazil are organizing a new manifesto calling for a code of conduct for ministers of the Supreme Federal Court (STF), after reports of private conversations between Minister Alexandre de Moraes and banker Daniel Vorcaro raised concerns about judicial impartiality.

The STF is Brazil's highest court, tasked with guarding the Constitution, and the controversy emerged from a Federal Police investigation that disclosed messages between Moraes and Vorcaro, owner of Banco Master.

Judicial scrutiny

Sergio Zimerman, founder of the Petz Cobasi retail chain, warned during the Fórum Negócios Brasil in São Paulo that if investigations into Moraes and Vorcaro result in no penalties, businesspeople will take to the streets.

He described the disclosed facts as “staggering” and criticized the Prosecutor General’s request to annul the police report, arguing that procedural flaws should not shield potential misconduct.

Zimerman’s remarks were met with applause from the audience, reflecting a broader unease among entrepreneurs about the perception of judicial impartiality.

Past efforts

A similar manifesto released last December gathered about 200 signatures from businesspeople, economists and civil society representatives, urging the STF to adopt ethical guidelines for its ministers.

Signatories included former Central Bank president Arminio Fraga, Novo party co‑founder João Amoêdo, Natura founder Luiz Seabra and USP professors Pablo Ortellado and Hélio Zylberstajn.

The document called for transparency “about the ethical limits that should guide magistrates” as a condition for preserving the judiciary’s moral authority and credibility.

According to O Globo, current discussions are unfolding in WhatsApp groups among private‑sector representatives aiming to publish a new document soon.

An unnamed entrepreneur said the initiative reflects growing distrust in the STF, warning that perceived insecurity could drive away investment and harm Brazil’s international image.

Luiz Fernando Figueiredo, former BC director and partner at Jubarte Capital, said the situation has no precedent and weakens democratic institutions, adding that “today we have the feeling that anything goes.”