Afya

Afya is controlled via a dual‑class structure with Bertelsmann and the Esteves family holding effective control; governance is formalized and financial reporting is solid with audited 20‑F statements and effective ICFR. The team has executed on seat M&A and deleveraging while maintaining high cash conversion.

On the other hand, the public debate on ENAMED outcomes indicates execution gaps in parts of the academic network that management must address decisively. Board‑level oversight and recent committee leadership updates support maturing governance, but alignment is shaped by control dynamics.